Increase Rental Income

Are you a property owner looking to make more money from your rental property while being open to residents with pets? If so, you're in for some valuable insights. Here we'll address a vital question: How can allowing pets actually be a win-win for property owners? Get ready to explore proven strategies and guidelines that not only help you attract a wider pool of residents but also boost your rental income and protect your property. Learn why being pet-friendly is a smart choice for property owners, offering more profits, satisfied residents, and practical property protection advice.

The Benefits of Allowing Pets

Before we dive into the guidelines, it's crucial to understand the advantages of allowing pets in your rental property:

Expanding Your Tenant Pool

Being pet-friendly can significantly expand your tenant pool. According to a survey by Apartments.com, 72% of renters own a pet. Yet many responsible pet owners struggle to find rental properties that welcome pets. By embracing pets, you can tap into this market, potentially reducing vacancies and increasing your rental income.

Potential for Higher Rental Rates

Pet-friendly properties often command higher rental rates. According to a study by Rentometer, property owners can make an average of 5% more in rent by being pet-friendly. Pet owners are usually willing to pay more for a rental property that accommodates their pets' needs, such as outdoor space or proximity to parks.

Longer Tenant Stays

Pet owners tend to stay in rental properties for longer periods. Rentometer’s study found that pet owners tend to stay in their rentals for an average of 12 months longer than non-pet owners. Their commitment to providing a stable environment for their pets can translate into longer lease agreements, reducing turnover and related costs.

Responsible Pet Owners

While concerns about pet-related damage are valid, most pet owners are responsible and deeply care about their pets' well-being. Rentometer’s study found that pet owners are more likely to pay their rent on time than non-pet owners. Screening residents and their pets thoroughly can help ensure you select responsible residents who will treat your property with care.

Establishing Pet-Friendly Guidelines

Now that we've highlighted the benefits, let's outline the guidelines for allowing pets in your rental property:

Clearly Define Your Pet Policy

Begin by creating a clear and concise pet policy. This policy should outline the types and sizes of pets allowed, any breed restrictions, and the maximum number of pets per unit. Be specific about the rules and expectations for pet owners, including cleaning responsibilities, noise control, and pet-related damages.Make sure to refer to your State and Local laws to ensure your policies are legal.

Implement Pet Screening

Implement a thorough pet screening process alongside tenant screening. This process should include requiring references from previous property owners to evaluate the pet's behavior and any history of damage.

Pet Deposits and Fees

Consider charging pet deposits or pet rent to cover potential pet-related damage or additional wear and tear. Clearly state the amount and purpose of these fees in the lease agreement and ensure they comply with legal limits.

Update Lease Agreements

Ensure that your lease agreements include specific pet-related clauses. These should address pet-related rules, responsibilities, and consequences for lease violations. Make sure that both the tenant and property owner understand and agree to these terms.

Define Property Boundaries

Specify areas within the rental property where pets are allowed and areas where they are not. Consider creating designated outdoor spaces or pet-friendly amenities to enhance the pet owners' experience.

Conduct Regular Inspections

Regularly inspect the property to ensure that residents with pets are complying with the pet policy. This allows you to identify and address any issues promptly.

Require Renters Liability Insurance

Ensure residents with pets carry renters insurance with pet bite coverage. This provides an added layer of protection for both you and your residents.

Obtain Emergency Contact Information

Require residents with pets to provide emergency contact information for a trusted individual who can care for the pet in case of an emergency or when the resident is unavailable.

Property Management software designed for independent property owners

Property management software, like Renter Insight, can be a valuable tool for property owners who are open to renting to residents with pets. Renter Insight offers various features to help property owners and property managers efficiently manage their properties, such as rent collection, property marketing, handling maintenance requests, and conducting resident screenings. When it comes to accommodating pets, Renter Insight allows property owners to easily track important financial details like pet deposits and pet rent, ensuring fair compensation for any potential wear and tear caused by pets. Moreover, this software aids property owners in keeping tabs on resident pet agreements and pet descriptions. This not only reduces administrative burdens but also helps prevent misunderstandings or disputes related to pets, creating a smoother rental experience for everyone involved.

Get your free trial of Renter Insight here today!