As a landlord, deciding whether or not to allow pets in your rentals can be a tough call. Concerns about potential damage, hazards, and additional maintenance are valid. However, the benefits of renting to pet owners can often outweigh the risks.
This post will explore the advantages of adopting a pet-friendly policy in your rental properties and how it can enhance your investment’s profitability.
Perks of Renting to Pet-Owners
Here are some benefits that come with offering a pet-friendly rental property:
Expanding Your Market
The first and perhaps most significant advantage of allowing pets in your rentals is the substantial expansion of your potential tenant pool. A majority of households have pets these days. By embracing this demographic, you open your properties to a wider audience, increasing your chances of finding tenants quickly.
Higher Retention Rates
Tenants with pets, on average, tend to stay longer in a rental unit. Moving with pets is challenging due to the limited number of pet-friendly options available, which means pet owners often prefer to stay put, reducing turnover for you.
Lower turnover rates translate into fewer vacant days and less money spent on advertising, cleaning, and repairs between tenants. Furthermore, the stability of longer tenancy periods allows for better financial planning and less stress associated with tenant screening and lease renewals.
Enhanced Community and Security
Properties with pet-friendly policies often experience a stronger sense of community. Pets can be great ice-breakers, helping neighbors to connect and interact more frequently. This enhanced sense of community can lead to tenants looking out for each other’s properties, indirectly boosting the overall security of the area.
Attracting Responsible Tenants
Pet owners often demonstrate a high amount of responsibility because keeping an animal healthy and happy requires a certain level of routine and dedication. This sense of responsibility can translate into better-maintained living spaces and more diligent renters. By conducting a thorough screening process, including pet interviews or requiring references from previous landlords, you can ensure that you are renting out your property to responsible pet owners.
Encouraging Long-Term Leases
By allowing pets, you can encourage tenants to commit to longer lease terms. Offering a two-year lease agreement, for instance, with a pet clause that benefits both parties, can secure a stable income stream and reduce the hassle associated with frequent tenant turnover. Pet owners often face limited housing options, making them more likely to appreciate and commit to pet-friendly rentals. This not only enhances tenant satisfaction but also fosters a sense of loyalty and stability.
Additionally, long-term leases minimize the time and expenses involved in advertising vacancies, screening new tenants, and preparing the property for new occupants. Overall, pet-friendly policies can be a strategic advantage for property management companies aiming for sustained tenancy and consistent rental income.
The Role of Professional Property Management
While the benefits of renting to tenants with pets are clear, managing a rental property, especially multiple units, can become a complex task. This is where professional property management comes in. Here are several reasons to consider hiring a property manager, especially when you consider renting to pet owners:
Periodic Property Inspections
Period inspections are crucial in maintaining the condition of your real estate investment, especially when pets are involved. Property managers can routinely inspect properties to ensure they are well-maintained, saving you time and preserving the value of your property.
Expert Handling of Tenant Screening
A professional property manager can handle the intricacies of tenant screening, including checking for responsible pet ownership. They have the experience and resources to conduct thorough background checks and ensure that both the tenant and the pet are a good fit for your property.
Effective Communication
Property managers can serve as the point of contact for your tenants, handling day-to-day issues. They’ll ensure that tenant queries are handled efficiently on your behalf, which is key to tenant satisfaction and retention.
Handling Legal Compliance
From pet policies to security deposit handling and eviction management, professional managers are well-versed in local laws and regulations, ensuring that your rental properties are compliant and that you are protected from potential legal issues.
Maintenance and Repair Coordination
Property managers play a crucial role in maintaining the quality and value of your property. They are responsible for coordinating both routine and emergency maintenance, ensuring that issues are addressed promptly and professionally. This not only helps to keep the property in optimal condition but also aids in keeping tenants happy, which can lead to longer tenancy periods.
Marketing and Advertising Expertise
A professional property manager understands market trends and can effectively advertise your property on the right platforms to ensure maximum visibility. This capability is particularly crucial in attracting pet owners in Arizona, as it involves highlighting pet-friendly amenities and policies that are most appealing to this demographic.
Bottom Line
Allowing tenants with pets can significantly benefit landlords by expanding the market, increasing revenue, and reducing turnover rates. However, managing a rental property, particularly one that is pet-friendly, requires diligence and expertise. Hiring a professional property manager, like Mark Brower Properties, can help ensure that your property is profitable and well-maintained.
Our Mesa property management company has designed a process that prevents minor issues from escalating into major problems. Additionally, we consider the big picture by evaluating your goals, the performance of the market and your assets, and your overall returns. Contact us today to learn more!
