As a landlord, you might see pets in your property as being a bit of a problem. But this really isn’t the case as they can actually be a good opportunity for you. Here are some reasons why I think that pet-friendly rental can be the perfect investment opportunity for your properties as a landlord.
Less Vacancy Time
Many people today have pets. They’re looking for a rental property, but they can’t find one because the property won’t allow pets. There is a shortage of pet-friendly housing in British Columbia. You can improve the chances that you get your properties rented if you have a policy that allows pets. If you allow pets on your property, you’re going to get your vacancies filled in less time than if you didn’t allow pets. Rental properties will become more attractive because you allow pets on the property which many renters are looking for.
Less Time Repairing Damages
A landlord may require a pet damage deposit either at the start of a tenancy or later, at the time a tenant acquires a pet. A pet deposit goes on top of the regular security deposit. You can use this pet deposit to clean your property or repair any damage that might have been caused by a pet. You’ll have additional funds to cover all of the cleaning costs which the regular security deposit might not cover. This pet security deposit is another level of financial security for you as a landlord.
See also: How to Be a Successful Landlord
An Increased Renewal Rate
Tenants who have pets are going to stay a renter with you for a long time simply because other places don’t allow pets. You’ll be able to build in routine rent increases over the longer-term with the pet owner. Nowadays pet owner has difficulties to find another rental that allows them to stay with their pet. According to BC SPCA tenants are more likely to remain in the rental property, staying for an average of 46 months, compared to just 18 months for tenants staying in the units that do not permit pets. Moreover, pet guardians, who are responsible for the well-being of their pet, are typically prepared to pay more for their rental accommodation, generating 20-30% greater revenue for landlords.
Check Laws
It is important to check with the local laws to determine what is and is not allowed in your jurisdiction. You’ll need to understand the various fees, deposits, and additional rent you may be able to charge when someone stays in your property and they have a pet. It’s also important that you have the renters get proper insurance especially when they have pets.
See also: Property Management: Getting Started
Summary
If you are a landlord, you should allow pets in your building because it can be a great source of additional income for you. It makes a lot of sense to allow pets in your building because so many other buildings are not pet-friendly, and you can get long-term tenants and more tenants in your properties when you allow pets. Also, pets are significant family members, providing health, security and social benefits to their guardians and the community.
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