If you’ve had a bad experience with a pet damaging property, you may have some reasonable reservations about making your Dover rental property pet-friendly. While that is reasonable, it may be time to reconsider the idea, especially if you’re looking for a way to increase your rental property income. Whether you’re a fan of pets in your rental or not, the fact of the matter is that pet-friendly rental properties make more money.
According to the American Pet Products Association (APPA), 68% of U.S. households include one or more pets. With Americans owning 90 million dogs and 94 million cats, it is clear that pet owners well outnumber non-pet owners. Roughly 50% of those who are just renters are also pet owners. Furthermore, 35% of pet owners said they would have a pet if their lease allowed it.
A Pet-Friendly Rental Increases Your Bottom Line
Several studies on the matter have found that pet-friendly landlords who place no restrictions on pet ownership currently enjoy an 11.6% rental premium over those who do not. Not only are you able to charge a slightly higher rate each month, but you can also choose to charge monthly pet rent. You can also charge a pet deposit to cover any damage the animal may cause to your property.
Pet-Friendly Rentals Have Lower Vacancy Rates
Even with a higher rent, tenants with pets stay an average of 23 to 46 months longer in a pet-friendly rental. These rental properties received twice as many applicants for a vacant unit as properties that did not permit pets. So simply the decision to allow pets can lower your vacancy rates dramatically. It also allows you to be more selective in choosing a tenant since you have more applicants.
Renting to Pet Owners Saves Time and Money
Surprising to some, renting to tenants with pets can actually save you time and money in the long run. Because pet-friendly rentals are so desirable to tenants, landlords spend less time advertising their properties. When you look at it from a financial perspective, there is no doubt that allowing pets is a smart move.
If property damage is your main concern against allowing pets, consider taking preventative measures. Tenants are likely to agree to a pet deposit and some simple guidelines if it means they can keep their beloved pet. Encourage your tenants to clean up after their pets, use enzymatic cleaners on urine spots, or hire a pet sitter if they have an especially nervous animal. With these strategies, you can both protect your Dover rental property and allow your tenants to keep their pets.
What is important is that you have looked at all the pros and cons and have considered your rental property’s location and the target demographic so that when you make the big decision, it will be the right one for you. If you need help getting to know the local market and managing your rental, contact us online, and the team at Real Property Management Seacoast New Hampshire would love to be of service to you.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
