These days you see people being accompanied by their pets everywhere. Even the hospitality industry has extended its accommodation to pets!
It’s not hard to understand that pets are a source of comfort for the owners so, naturally, they’re always present at their side. Given this scenario, it’s sensible for a landlord to maximize on this opportunity to grow their rental business.
Business Trend of Welcoming Pets
As a marketing strategy to gain more customers, you can observe that a lot of business owners are welcoming pet owners. From cafes, offices, shops, and hotels, pet menus and pet services are now promoted. This is understandable given the rate of increase in pet ownership.
Being pet-friendly means enlarging the market you’re serving. It also provides more income and loyalty since pet owners are more likely to stick around when they’re not welcomed elsewhere.
Benefits of Catering to Tenants with Pets
There are several advantages to opening your rental property to pet owners. Here are some of them:
Increases Renters’ Happiness
The emotional soothing that pets provide to owners can help increase your renters’ joy. If you have happy tenants, there will be fewer conflicts to face. In fact, you can even transform them into long-term tenants.
Higher Demand for a Pet-Welcoming Rental
It’s hard to find landlords who readily accommodate pet owners. Being one ensures you can always dip into a larger pool of prospective tenants.
The rental demand is often high in this department. This can also mean finding more high-quality tenants for your rental home.
Increases Tenant Loyalty
Since it can be challenging to search for rentals that accommodate pets, renters tend to stay put longer when they find one. Moving around with a pet is not ideal since the owner has to keep making sure that their pets become familiar with the area. This can also mean switching vets, so pet owners are more likely to stay in one place.
Pet Owners Are More Accepting of Higher Rent
Pet ownership can be expensive to maintain. Regular vet visits, special pet food, medicines, and vaccinations can add up. Pet owners have the disposable income to spend on pets. A renter who can afford to keep up with pet maintenance is unlikely to have problems paying for the monthly rent on time.
Pet Owners as More Accepting of Higher Rental Costs
If you’re a tenant who owns a pet, you know you’ll be paying extra for the benefit of owning a pet. This type of tenant is used to paying for pet rent, a pet deposit, or a pet fee. There’s little surprise for them if the rent rate is higher than average.
Saves You from Dealing with Rental Vacancies
Since the rental demand for pet-friendly rental homes is high, you’re assured of fewer vacancies.
Unoccupied units tend to accumulate maintenance expenses without the income to show for it. You want to move out of this scenario as fast as you can. This is a good reason to welcome pets in your vicinity.
Obtain More Responsible Tenants
A responsible tenant is someone who takes better care of your rental space. Pet owners usually score high in responsibility as they’re accustomed to looking after their pets. They know what it means to reasonably maintain the home. They also make sure to discipline their pets to keep your unit damage-free.
Mitigating the Risks of Being a Pet-Friendly Rental
For a balanced perspective, the drawbacks to welcoming pets in your rental property must be explored. Here are some of them and the steps you can take to resolve the issue:
Possible Property Damages
Where pets are around, the rental home can be vulnerable to scratched doors or scraped floors. Wooden furniture can also bear claw marks, and carpets can be stained with urine.
Solution: schedule professional cleaning so the rental stays in top shape. You can also require pet owners to discipline their pets so your property is protected from scratch marks. You can also design your floor material to be more resistant to pet marks.
Risk of Causing Injuries
One of the biggest fears of landlords is dealing with pet bites or injuries, especially in a multi-family property. Sometimes, pets can attack or feel threatened, especially when a stranger or children are nearby.
Solution: to protect yourself from this scenario, you can require pet owners to have their pets fully vaccinated. You can also check if the pet has been properly trained. Another helpful tip is to ask the renter to acquire renters insurance that can cover dog bites. This way, medical expenses are kept to a minimum.
Noise Complaints from Other Tenants or Neighbors
If your rental is a single-family home in a remote area, you won’t encounter this issue. However, if your location is in a dense area, you can receive noise complaints easily.
Solution: you can ensure that your rental unit is soundproof. You can achieve this by sealing doors and windows, covering floors with thick rugs, and placing soundproof drapes. Keeping good insulation in your rental also results in huge savings on electric bills since heating and cooling can keep temperature levels stable.
Get Your Pet Screening Process Ready
To prepare your rental to be pet-ready, it’s advisable to follow these tips:
- Ask for pet references to evaluate a pet or pet owner beforehand
- Place pet restrictions and evaluate breeds to reduce the risk of injuries and noise
- Create a lease that discusses pet policies
Reading this article, you can recognize that there are more advantages to welcoming pet owners than keeping them out. It’s only a matter of finding solutions for the possible issues that come up when accepting pets in your rental space.
If you have any questions on this topic or any other aspect of property management, don’t hesitate to contact Real Property Group today!