4 Business Reasons to Make Your Pet Policies at Your Rental Property More Flexible
Pets often have a bad reputation when it comes to allowing tenants to have them. However, there is a lot of value in having pet-friendly policies on your property that you may not have considered. This article will list some good business reasons to at least add some flexibility to your pet policies.
Pet owners are more likely to stay in a rental longer. This is because they often have trouble finding another pet-friendly option that they can rent. Adopting a pet-friendly policy will likely increase your ability to keep tenants.
Able to Charge Higher Rent
If you have pet-friendly policies, you will have less competition around, as not all properties will have the same pet-friendly policies. This may allow you to get away with charging slightly higher rent, as tenants with pets will have fewer options when it comes to going elsewhere.
Larger Tenant Pool
About half of prospective renters own a pet, and that’s a large share of people you are missing out on if your pet policies are restrictive. If you make your property pet friendly, you have the chance of nearly doubling the pool of tenants you have to choose from.
In a time where COVID-19 is running rampant and shutdowns are common, many people are finding themselves at home more often than ever. This could lead to stress or depression in many tenants, which may lead to issues with those tenants. Those issues could be fallout with other tenants, or sloppy living that could hurt the property’s reputation. Having a pet around can help reduce the stress that the tenant is feeling, making them less likely to slide into depression should another lockdown come.
Changing the policies on pets in your properties isn’t something that should be taken lightly or just shrugged off to the side. While there are a lot of negative stigmas that come with allowing pets on your properties, hopefully the upsides provided in this article allow you to have a clearer view on how it will affect you as a landlord.