One of the biggest decisions that every landlord needs to make is whether or not to allow pets at their rental property. While you will open up your applicants to a broader range of people, there can be some drawbacks to having pets present in your apartment or home. Should you allow pets at your rental property?
Making Your Rental Property More Appealing
Did you know that one survey found that 75% of Americans in their 30s own a dog and over 50% own a cat? Across the entire population, 50% of people own dogs and 35% own cats. Allowing pets at your rental property instantly makes it appealing to a broad swath of people, and it can also give you a competitive edge over other landlords who are not pet-friendly. Another study found that apartments and rental properties that allowed pets rented out within only 19 days, compared with 29 days on average for those that do not allow pets.
Attracting Loyal Tenants
Attracting tenants is one thing, but attracting long-term tenants is another challenge entirely. Short-term tenants at your rental property can increase your stress levels and end up costing you money while you prepare the unit for the next tenant and search for someone to fill the space. The same study referenced above found that renters stayed in pet-friendly properties for 46 months on average, while those who were in properties that did not allow pets stayed for 18 months.
Pet Deposits or Higher Rent
A pet deposit or higher monthly rent to account for pets can also help you to get more money from your rental property. In general, pet-friendly apartments and homes can rent out for a premium rate. While you might need to use some of that money to cover for damages caused by the pet, many properties have no damage from the pet and merely get to keep that extra income from the monthly fee. Even $20/month pet rent can give you $240 in extra income every year.
As with any big decision, you should thoroughly weigh the pros and cons before deciding if you’ll allow pets.
All County Denver Metro Property Management Is the Right Property Management Company for You
All County Denver Metro Property Management offers all property owners competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Our team of real estate professionals looks forward to hearing from you about how we can make your investment a stress-free asset and keep your tenants happy. Call us at (720) 575-6100 for a free quote.