Should My Rental Be Pet-Friendly?
Allowing Pets in Long-Term Rentals ~ Southern Residential Leasing
The debate over whether or not to allow pets in long-term rentals has gone on for some time. Some landlords will never allow pets, while others believe allowing pets in their rental homes is attractive to potential renters. If you’re on the fence about it, take a look below at some of the ways allowing pets in your rental property may benefit you.
Studies show that allowing pets in long-term rentals widens your tenant pool. 75% of renters own pets and 60% claim to struggle with finding pet-friendly rentals. Not to mention, allowing pets also increases lease renewals. FIREPAW, Inc. ran a survey for landlords and saw that tenants with pets were shown to stay longer in a rental property: 23 months compared to 15 months in a non-pet-friendly rental. When you can keep tenants happy, that means an increase in revenue for you. Who wouldn’t want that?
In addition, charging pet fees is an easy way to streamline some extra income into your statement every month. This is different than a pet deposit. If you choose to have your tenant pay a monthly pet fee, that cost can add up. Even charging as little as $20 a month for one pet is an additional $240 a year, and $20 for two pets can be an extra $480.
Are you worried about the effects that having pets in your home may cause? That’s why we offer our Pet Damage Guarantee. With the Pet Damage Guarantee, we cover up to $2,000 in pet-related damages that exceed the security deposit. We thoroughly screen each pet that comes through our system as well. In order for damages to be covered, the home must allow no more than two pets.
Overall, allowing pets in rentals is extremely beneficial to you, the landlord. Not only will it help decrease vacancies, but you’ll also widen your pool of prospective tenants. Allowing pets in long-term rentals makes your property more attractive to renters, which will benefit you and the tenant in the long run.
If you still have questions about our property management services, contact us today! We’d love to help your property maximize its full potential.