Did you know that over 90 million American families own a pet?
With such a large number of people in the United States owning pets, you have to consider that if you are a landlord.
Understandably, there are risks to allowing pets in a rental property, but you should take a closer look at if the pros outweigh the cons.
What are the reasons that you should allow pets in a rental property? Here are some of our biggest ones.
Bigger Target Market
One of the best reasons to allow pets is that it will open up a larger market for you to try to get renters from. Knowing that 90 million families in America have pets, can be a huge audience that you are gaining just by allowing people to bring pets with them to their new homes.
In return, that will create demand for your apartments. This is because you will have more people that will be eligible for them and in return, that could justify you charging people a higher rent.
Creating Demand With Pet Owners
Having a rental property with pets allowed can not only increase general demand for your apartments, but it can also increase demand for your apartments among pet owners.
Think about it. Not every apartment building is going to allow pets. This means that the market for apartments is limited for pet owners, assuming that they are not going to live anywhere without their pets.
This can also help you justify charging a higher rent for your apartments because you will anticipate that these pet owners will have fewer options to choose from.
The natural assumption here is that if people are happy with where they are living, they are likely to stay there longer. Well, pets can help people be happier where they are living.
For example, playing with dogs has been proven to increase dopamine and serotonin in your brain. This means that you are experiencing the feeling of happiness and joy just by having that dog around.
With people increasing their likelihood of being happy by having their dogs with them, that could result in more long-term renters for you.
Charge Pet Fees
Finally, you can give yourself an extra stream of revenue by allowing pets in your apartment building. The reason is that it is normal for landlords to charge a pet fee for people that wish to bring their pets where they are living.
Say for example you charge $75 a month for each pet that is living in the building. There are 12 pets that are living in the building in this case. That means that you are gaining an extra $10,600 in revenue every year.
Allow Pets in a Rental Property
These are some of the reasons why you should allow pets in a rental property. They can help you make more money and expose you to a wider audience to rent your apartments.
Do you have more questions about managing your apartment building? Message us today to get answers to those questions.