Although there is a common assumption that renting to pet owners frequently results in expensive damage to residential rental property, a look at the facts may surprise you. Here are some things for you to consider.
Pet friendly properties rent faster.
Americans love their pets. By permitting pets, you increase the number of potential renters who will interested in your property. Because of the limited availability of pet friendly rentals, pet owners take less time to shop the market and reach their rental decisions more quickly. The shorter the period of time that a unit is vacant, the more income is collected for that unit.
Pet owners will pay higher rents.
Pet owners are willing to pay higher rents – from 7%-14% higher. Typically landlords collect non-refundable pet deposits and charge additional monthly pet fees. These revenues can greatly enhance a real estate investment’s profitability.
Pets rarely cause damage.
Very few pets cause any property damage. Many landlords restrict the size and types of animals allowed to reduce potential damage. The fact is, however, that even large dogs rarely cause any damage. For the rare exception when damage does occur, the additional rental and deposit income nets out as being profitable, even in a worst case scenario. For example, if a carpet needs to be replaced, the cost may be around $500. The non-refundable pet deposit and a few months of pet fees will easily cover the cost of that repair.
Pet owners make good tenants.
Pet owners make good tenants. Pets have a positive effect on their owners mentally and physically. Pet owners have more social interaction with their neighbors which results in a more cohesive and positive community. People owners also tend to be highly responsible. They appreciate being allowed to keep their animals and almost always comply with property regulations.
Pet owners have lower rental turnover rates
On an average, pet owners stay longer and move less frequently than people without pets. Lower rental turnover and vacancy rates means lower tenant move-out expense. Lower turnover is more profitable.
Many people love having pets, and they are willing to pay for the privilege of renting from a pet-friendly community. When all the facts about pet-owning tenants are taken into consideration, you may decide that the wise decision is to maintain an open-arm policy for people with pets.