Almost 70% of households in America have a pet - that's 85 million families. Dogs and cats are the most popular choice, and for the majority of pet owners, their furry friends are considered true members of the family. You can give your dogs and cats the best accessories they deserve and for more details, click here to continue.
However, for those renting a house, it may be difficult to not only find somewhere were pets are accepted, but also pet friendly apartments for rent that are suitable to keep them safe. Many landlords decide to simply put a blanket ban on having pets. In doing so though, you may not only be losing out on getting new tenants, but also on making an increased profit.
Improve your chances of renting
Allowing people to keep a pet at your property opens up a whole new pool of prospective tenants. It gives landlords the option to be more selective about who they want living in their house. In more affluent areas, this is particularly significant, as more families own pets. Having an open policy about pets could also mean that you are more likely to get long-term, stable tenants, who are reliable and content living in your property. In fact research done by the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare (FIREPAW) found that tenants that weren’t allowed pets only stayed in a rental property for an average of 18 months. However, those tenants that were permitted pets stayed, on average, for almost four years.
Will allowing pets cost me money?
The FIREPAW study looked into the financial costs associated with keeping pets at a rental property. It was calculated at $150 per year for insurance (although this cost could be passed on to the tenant), $39 for damage and $29 for the time spent dealing with issues regarding pets (estimated at $30 an hour). In total, this is $218 per year - not a vast sum, considering how much profit can be made from renting a property.
What about damage?
Anyone who has been near a three year old with a Sharpie will know that pets are a far safer option. If you want to minimize damage in a pet-friendly rental, then lay down easy-to-clean flooring options, and invest in a pet hair vacuum for tenants to use. This will help them to keep the house pet-hair free and tidy. If you are letting a furnished property, don’t invest in expensive couches, or make sure that they are made of durable materials. Little changes like this make home life so much easier with a pet, and will minimize the chances of damage.
Make a bigger profit
Landlords who offer their property as being pet-friendly generally ask for a deposit of between 40% and 85% of the monthly rent. This is to cover any accidental damage. They are also able to demand higher rents. In fact the FIREPAW study found that pet-friendly properties actually brought in $3,000 per year more than average. The homes also took less time to rent out, meaning that profits could be maximized.
Making your property more appealing to pet owners
So rather than turning down potential tenants with pets, how about actively encouraging them? There are some simple things you can do to make your property more appealing - for instance by installing a cat door. Make sure that the backyard is fully secure, so that pets are safe. You could even consider putting in a stairgate, so that dogs are always confined to the first floor of your property. Little changes like this will be looked on favorably by pet owners, and they may be more likely to rent your property.
Marketing your rental home as pet-friendly is less hassle than you may think. Ultimately, it could mean that not only do you have reliable tenants for longer, but you also make a bigger profit.