Are you pet friendly? If not, why not?

It’s a safe bet that every property owner or landlord will confront this question at some point in his or her time managing a rental property. The first thought that comes to mind might be negative factors such as; damage to the property, noise complaints, unpleasant odors. There has been data collected to support the notion that pet owners are financially better tenants in the long term. One study found that rental properties that accepted tenants with pets generated, on average,  $3,000 more per apartment per year.

Other reasons why going pet friendly can be a smart move:

1.     Lower vacancy rates – One study found that rental properties that allowed pets rented on average 10 days faster than non-pet rentals (19 days versus 29) therefore less vacancy time. Accommodating pets means you have a bigger pool of candidates. Consider the fact that 50% of renters own a pet.

2.     Longer lease periods – Pet owners desire longer lease periods. Given that it is often a challenge in the rental market today to find a pet-friendly property, once tenants find a place they like they tend to stick around which means less turn over and hassle for you.

3.     Stable tenants – Pet owners are classified more stable. In addition to staying in one place longer, pet owners are generally more responsible when it comes to taking care of an animal – which means they are likely be more responsible when it comes to taking care of your property too. Not only that, one study found that 65% of pet owners earn over $50,000 a year.

If all these factors are not enough to allay your concerns, remember that a pet deposit serves as a good back-up plan in case minor damage is caused to your property.