Homeowners often get the feeling that their rental property values decrease if they allow pets to live in their units. They also get anxious about losing money particularly if that money is used to repair pet-induced damages. Research shows that with lesser days of property vacancy, additional premium pet deposits and rent, and minimal actual property damages, owning a pet-friendly rental property may actually gain you more profit. Welcoming pets to your property will attract more prospective tenants to occupy it.
Vacancy Days Decreases as Landlords Become Pet-Friendly
Studies reveal that more than half (62%) of Americans own pets. People consider pets as valued family members. Because of that, these feelings for the pet can greatly determine a family’s decision of where to live. Pet-friendly rental properties are scarce nowadays. So implementing a pet-friendly policy to your property heightens your chances of acquiring more renters. If you do this, you can clearly see the results of what a pet-friendly lease option can do. It significantly hastens renting time and reduces vacancy days. Once tenants know they are in a comfortable pet-friendly home, they are more likely want to stay longer. With that, it further decreases your vacancy days which means an increase of steady profit.
Owning Pets Doesn’t Increase Damage Risk
Pet-associated damages continue to be the greatest concern of landlords when they allow pets in their properties. Not only that, the expenses needed to repair those damages make them worry more. However, studies show that actual pet-induced property damages are lower than non-pet-induced damages. Furthermore, pet deposits and fees cover pet-related damages. So financial risks for allowing pets don’t actually hurt a landlord’s cash flow.
Personalize Your Pet-Owning Policies
Raise your concerns to Real Property Management in Troy, Michigan if you are still skeptical of allowing pets to live on your property. We can help you in personalizing your pet policies and agreements depending on your leasing situation. Real Property Management Troy, Michigan is the property management company in Troy, Michigan that will handle all your rental property needs. We offer an environment that promotes comfort not only for you, as a property owner, but also to your prospective tenants.
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