Increased Property Values
Raising the value of your property is a hefty reason to allow tenants to have animals, According to studies, properties that allow pets appreciate quicker than those that do not. Additionally, buyers of real estate typically look for homes with amenities for pets, such as pet doors, fenced yards, etc. A pet-friendly rental property may have a higher market value than it would have otherwise.
Shorter Vacancies
Allowing pets can also increase the desirability of your rental property among prospective tenants. According to a recent survey, in fact, more than half of all renters stated they would be more inclined to rent from a landlord that allows pets. This suggests that permitting pets will probably shorten the time your rental property is vacant.
Fewer Repair and Maintenance Issues
Contrary to popular assumption, tenants who have pets are less likely to damage your property than tenants who don’t. This is due to the fact that tenants who have pets are typically already more responsible tenants. Many pet-owning tenants are familiar with the responsibilities of pet maintenance and are likely to apply the same standard of care to the rental property.
Increased Security
Another persuasive argument in favor of allowing pet ownership by tenants is the potential increase in home security. According to research, burglaries and acts of vandalism were less common on properties with animals. This is probably due to the fact that 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 having a pet lowers stress, blood pressure, and cholesterol. Additionally, they can help boost social interaction and physical activity. For these reasons, pet-owning tenants are frequently healthier than those without animals.
There are, as you can see, a lot of good arguments in favor of allowing tenants to keep pets in your rental home. If you’ve been wondering whether to accept pets or not, this list might have persuaded you to give it a try! It will benefit both your tenants and your 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!