There are lots of reasons why landlords should allow tenants to keep pets in their rental homes. When deciding to permit pets, most Hoover property managers first think of benefits like being able to charge higher rent and pet deposits. Here are the top five reasons to allow your tenants to keep their pets!
1. Higher Property Values
Allowing tenants to keep pets is one of the best reasons to increase the value of your property. Research shows that pet-friendly properties appreciate at a greater rate than non-pet-friendly properties. What’s more, pet-friendly features such as pet doors, fenced yards, and other properties are frequently sought by property buyers. This can boost the value of a pet-friendly rental property.
2. Shorter Vacancies
Allowing pets in your rental can also increase the appeal of your property to potential renters. In fact, nearly half of all renters say they would prefer to rent from a landlord who allows pets, according to a recent survey. Allowing pets in your rental property is likely to reduce the length of rental vacancies.
3. Fewer Repair and Maintenance Issues
Contrary to popular belief, less damage will be caused to your property by tenants with pets than tenants without pets. This is because tenants with pets are more likely to be responsible tenants. Many pet-owning tenants understand the responsibilities of pet care and are likely to apply the same standard of care to their rental homes.
4. Increased Security
Allowing tenants to keep pets is also a good way to improve the security of your property. Studies have shown that properties with pets have lower crime rates, such as burglary, vandalism, etc. This is most likely because criminals are less prone to target a property where a pet is present.
5. Improving Tenant Health
Finally, allowing tenants to keep pets can improve their health. There is evidence that pets reduce stress, blood pressure, and cholesterol. They can also increase levels of physical activity and social interaction. Tenants who have pets are generally healthier than those who do not because of these reasons.
As you can see, allowing tenants to keep pets in your rental property is beneficial for a number of reasons. If you were on the fence about whether or not to allow pets, this list may have convinced you to give it a shot! Both your tenants and your property will thank you for it.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management Victory today!
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