How Does Being Pet-Friendly Add Value to my Rental Property? | Nashville Property Management
A lot of the rental property owners we talk to are nervous about allowing pets into their property. They worry about property damage and liability. This is understandable. However, it’s rare that the risk of pet outweighs the benefits of allowing tenants to move into your home with their furry family members.
Today, we want to share some of the value that you can expect to receive from renting out a pet-friendly property. With a good pet policy and a careful screening process, you can minimize the risk and maximize the benefits that pets bring to your investment.
Pet-Friendly Homes Rent Faster
More than half of the Nashville tenant pool is made up of renters with pets. If you decide not to allow pets in your Nashville rental property, you’re reducing your potential tenants by more than half. Those aren’t good odds, especially in a competitive rental market. You’ll risk losing some great tenants by not allowing pets. You will probably face a longer vacancy time, which will cost you money in the long term and leave your property unoccupied.
Leave yourself open to pets. In your marketing and advertising, say that pets will be considered. This allows you to attract the attention of tenants with pets, without obligating you to accept a renter who has five Pit Bull puppies.
Pet-Friendly Homes Rent for More Money
Another benefit to allowing pets is that you can earn more on your rental property. If you’re worried about the potential damage that a pet can do, charge a pet fee. If you charge $200 per pet, for example, you can put that money aside to pay for any scratch marks on the walls or the floors. You can also require your tenants to have the home and the carpets professionally cleaned once a year when they live there with an animal. You can also increase the security deposit to any reasonable level as an additional measure of protection.
Good Pet Owners are Often Good Tenants
Pet screening is easier than ever. There are services that will check vet records and ensure the animal is safe and friendly to rental properties. You can talk to current and former landlords to find out if there have been any issues with the pet previously. Ask to meet the pet before you approve it for move-in. Remember that you can restrict breeds, sizes, ages, and numbers. It’s possible to balance the risk of allowing pets with the benefits it provides.
We have found that good pet owners make good tenants. If the pet you’re screening is in good health, free from fleas, and well-behaved, chances are the tenants are going to take care of your property with the same sense of responsibility. These are the types of renters you want.
Pet owners are also likely to stay in the property longer. This is great news for your tenant retention rate, and will protect you from expensive turnover and vacancy costs.
We think it’s a good idea to allow pets; and our screening process is very robust which significantly minimizes the potential for any downside. If you’d like to hear more about what this could mean for your Nashville rental property, please contact us at Omni Realtors & Property Management.