Pet-Friendly Rental Properties Drive Profits
If you’re a property manager or landlord, a good way to increase your profits and fill vacancies quickly is to allow pets on your rental property. In many cities, finding a pet-friendly apartment is a challenge, so by accepting pets you’ll open yourself up to a bigger pool of renters. It’s common for landlords to see increased competition once they open up their property to pets.
Some landlords are reluctant to allow pets in their units because of the noise, damage, or liabilities they can cause, but according to the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare (FIREPAW), the average pet-friendly rental doesn’t cause any more damage to a unit than normal. And on the plus side, you can always ask for a higher security deposit or raise the rent when accommodating a pet.
Properties that allow pets make more profit. Landlords who permit pets in their units open themselves up to an increased risk for damages or neighborhood complaints. While this doesn’t necessarily always translate to charging more expensive rent, the FIREPAW survey found that pet-friendly units make an average of $2,300 more per year than properties that did not allow pets.
Spend less time, effort, and money marketing your units. If you live in an area where there’s high demand for pet-friendly rentals, you’ll find that you won’t need to devote as much of your resources to filling your vacancies. In addition to using your usual online avenues to advertise listings, you can also take advantage of posting your listings in shelters, pet stores, vet clinics, and websites for pet owners.
Since pet-friendly apartments are harder to come by, renters are more likely to stay and renew their lease, which means less turnover for your property. This translates to more profits down the line, where instead of marketing vacancies and maintaining vacant units, you can concentrate on building a good relationship with your existing tenants.
- How to Increase Profits and Retain Tenants
- Understanding Fair Housing Laws
- 5 Things Landlords Can Do to Attract Renters