Pets in a Rental Property: Pet Friendly Renting Can Increase Revenue

Pets in a Rental Property: Pet Friendly Renting Can Increase Revenue

Throughout the years, many pet owners have asked landlords to consider adding pet-friendly rooms for rent so they can live in an affordable area with their pet, only to be turned away due to fears of damage to the unit.

The fact is 72 percent of all renters own one or more pets, yet many landlords refuse to consider making rental units in their building pet-friendly. Thus, if you own a rental property, you should consider adding a pet allowance.

What are some pros about having pets in a rental property? Here are some reasons why pet-friendly renting may be a great way to increase your property's revenue.

Fewer Chances for Vacancy

Like it or not, a beloved pet has a lot of influence over where their owners may live. Because it is typically hard to find other pet-friendly apartments in their desired area, pet owners will usually stay in a rental longer than non-pet owners.

Due to this, opening up pet-friendly rooms for rent will make the space more likely to get occupied fast. This leads to a smaller amount of time for vacancies to occur. The fewer times vacancies occur, the more money goes into your property's pocket.

Tenants Who Are Pet Owners Are Responsible

One of the main advantages of renters with pets is that they have a reputation for being responsible tenants.

Pet owners usually take great care of their pets' and their needs on top of everything else going on in their life. By that logic, if the tenants you are considering can be responsible for their pet, they will be more likely to pay their rental payments on time than non-pet tenants.

In the end, your property will be shown with the same respect as their furry friend.

Able to Charge Higher Rent

Because pet-friendly rooms for rent are not in abundance, you as the property manager or landlord can take advantage and add a slightly higher price to a designated unit. It makes your unit more competitive and lets tenants seriously consider your property.

If you're not comfortable raising the rent amount itself, you can opt with adding a pet addendum or pet deposit charge alongside the security deposit when the lease is being signed in the management office. To that end, many pet owner tenants will be willing to work with a property manager to achieve this.

Create Pet-Friendly Renting Opportunities for Your Tenants

Pet-friendly renting is not easy to come by, and many pet owners have been frustrated by this. By adding pet-friendly places to rent to your property portfolio, you are opening up an option to potentially make more money from your tenants—and make both parties happy. Stand out from the rental property crowd in Oklahoma City and allow pet owners into your units.

Are you considering adding pet-friendly units to your housing portfolio? You can discuss any of your property needs in Oklahoma City with us. Contact us today to learn more.

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