Pet-Friendly Rentals Make Financial Sense – fivestarrealty.com

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Pet-Friendly Rentals Make Financial Sense

Wise Landlords Consider a Pet!

Higher Income Potential from Pet-Friendly Rental Properties

For the potential landlord, allowing tenants to have a pet in their rental property may seem like too much trouble or risk, but according to FIREPAW (the Foundation for Interdisciplinary Research & Education Promoting Animal Welfare, a typical pet-friendly rental property does not put a home at risk for any more loss than a rental that does not allow pets. If a potential landlord is concerned about damage to a rental property occurring because of a pet, he or she can charge a higher security deposit to ensure that if any damage occurs, that it can be repaired at no cost to the landlord. In addition to this, a pet-friendly rental generates an average of $2,300 more annually than its “no pets allowed “alternative.

Pet-Friendly Rental Properties Interest More Potential Tenants

According the Humane Society of the United States, some 50% of renters have pets. Considering to allow tenants to have a pet in your rental property will give your property the potential to be rented more quickly and at a higher rate than not allowing tenants to have a pet. About 1 out of every 4 calls about our Punta Gorda rental properties that we receive in our office are from potential tenants that have a small pet. In addition to higher rental income potential and more potential tenants, once a tenant finds a property that accepts a pet, he or she is more likely to stay beyond the initial lease.

In conclusion, considering a pet in your rental property increases your potential income, does not put your rental property at risk any more than a typical pet-free rental, entices more potential tenants, and increases the likelihood of your tenant renewing their lease for years to come.

 

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