There are some justifications why landlords should let tenants have pets inside their rental homes. In fact, deciding whether or not to accept animals, most landlords look at potential financial gains, such as pet deposits and higher rent. Owners of single-family rental homes should be aware of the additional, unexpected benefits of allowing pets. Here are the top 5 arguments for allowing tenants to keep pets in your rental property.
Increased Property Values
Raising the value of your property is a hefty reason to allow tenants to have animals, Pet-friendly properties are said to increase in value more quickly than non-pet-friendly properties, according to studies. Additionally, buyers usually look for homes with pet-friendly amenities like pet doors, fenced yards, etc. The value of a rental property that welcomes pets may be higher than it would be 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 in your rental home will probably shorten the time it is vacant.
Fewer Repair and Maintenance Issues
Contrary to conventional belief, tenants with pets are less likely to cause property damage than those without pets. This is because renters who have pets are typically already more conscientious occupants. Many tenants who own pets are aware of the responsibilities involved in pet care and are likely to treat their rental home with the same level of respect.
Increased Security
Another compelling argument for allowing tenants to have pets is that it may increase the safety of your property. According to studies, the prevalence of crimes like burglary and vandalism was lower in homes with pets. This is most likely a result of the decreased likelihood of criminals targeting a residence when they are aware that a pet is present.
Improved Tenant Health
Finally, enabling tenants to have pets can have positive effects on their well-being. It has been found that having a pet lowers blood pressure, cholesterol, and stress. They can also help to promote more 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 have been contemplating whether or not you should allow pets, maybe this list has persuaded you to at least give it a try! It will benefit both your tenants and your property.
Do you want a professional’s advice on how to make your rental home more pet-friendly? Contact your local Real Property Real Estate office today!
