Sixty-seven percent of American families have a pet. If that sounds like a lot, it is: 67 percent of families equates to roughly 85 million households across the country.
That's a lot of people with animals in their families — and a lot of people looking to find housing options that allow pets. If you're trying to improve your rental strategy, then it might be time to consider four-legged tenants to move in, too.
Here are the benefits of pet-friendly rentals in your portfolio.
1. You'll Have More Tenant Options
Clearly, there are lots of people out there with pets. When you bar animals from moving in, you narrow the pool of potential renters, sometimes by a great deal.
One of the major benefits of allowing pets is that you'll have more interest in your property. And you may even have multiple applications to move in, which gives you the luxury of choosing the right person to sign a lease.
2. Pet-Friendly Rentals Move More Quickly
Because not every rental will be pet-friendly, you'll have a leg up on the competition. And that will be apparent when your property flies off of the market.
In general, a pet-friendly property will get rented 10 days faster than ones that don't allow animals. So, if you want to get a rental off of your hands, open it up to tenants with pets.
3. Tenants Tend to Stay Longer
It's notoriously difficult to find pet-friendly apartments in the U.S. So when tenants do find places that allow pets, they tend to hang onto them.
This is great news for you, too. Having a tenant renew their lease saves you time and money in trying to find someone new. There won't be any gaps between renters, either, which means you won't have to worry about covering the bills yourself.
4. You Can Get More in Rent
Pet owners know that their animals will likely require a bit more in terms of security payments. For instance, you can easily charge more for a cleaning deposit, just in case a pet causes damage to your property.
Or, you can cover for later pet-related cleanings by charging a bit more in rent each month. Pet owners will be happy to pay a bit more in exchange for a nice place to live with their beloved pets.
5. Your Tenants Will Be Happier
Finally, the tenants who move into your available pet-friendly properties will be so much happier. Having a four-legged friend is a boon to a person's mental health. So, giving your renters the chance to live with or bring a pet into the fold will make them happier — and improve your relationship in the process.
Pet-Friendly Rentals? It's Up to You
There are so many benefits to offering pet-friendly rentals. In the end, though, it's up to you to decide if your property suits tenants with four-legged friends in tow.
If you need help deciding or need more property-management advice, we're here to help. Click here to contact us today.