Are you considering not allowing pets in your rental property?
Often times landlords feel that allowing pets into their investment properties can decrease property value, increase maintenance costs due to damage, and can cause issues with their insurance provider. While these can be valid concerns, studies have shown that allowing pets to live at your rental property can lead to an increased rent rate, fewer vacancy days, and longer tenancy. Ultimately this can increase your cash flow instead of hinder it as one may have originally thought as this makes your property attractive to more tenants.
Decreased vacancy days means more money in your pocket
In today’s day and age pets are valuable members of the family and more and more families are becoming pet owners every year. These feelings towards the family pet can actually influence a family’s choice of where to live. With a shortage of pet friendly rental property options, adding a pet friendly policy to your rental property can open the door to more possible tenants. Right away you can see that a pet-friendly lease option influences a faster renting time and decreased vacancy days. Once tenants know they are in a comfortable pet friendly home, they will more likely want to stay for a while, further decreasing vacancy days which increases steady cash flow.
Contrary to popular belief pets do not increase your risk of damage
A major concern for an investment property owner is the cost of animal related repairs. Studies show that the actual damage caused to property from pets isn’t much higher than normal damages caused by non-pet owning tenants, especially those with children. An increased security deposit can more than cover pet related damages, so a property owner’s financial risks for allowing pets are generally low.
Create custom policies
If you are still concerned about potential damage costs and higher insurance rates when you have a pet friendly rental property, discuss your concerns with Real Property Management Instant Equity. We can assist you in customizing a pet policies and pet agreements for your leasing situation. RPM Leaders is the Tampa property management company that can take care of all your rental property needs and provide an environment that makes you, as a property owner, comfortable and makes your tenants feel at home.
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