Did you know more than 70% of Renters nationwide own a pet? Pretty surprising, right? The American Pet Products Association (APPA) reports that 68 percent of all U.S. households own a pet, equating to 89 million dogs and 94 million cats. Thats a lot of furry friends and pet owners who need a “roof” over their heads.
If you are contemplating renting out your home and debating whether or not you will allow pets in your rental property, you’ve come to the right place. At The Listing Real Estate Management, we are a full-service Orlando property management company specializing in managing single-family homes, townhomes, condos, and multifamily apartment buildings.
As a professional property manager, I always get asked, “Should I Allow Pets in my Rental Property?” So, of course, the Short Answer is, Yes!
What are the benefits of allowing a pet in your rental property?
1. Larger Tenant Prospect Pool
The most obvious benefit to having a pet-friendly rental property is that it widens the pool of prospective residents. Because remember, more than 70% of renters own a pet. But, on the other hand, not allowing pets drastically reduces your future tenant pool, so you may need help renting your home.
2. Increased Tenant Retention & Satisfaction
Allowing pets in your rental home will increase resident retention due to higher rental satisfaction. Typically tenants with pets will stay longer in your rental property than tenants without pets.
Our professional Tampa Property Management team also states that tenants with pets tend to renew their lease agreements more frequently than those without pets.
3. Additional Income Streams and Higher Rental Prices
Rental property owners who allow pets in their properties will likely earn more money than those who do not. For example, our Orlando property management clients receive an additional pet rent of $25.00 per pet for Pet Rent.
Tenants also expect to pay higher rental rates for pet-friendly apartments and single-family home rentals.
4. Quality Tenants Expect to Pay More in Rent For Pet-Related Amenities
Every pet owner loves to see their pet happy; they are family! So if you have a rental property that features amenities that appeal to renters and their pets, you’ll likely earn more rental income.
Apartment complexes or multifamily rental properties will likely charge more for pet amenities such as pet baths, dog parks, treat stations, doggy daycare, etc.
Are you worried about a pet destroying your rental property?
Many homeowners and rental property owners are weary of allowing pets in their homes out of fear the pet will destroy or cause damage to their rental properties. You are safeguarded if you have a professional property management company.
Let’s say a pet chews up the baseboards of your rental. Well, your property manager will likely claim their security deposit to bring the damage and property to like condition.
Rental property managers do everything to protect and preserve your property.
Orlando Property Management Summary
Allowing pets in your rental property will give you and your rental property the highest success. The positives to allowing pets in your rental property far exceed the negatives.
If you have any questions or want to learn more about our property management services, feel free to contact us. At The Listing Real Estate Management, we are your boutique property managers that provide the best Orlando property management experience. Cheers!