1. Higher Property Values
Allowing tenants to keep pets is one of the best reasons to increase the value of your property. According to studies, pet-friendly properties appreciate more quickly than non-pet-friendly properties. Moreover, pet-friendly features, such as pet doors and fenced yards, are frequently sought by property buyers. This can boost the value of a pet-friendly rental property.
2. Shorter Vacancies
Allowing pets can also increase the appeal of your property to potential 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. When you allow pets in your rental property, you are more likely to reduce the length of rental vacancies.
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 due to the fact that pet-owning tenants tend to be more responsible. 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
Letting tenants keep pets is also beneficial to your property’s security. Based on studies, properties with pets have lower crime rates, such as burglary, vandalism, and other crimes. This is most likely because criminals are less prone to target a property where a pet is present.
5. Improving Tenant Health
Lastly, allowing renters to have pets can improve the health of your tenants. It has been demonstrated that pets reduce levels of stress, blood pressure, and cholesterol. They can also help with social interaction and physical activity. Tenants with pets tend to be healthier than those without pets for the reasons described.
There are multiple strong reasons to allow tenants to keep pets in your rental property. If you’ve been pondering whether or not to allow pets, this list may have convinced you to try it! 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 Northwest Chicago Suburbs today!