Renting out our property is one of the best investing strategies to take since you will get monthly payment steadily. However, it is not always as easy as it looks. One of the biggest challenges in renting out your property is choosing the right tenants. It is not always about how on time a tenant can pay every month but also how they take care of your property and follow your rules as a landlord. Allowing a pet to be in a rental property is quite rare. Most landlords prohibit tenants to bring any pet into the property due to various reasons. However, the trend of owning a pet is undeniable. Lots more people like having a pet.
Benefits of renting property to pet owners
Since the number of people owning pets keeps increasing, lots more landlords are more flexible about pet restriction in rental property. However, it is not a must. As a landlord, you can just keep your rules of no pet allowed in the property you own. However, there are also benefits by allowing your tenants to live with their pets such as:
- According to recent studies, pet-friendly properties rent faster. This makes sense since lots more people like having pets. It means the number of tenants who expect for pet-friendly housing is increasing as well. It means that you have better chance to rent out your property faster if you allow your tenants to bring in their pets.
- Tenants owning pets are more willing to pay more rent as long as their pets are safe in the property. This means you have more chance to gain higher income than regular if you rent your property to pets owning tenants.
- Tenants with pets tend to hold longer lease. It is known that it is still rare to find pet-friendly property. Therefore, tenants will be happier to hold longer lease in the place where they can live happily with their pets with no worry instead of searching for new place. Thus, you don’t have to experience vacancy for long if you have tenants with pets.
- Renting out your property to pets owners means you can save your marketing budget. You can cut your advertising project since your pet owning tenants are more than willing to hold the lease longer.
- Pet owning tenants can make better tenants than non-owning pets ones. Pet owners know exactly that it is hard to find pet-friendly housing. Thus, they choose to follow the rules so they don’t have to find another place to rent. Besides, pet owners tend to like everything organized and caring.
- Pet owners consider their pet as part of family. Thus, they will make sure its hygiene, health, cleanliness, and entertainment. They tend to be more socially responsible due to their care for their pet. This way, you can avoid having problems with hidden pets that often happen when you own non-pet rental property to rent. This can cause you headache because you have to deal with it.