There are many benefits to property owners who let their spaces to tenants who own pets. By incorporating a pet-friendly policy, your property is closer to being rent ready, you could enjoy a lower tenant turnover, higher rental earnings, and a higher return on investment, ROI, at the end of the year.
We at Rent Easy VA believe it is our responsibility as the leading property management company in Hampton Roads to show you the benefits of renting to tenants with pets.
The Benefits of Renting to Pet Owners
There are many advantages to renting your property to those with pets, this includes:
More Tenants to Choose From
Pet ownership is very common in Hampton Roads so choosing to open your property to pet owners can dramatically increase the pool of tenants who are eligible to rent from you.
By choosing to be flexible on your pet policy, you may be rewarded with a reduced tenant turnover rate as tenants who find the perfect place for their pets, often don’t want to take them away.
Ability to Pay Rent
From our experience managing and screening potential tenants, we know that pet owners tend to earn better than non-pet owners, this may be due to the extra responsibility.
The ability to pay rent or a stable source of income is an important characteristic of any potential renter. So, by renting to a tenant with a pet you are more likely to rent to a qualified tenant.
Staying Long Term
Long-term tenants tend to be more responsible, pay their rent on time, and relate well with their neighbors. Pet owning tenants are also usually long-term tenants so opening your rental unit to this type of person is in your interest.
When pet owners are accepted into a property tend to behave themselves amicably. Generally, this is because their options in the market are quite limited and wouldn’t want to go through the long process of vetting in the nearby future.
If you have ever seen a pet owner care for their little creature, you will know that they show the same love and affection as a parent would a child. This means that they will take care of their pets and be ready to pay for any possible damages.
Such care and responsibility can be translated to the care that they will show to your property. Which shows another reason why a landlord should consider renting to one.
Charge a Higher Rent
As mentioned, pet owners typically have fewer choices when it comes to housing options. So, they may be ready to pay extra should they get accepted.
This sort of policy is acceptable since the pets pose a higher risk to the property. As the landlord, you can choose to either charge pet rent, pet security, or both. For more information, call upon the experts at Rent Easy.
No Surprise Animals
Knowing that a pet is on the property is better than pets being on the property without your knowledge.
The former is a situation that you can control and enjoy better rental prices thanks to the lease agreement and pet policy clause in place. Should the latter occur, you stand to lose a quality tenant without a pet policy.
Mitigating Risks of Renting to Pet Owners
We are sure that you have heard of the risks that come with renting to pet owners. But choosing not to let to pet owners is decreasing your potential tenant pool by almost half.
So, if you want to enjoy the full benefits of your rental property, you might consider implementing some of the following measures:
Include a Pet Clause
A pet clause should be clearly drawn out in the lease agreement. This will establish the grounds and set the limitations and expectations for both parties regarding the pet. Should there be any property damage or breach of the contract, you can refer and implement the necessary measures.
Use Pet References
Like the way you vet a potential tenant using a screening solution, the team from Rent Easy recommends that you create a rental application form for a pet too.
In addition, you will be able to comprehensively vet using the pet resumes and references from prior landlords. You will get additional information on its character, size, and neuter status.
Comply with Fair Housing laws
If you have experience in property leasing, you will agree on the importance the Fair Housing Laws play in the selection and management of a tenant.
The Fair Housing Laws protect people who use service animals. So, if you deny service to a prospect who uses a service animal you could be held liable.
Rent Easy VA believes renting to those with pets has great benefits to a landlord which include a higher chance of finding long term tenants and the ability to charge more rent or a deposit.
Servicing all manner of rental properties in Norfolk, Virginia Beach, Hampton, Chesapeake, and Suffolk, Rent Easy specializes in offering exceptional property management services to its clients. If you are looking for professional property management in Virginia, there is no entity better suited for the job.
Get in touch with us today and receive a quote for our management services.