People love their pets. If you’re a pet owner yourself, you can understand how quickly cats and dogs can become part of the family. A National Pet Owners Survey conducted by the American Pet Products Association revealed that 67 percent of Americans own at least one pet. That’s a pretty clear majority.
What does this mean for your Santa Rosa rental property? Well, it means that you can earn more money and have a better investment experience if you offer a pet-friendly property to tenants.
Here’s what we mean.
Pet-Friendly Properties and Lower Vacancy Rates
Statistically, not allowing pets means you’re eliminating more than half of your tenant pool before you even begin showing your property. That could mean it takes longer to find residents who don’t have pets to rent your home.
You can avoid the risk that comes with renting to tenants with pets by not allowing them. But, you’ll have to be willing to accept the risk of longer vacancies. Vacancy loss is hard to earn back; if you find you can’t rent your home for an extra month or two, it’s easy to see how pet-friendly rental homes are a better deal for both tenants and owners.
Even if you’re not ready to throw open the doors to every dog breed and litters of kittens, at least indicate that you’re willing to consider pets. That will bring more potential tenants through the door.
Earn More Money with Pet-Friendly Santa Rosa Rental Homes
When you don’t allow pets, you also leave a lot of money on the table.
Typically, property owners change a pet fee when tenants want to move in with their pets. That’s about $200 or $300 per pet. It’s also outside of the security deposit and a nonrefundable fee, which means you don’t have to return it to the tenants at the end of the lease period. The pet fee protects you against the potential for property damage that’s inherent with any pet. But, you won’t always need to use it. Pet fees deliver extra income on your property.
There’s also pet rent. Most tenants are accustomed to paying $25 to $50 per pet, per month for the privilege of living in your pet-friendly rental home. Pets in properties can lead to higher rents for you.
Tenant Retention and Pets
Another good reason to allow pets? You’ll keep your Santa Rosa tenants longer.
Once a good tenant pays your pet fee, they’re not going to feel great about paying another pet fee at another property in a year. They also know that finding the perfect pet-friendly home isn’t always easy. Tenant retention is going to be higher than in a pet-free property.
Your tenant quality is likely to increase, too. In our experience, most tenants with pets take good care of those animals. They take good care of their homes, too.
While it’s nearly impossible to eliminate the risk that comes with allowing pets, a strong pet policy and a good screening process will ensure you’re renting to responsible tenants who are going to follow your rules and not allow their pets to misbehave or make messes.
We can help you work through putting a pet policy in place and attracting good residents with pets of their own. For help with this or anything pertaining to Santa Rosa property management, contact us at Redwood Residential Property Management.