When you own a rental property, keeping occupancy rates high while managing costs is usually a constant struggle. Fortunately, there are some things you can do to help attract and retain quality tenants, which in turn will help keep rental units occupied providing a near-constant revenue flow. For example, keeping your property in good condition and being responsive to maintenance and other tenant needs will help keep your rental units desirable, which can encourage tenants to stay longer.
Another important decision you’ll have to make is whether or not you will allow pets in your rental property. This is an issue that leaves many landlords unsure of what would best help them meet their long-range goals. There are certainly a number of pros and cons of allowing pets in your rental property and these factors deserve some serious consideration in order to ensure you make the right choice for your specific needs and goals. Of course, there’s the obvious concern that some types of pets could possibly pose liability issues, and most pets would likely contribute to some additional wear and tear on the property you’re trying to keep in top condition. While it might be tempting to just eliminate the hassles and concerns that can come with allowing renters to have pets, but it’s important to also consider the benefits that allowing pets can provide.
One of the pros of allowing pets in your rental property is that you will typically have a much larger pool of potential tenant applications from which to choose. The AAOA, American Apartment Owners Association, reports that a national survey shows that almost ninety percent of renters in the US have at least one pet. If you have a strict no pet policy, you could be drastically limiting the number of interested renters who might otherwise be great tenants.
Another benefit of allowing pets is that it could potentially lead to some extra revenue for the rental property. Most pet owners are accustomed to having to pay an additional monthly charge for their pets and an increased damage deposit can help provide some security against damages from the pets. Plus, many pet owners are willing to pay more for the privilege of having a place to live where their pet is allowed because such places are few and far between.
When tenants are happy and are able to feel at home, they are more likely to stay longer. Tenants with pets are more likely to stay in your rental for a longer time simply because you allow them to have their pet on the property.
Need help managing your rental property investments? Contact Specialized Property Management Orlando for a free quote and learn more about why we are the most trusted property management company in Orlando!
