Did you know that over 90 million families in the United States own pets? This is just over a quarter of the country's population.
With that in mind, as a landlord, you have to recognize that a lot of people in the country own pets. However, they can also be a lot of responsibility, with some causing potential problems.
You need to make a decision on whether your building is going to allow pet owners to rent there.
Should you do it? What are the benefits of pets in a rental property?
Here are three of the biggest ones.
1. Pets Make People Happier
One of the biggest benefits of allowing pets in your building is that pets generally make people happier.
Take dogs for example. Playing with a dog helps people increase the serotonin and dopamine in their brains. In other words, it provides chemicals to the brain that result in a positive and happy feeling.
If your renters are happy, they are more likely to be content with where they live. This means that you can find a stable renter that may want to consider extending their lease in their apartment.
Renters with pets are going to want to stay somewhere that is going to accommodate their pets. If you are somewhere that is an open environment, you could make it a happier place for people to live, thus they will stay longer.
2. Pet Fees
Another benefit to allowing pets in your building is that you can charge a pet fee for having them in the building. For your own interest, this protects you against potential damage that pets may do such as to rugs or a wooden floor.
However, it gives you another stream of income that you did not have before.
Say you decide to charge $50 a month for each pet that is in the building. What if there are 20 pets living in the building? This results in you pocketing an extra $12,000 per year simply for allowing people that were already interested in your building to bring their pets with them.
3. Wider Target Audience
Finally, allowing pets in your building will increase your target audience when it comes to trying to find renters.
Think about this. If 90 million families in the United States already have pets, then you are alienating over 25% of the population by refusing to allow pets in your apartments.
By allowing pets, you are getting access to that 25% of the country with pets, thus creating more demand for your apartment. This is especially the case with this group of renters because they will have fewer options than normal renters to take their pets.
Consider Allowing Pets in a Rental Property
These are just three benefits of allowing pets in a rental property. It can make you more money plus give you access to more renters that could stay longer.
Are you new to being a landlord and have more questions that you want to be answered by a professional? Message us to see how we can help you.