Did you know that about 70 percent of American households are home to at least one pet? That is equal to almost 100 million pet-loving families. And what’s more, that figure continues to rise!
Apartment and condo landlords often refuse pets out of fear they will damage their property. But by choosing to exclude pet owners from your list of rental candidates, you could be missing out on reliable renters.
And that’s just one reason to reconsider your apartment pets policy. Read on for more!
You Have More Tenants to Choose From
As we already mentioned, one key argument in the “should I allow pets in my apartment?” debate is the fact that you have more tenant options. The vast majority of Americans are pet owners, and many renters report struggling to find pet-friendly options.
Opening your apartment or condo up to pet owners—with the right protections in place, of course—means you’re less likely to have long stretches of vacancy.
Pet Owners Are Extra Careful
Are you still asking yourself, “Should I allow tenants to have pets?” Another reason to answer “yes” to this question is that pet owners are typically more careful than non-pet owners when it comes to the properties they rent.
Since these renters often worry about their pets causing damage, they go above and beyond with their measures to protect your property.
In many cases, children cause more damage to rental properties than pets! And you’d never consider excluding families with small children from your tenant pool.
You Can Charge a Pet Deposit
One of the benefits of pet-friendly apartments is the fact that you, as the landlord, can charge more for your property. This may be by simply increasing the rent for pet owners or by charging a pet deposit or pet rent fee.
You can choose to charge the pet deposit monthly and make it non-refundable or ask for a lump sum—refundable in the case of no damage—when the new tenants sign the contract.
Your Tenants Will Be Happier
If you consider renting to tenants and pets, you’re likely to find your tenants are happier. And happy tenants are far more likely to stay at your property longer, increasing your renewal rate and making life much easier for you.
It also improves your reputation as a landlord. You’ll avoid being accused of contributing to community issues like animal abandonment.
Do you want to take things a step further? Consider installing pet-friendly services like wash and waste stations and secure play areas; this is especially beneficial for owners of duplexes and multiplexes.
Apartment Pets: Less of a Problem Than You Think
Apartment pets cause a lot less damage than you think. And with most families in America owning at least one pet, you are limiting your access to great renters by banning pets from your properties.
If you’re still pondering the relationship between landlords and pets, speak with your property management company. They can advise you on how they vet pet owners before offering them a rental contract.
Are you on the hunt for expert property management in Austin, Texas? Look no further than HomeRiver Group. View our Owners/Investors guide for more information today.
