Increased Property Values
The possibility of increasing the value of your rental property is one of the most important justifications for allowing pets. According to studies, properties that allow pets appreciate quicker than those that do not. In addition, homebuyers frequently seek out properties with pet-friendly amenities, such as pet entrances, fenced-in yards, etc. Renting a home that allows pets could increase its value.
Shorter Vacancies
The desirability of your rental home can be improved by allowing pets. According to a recent survey, more than half of all renters said they would be more likely to rent from a landlord who allows animals. This suggests that permitting pets in your rental property will likely reduce the length of vacancy.
Fewer Repair and Maintenance Issues
Contrary to conventional belief, pet-owning tenants are less likely to cause property damage than those without pets. This is due to the fact that tenants with animals tend to be more responsible renters, to begin with. Many pet-owning tenants are likely to apply the same level of attention to the rental property as they do to their pets.
Increased Security
The possibility of increased security for your home is yet another convincing argument in favor of allowing tenants to keep pets. Studies have shown that homes with pets had reduced incidences of burglary and vandalism. This is probably because burglars are less likely to target a home if they are aware of the presence of a pet.
Improved Tenant Health
Last but not least, allowing tenants to own pets can be quite beneficial to their well-being. It has been demonstrated that pets decrease tension, blood pressure, and cholesterol levels. They can also promote physical activity and social interaction. For all of these reasons, residents with pets tend to be in better health than those without.
Evidently, there are numerous compelling reasons to allow tenants to have pets in your rental property. If you’ve been wondering whether to accept pets or not, this list might have persuaded you to give it a try! It will be valued by your tenants and property.
Would you like advice from a professional on how to accommodate pets in your rental property? Contact your local Real Property Management office today!