There are several reasons why landlords should permit tenants to keep pets in their rental properties. A majority of the Lynchburg property managers consider benefits such as the ability to charge pet deposits and higher rent when deciding whether or not to allow pets. Here are the top five reasons why you should allow your tenants to keep their furry companions!
1. Higher Property Values
One of the most compelling arguments for allowing tenants to keep pets is that it can increase the value of your property. According to studies, pet-friendly properties appreciate at a faster rate than those that do not. In addition, property purchasers frequently look for pet-friendly features, such as pet doors, fenced yards, etc. This can increase the value of a pet-friendly rental property above what it would be otherwise.
2. Shorter Vacancies
Additionally, allowing pets can make your rental property more appealing to prospective renters. In fact, nearly half of all renters say they would be more likely to rent from a landlord who permits pets, according to a recent survey. This indicates that allowing pets in your rental property is likely to reduce the length of a vacancy.
3. Fewer Repair and Maintenance Issues
Tenants with pets, contrary to popular belief, are less likely to cause damage to your property than tenants without pets. This is because pet-owning tenants are more likely to be responsible renters. Many pet-owning tenants are aware of the responsibilities of caring for a pet and are likely to apply the same level of care to their rental homes.
4. Increased Security
Enabling tenants to have pets can also improve the safety of the property. According to studies, properties with pets have lower crime rates, such as vandalism, burglary, and others. This is likely due to the fact that criminals are less likely to target a property containing a pet.
5. Improving Tenant Health
Lastly, permitting tenants to keep pets can improve their health. Stress, blood pressure, and cholesterol levels have all been shown to decrease with those who have pets. They can also aid in the promotion of physical activity and social interaction. For all of these reasons, pet-owning tenants are generally healthier than those who do not.
As you can see, there are numerous advantages to allowing tenants to keep pets in their rental property. If you’ve been debating whether or not to allow pets, this list may have convinced you to give it a shot! Your property and your tenants will thank you.
Would you like an expert opinion on making your rental property more pet-friendly? Contact Real Property Management Cairn today!
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