When looking for new tenants, pet owners are more often than not disregarded or even forbidden. However, as a property manager, you should consider renting your property to pet owners. Here is why.
Why do we dislike pet owners?
If so many landlords dislike pet owners in their properties, there must be a good reason to it. Top reasons cited by property owners include noise concerns, pet damage and insurance issues. However, something is quite interesting here: if these were the concerns most raised by landlords, most of them never actually experienced them! So why not open your doors to pet owners?
A higher rental pool
When you disregard pet owners altogether, you reduce your rental pool quite significantly. 37% of Canadian households own one cat or more, and 32% own a dog. Don’t you think it would be interesting to include these numbers in your client pool as well? By allowing pet owners to rent your property, you decrease your turnover time and increase your chances to find the perfect tenant.
In addition, pet owners often struggle to find pet-friendly accommodation. If your property becomes one, it will become particularly attractive and sought after on the market.
A higher income
When renting to pet owners, you generate more income with your property. Properties open to pets often include extra pet fees, and the rent cangehigher than properties which do not allow them.
It is true pets are likely to cause damage in a property. A scratched wall or carpet, vomit or pee stains are common in a pet’s home. However, it should not be a worry for the landlord. When renting to a pet owner, a special pet deposit is required. In the vast majority of cases, the said pet deposit was more than enough to cover the amount of damage done. Renting to a pet owner does not cost more!
Pets come anyway
Numerous studies have shown that even when properties do not allow pet, the furry ones make their way in regardless. However, when that happens, the landlord does not have proper insurance, and cannot use the pet deposit today for repairs in case of damage.
Knowing that, why not just allow pets in and reap the extra benefits? It will be worth the risk in the end! If you have questions on property management in Regina and around, contact us for help and information.