62% of Americans own a pet, and 97% of them consider these critters as part of their family. It's only natural for them to bring their furry family members along wherever they go, so it shouldn't come as a surprise that many renters are looking for apartments that allow them to house their pets too.
As a landlord yourself, you may have gotten several requests to make your property pet-friendly. But you're not sure what advantages that'd bring you.
Read on for four benefits of allowing pets in a rental property to see how it'd be a win-win situation for everyone.
1. You'll Increase Your Tenant Pool
Are you having a difficult time renting out empty units? While there's a housing shortage in Florida, that doesn't mean it's easy to keep properties full.
Landlords who are struggling should think about allowing pets in rentals. Considering that only 38% of Americans don't have pets, this will significantly widen your tenant pool. As a result, you'll have many more potential renters, which will make a constant stream of income more likely.
2. You'll Get More Responsible Tenants
To ensure you get responsible tenants, you should perform tenant background checks. However, there's always a chance that a few bad apples get through, and they can wreak havoc on your property.
Pet owners are bound to be responsible people. Not only do they have to take care of their animals, but they also need to make sure they can stay somewhere that's pet-friendly. This makes them more inclined to pay their rent on time and to keep your units in fantastic shape.
3. You'll Have Longer Tenancies
If you've ever gone through the process of finding tenants on your own, then you'll know how exhausting it can be. Not to mention, it's a costly process too. In addition to marketing your vacant units, you also have to pay for extensive cleaning when your renters move out.
Renewing tenants is much better than having a revolving door of them. Pet owners tend to stay in rental properties for longer periods, which can save you both time and money.
4. You Can Charge Higher Rent
Florida rent prices have increased drastically since 2020, and the state has one of the highest rental increases. Because of this, you may be hesitant to raise rent prices further, as it might turn away potential tenants.
However, pet owners are more than happy to pay a premium, as long as their furry family members are welcome. In fact, you may attract more tenants, especially if other local landlords don't have pet-friendly accommodations.
You Should Allow Pets in a Rental Property
As you can see, allowing pets in a rental property comes with several benefits, and we haven't even covered them all. Not only will you get more potential renters, but you can also charge higher rent. You can lower turnover rates too.
So our best landlord advice is to let tenants stay with their pets. The advantages will far outweigh any drawbacks!
If you need help managing your rental property, then contact Gulf Coast Property Management today. We have over 20 years of experience.