Did you know that at least 68% of rental properties throughout the U.S. are pet-friendly? Out of a population of people that are renting, 72% of those people have pets.
This means that there are 32% of property managers who are missing out on income that they simply aren't claiming for reasons that don't outweigh the benefits of allowing pets. In Greensboro, NC the average rental cost is around $1,041, and multiple properties do and don't allow pets.
You want your investment property to make you additional income that you may not have initially projected. The benefits of modifying your lease agreements for potential renters greatly outweigh the cons because you can easily increase your income per renter significantly.
What To Do To Increase Investment Property Value In North Carolina
If you’re in the process of trying to decide whether allowing pets within your rental property is a clever idea then stop thinking. Allowing potential renters to bring their pets is probably one of the best things that you can do to support your rental property investment.
Property managers are losing out on the potential long lease terms that they could get from making their properties pet-friendly. They are also missing the additional income and the chances for better quality tenants.
Better Quality Tenants
Don't forget that pet owners who are renters are often more adamant about cleaning behind their pets, replacing anything that their pets may damage, and staying on top of the space that they are renting.
Pet owners know that finding a great property where they may want to be for a year or even three are hard to come by. This means that they are less likely to do anything that would negatively affect the property.
Also, to alleviate the worry of damage costs, don't forget that you can include a pet deposit in your lease agreements. This will protect you if anything is damaged by someone's pet.
Although, you should keep in mind that the amount of money that you will bring in with the deposit and pet rent will greatly outweigh any costs of possible damage.
The Chance To Secure Longer Leases
Allowing your rental property to be pet-friendly will also allow you the opportunity to secure longer lease terms from potential renters. Many people have pets and you also may have one of your own.
There aren't too many people that would leave their pet behind to move somewhere else, so most people in the rental market will always tailor their property search filters to only show listings that allow pets.
This means that if you are not listing your property as a pet-friendly option, your property is not even showing up in search results for most people. Also, try to stay open to allowing big and small dogs. People who have more than one dog may have one small breed and one large.
So, you don't want to limit the income that you can achieve by only allowing one type of dog on the property.
Total Deposits Are Often Higher For Rentals That Allow Pets
Don't forget that not only can you charge a monthly pet fee, but you can also charge a one-time pet deposit. If you charged a fee of $30 per month and per pet, you would still see a $360 increase in your earnings for just one pet.
This is not including the one-time deposit that you can charge.
Allowing Pets Is Always The Right Option
As a landlord, you should know that allowing pets onto your rental properties will greatly attract a larger number of tenants and will increase your rate of renewal.
If you want an effortless way to increase traffic to your property, adjust your lease agreements and let those potential renters know that their fur babies are more than welcome to join them in making your rental property their next home.
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