Key Takeaways
- Pet-Friendly Policies Attract More Tenants and Reduce Vacancies – With a majority of U.S. households owning pets, allowing them significantly broadens your potential renter pool. Pet-friendly properties receive more inquiries and lease faster, helping landlords reduce vacancy periods and stabilize income.
- Pet Owners Tend to Stay Longer and Provide Extra Income – Because pet-friendly rentals are harder to find, pet owners are more likely to remain long-term tenants. Landlords can also collect pet-related fees which help offset potential damage and generate additional revenue.
- Welcoming Pets Can Lead to Higher Tenant Satisfaction and Stronger Loyalty – Tenants with pets often view pet-friendly homes as rare and valuable. This leads to increased satisfaction, better care for the property, and a higher likelihood of lease renewals. Providing pet amenities can further differentiate your property in a competitive rental market.
Are you afraid of renting your property to tenants who own pets? The hesitation often results from the fear of the possible harm that pets can do to the rental property. While there are risks, landlords also need to recognize the numerous benefits that come with being pet-friendly.
In this article, we at Kokopelli Real Estate have curated some benefits you will enjoy if you rent your property to tenants with pets.
6 Benefits that Come with Being a Pet-Friendly Rental
Here are some of the benefits landlords can experiences when their rent to pet owners:
1. Fewer Vacancies
A majority of households in the United States own at least one pet. As such, there’s a large tenant demographic looking for pet-friendly rental spaces. Landlords who disallow pets on their property are missing out on prospective tenants.
On the other hand, property owners who have pet-friendly policies experience an increase in the number of people asking for their properties. This reduces vacancy periods, protects your rental income, and helps you maximize your return on investment.
2. Long-Term Tenants
If you want tenants who will rent your place and stay for a longer time, then you should consider renting your property to pet owners. Pet-friendly rental properties are very scarce. As such, once tenants find pet-friendly property, they will hold onto it. Moving frequently can also be distressing for animals, so pet owners have more incentive to stay in one place long-term.
3. Responsible and Quality Tenants
How a prospective tenant treats their pet tells you a lot about their personality. If you want quality renters, then you should consider renting to good pet owners. Such tenants are responsible enough to invest in training their pets, schedule visits to the vet, walk their dog, and more.
The level of care and responsibility required to be a good pet owner makes these individuals great tenants. Pet owners can be more likely to adhere to lease policies and generally take good care of the rental unit. To ensure your peace of mind, however, it’s best to screen the tenants and their pet before having them sign a lease agreement.
4. Extra Income from Additional Charges
Renting to pet owners comes with its risk. As a landlord, you can handle protect yourself financially. To do this, you can charge non-refundable pet fees, pet rents, or pet deposits. That way, you increase your income and mitigate the risks involved.
This extra income will take care of damages caused by pets including wears and tears on your property. Your tenants will be happy to pay this fee if it means have a safe space for their pets. When seeking to charge special fees, however, make sure they align with local rental laws and the Fair Housing Act.
5. Standout in a Competitive Market
The rental market is very competitive and most properties remain unoccupied for months. The longer a property stays in the market, the more money the landlord spends on maintenance and marketing.
For that reason, most landlords are thinking of amenities to incorporate in their property so they can stay ahead. Some offer move-in specials, flashy amenities and free Wi-Fi.
These features are however becoming more popular. However, pet-friendly spaces with fenced in yards and access to near-by parks are harder to come by. This is what will differentiate your rental property from other properties in that area.
Make sure to work in any pet-friendly features and policies into your property marketing materials to help you land tenant more quickly.
6. Tenant Satisfactions
Pet owners often see their animals as part of the family, and welcoming pets into your rental helps create a true sense of home. By allowing pets, you’re offering more than just a place to live, you’re providing comfort, stability, and peace of mind.
This added sense of belonging can lead to stronger tenant relationships, better property care, and a higher likelihood of lease renewals. In a market where pet-friendly rentals are limited, your openness can foster loyalty and encourage open, respectful communication from residents.
How To Protect Your Rentals
To mitigate the risks associated with renting to tenant with pets, landlords should:
- Draft clear lease agreements with detailed pet policies
- Charge pet rent/ fees to cover additional wear and tear
- Screen tenants and their pets before signing any rental agreements
- Work with a professional property management company in Colorado to ensure a smooth and legal sound rental process.
Bottom Line
Being in a competitive market will need you to avoid blanket bans on pets. Most pet owners are responsible tenants who will properly care for the rental and adhere to the terms of lease. However, you still need to do due diligence before you lease your property to prospective renters. For tenants who own pets, we often advise that you conduct good screening for them. Ask them for references and require pet interviews.
If you need help managing your rental properties consider working with a local company like Kokopelli Real Estate. Contact us today to learn about our Colorado property management services!