The Benefits of Having a Pet-Friendly Rental Property

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According to statistics, almost 50 million households in the US own at least one dog, cat or fish. This shows that pets have become an integral part of many families, so much so that even rental property owners now allow their tenants to keep their furry companies with them.

Considering the many benefits associated with pet-friendly long-term and short-term rentals, most landlords shouldn't need much persuasion.

But if you're still having second thoughts about this and need a little push, let's delve into a few benefits of renting to pet owners:

You can charge more

When you're setting up your luxury vacation home or long-term apartment to be pet-friendly, note that it will cost you more. To compensate for this, you can charge your tenant more.

You can also set a non-refundable pet fee or ask for a damage deposit to ensure you don't incur high costs in case of damages.

In most cases, you wouldn't have to worry much. Pet owners tend to be careful about their companions and ensure they're safe to be around.

Pet-friendly apartments build trust

A ban pets can create a rift between landlords and tenants, which comes out in phases of mistrust.

Allowing your renters to keep their pets will create a feeling of mutual trust where your tenants will be happier and, consequently, more accommodating.

A longer tenancy

Finding pet-friendly apartments is difficult—but having one makes your apartment a better, more reliable option for pet owners. Plus, their pets will also become fond of the surroundings as they start thinking of your apartment as home, making their owners reluctant to move to a new place.

The most common cause of shifting residence is a strained relationship between the landlord and the tenant. When you make your property pet-friendly, you trust your tenants to be responsible. This leads to a healthier relationship where each party feels valued.

Your tenants will be happier and healthier

Parenting a pet comes with many mental health benefits. They ease stress and provide companionship, and unconditional love, all of which lead to calmer, more relaxed tenants.

Once they feel at home at your apartment, they will be reluctant to do anything that can strain their relationship with you. They'll also be more communicative about their issues, allowing you to take action rather than losing the tenant to another landlord.

You can screen your tenants

Pet owners will still try to sneak in their pets if your policy doesn't allow them. If you find out, it'll create an overall tense atmosphere and result in broken trust.

When you allow pets in your property, it gives you a chance to screen them. You'll be able to take note of any pets that seem like a threat and decide whether they should be allowed to be kept. You can also ensure the pets have had the necessary vaccinations and their health is in top condition.

Your chances of attracting tenants increase

Since more than 70 percent of renters have at least one pet, making your properties pet-friendly means you'll have more tenants and fewer open vacancies.

This will lead to a steady income throughout the year.

Plus, if you’re renting out your luxury vacation home, having pet-friendly rules will attract tenants who’ll be willing to pay more to stay with their furry friends.

You'll attract more millennial tenants

We all know how millennials feel about pets — they favor them over having kids. This demographic makes for a significant portion of reliable consumers, and most property owners want them as tenants.

According to a report by Business Insider, millennials want financial freedom and home ownership. The latter includes living in a home with the freedom to do as they wish, so you risk losing this group altogether by having pet restrictions.

You get additional safety

If your tenants have dogs, it might help you in more than one way. They're really good at detecting danger, especially at night. Having trained dogs on your property will ensure their owner's and your property's safety. Plus, pets also drive away other dangerous animals.

Conclusion

Making your property pet-friendly involves costly resources and much trust, but this will pay off in the long run. Renters who feel like their landlords are understanding are more responsible and communicative. This will ensure tenants who take care of your property and are great to be around!

Buy a Short-Term Rental Property with Inter Properties

If you're looking for a rental expert to help you buy a short-term rental property in Costa Rica, head over to Inter Properties. It's a real estate firm that simplifies buying, selling, and renting luxury vacation home rentals and multi-family estates.

With over 25 years of experience and offices in the US and Europe, Inter Properties simplifies acquiring and selling real estate nationally and globally.

Simply tell them what you're looking for and where, and they'll do the rest.

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About the Author

Simon P. is a real estate agent associated with Inter Properties. He helps national and international clients buy, sell, and rent their dream properties.

The author of this post has been writing for the official website of Wembley Solicitors for a decade. He offers legal solutions to his clients for issues related to family law.