👋 Join us for a special webinar Thursday, January 11th
Learn More

5 Reasons to Allow Pets At Your Rental Properties

ethan-lieber-ceo-latchel
Ethan Lieber
January 29, 2020
reasons-to-allow-pets-at-your-rental-properties

One of the numerous significant decisions needed by a landlord is whether pets will be allowed on the rental property. Making a pet policy will either establish whether pets are allowed or not or define rules for the kinds of animals that will be allowed. Also, what fees are obligatory for pet-owning occupants, and instructions all pet-owners should during the time of the tenancy. 

Determining whether or not to allow pets in your rental property is again not a simple choice, and it comes with numerous deliberations. While service animals with the proper paperwork are always permitted in rentals, it’s up to you to choose if you wish your tenant can get along with his/her dog, pet cat, hamster, or beta fish. Your pet policy must be included in your Rental Lease Agreement, even if you do not want pets.  

Pets cause injury; why would renters allowed to have one can be an important question. There are numerous advantages for landlords who let pets at their rental properties. Similar to a lease modification agreement, you can make changes, inclusions, and amends to the rental property.

While pets can do harm to your rentals, there are numerous good reasons for letting pets, even if you’re not mostly fond of them. 

Here’s a look at the top 5 reasons landlords must make a pet-friendly policy for their rental properties. 

5 Reasons to Allow Pets At Your Rental Properties

1. Broadens your Tenant Pool

By letting pets at a rental property, landlords have the chance to enlarge the number of potential tenants, growing their options in seeking out the best quality renters. Many renters own a fuzzy friend, as per the Apartments.com survey. And the maximum of these renters claims to fight when looking out for a pet-friendly rental. If you let pets at your property, your listing will be the first pet owners reply to. If you let pets in your rental property, you could access an extra 70% of tenants who own pets. 

2. Increase in Renewals

Position rates are lessening nationwide, making a highly modest market for occupants seeking to shift. Tenant vacancy and turnover can rapidly turn a lucrative investment into a sinkhole. Pet-friendly possessions will lessen your vacancy rate and upsurge your regenerations. In an examination of many surveys taken. Tenants who are allowed pets were seen to stay meaningfully longer, by a regular of 23 months as compared to those who stayed just 15 months.

3. Helps Make a Lot of Money

Consider amassing a monthly pet fee when you receive pets at your property. This is dissimilar to a pet deposit, which can only be used to overhaul injury caused by the pet. Instead of a pet deposit, property owners can ask their tenants to pay a once-a-month fee or pet rent if they select to keep a pet on their property. They can make a rental agreement that includes pet fees that are non-refundable. Even a $20 pet rent/month will add up to $240 in additional income each year. A pet fee must be in addition to a pet deposit.

4. Protects the Property

When you let pets on your property, your pet policy offers protections against pet damage in the method of a pet deposit, liability analysis through renter’s deposit, and recognized expectations and rules regarding pet behavior. If you do not let the pets at your property, you run the danger of your renters niggling in an illegal pet. Unauthorized pets will source damage and are more likely to injure people on your property, all of which the owner will be accountable for if the tenant leaves. 

By letting pets on your property you will lessen the incidences of illegal pets. You can ask your occupants to dispute a pet deposit to cover possessions damage. Moreover, when you collect an important pet deposit from your tenants, they will be more likely to stop pet damage since they have money on the line. If you just collect a non-refundable pet charge, your tenants have no financial incentive to stop pet damage.

5. Improves Reputation

Pet-friendly properties gain the provision of their communal by making pet policies that save animals’ lives. Pet owners tend to stick around longer. 

However, moving with a pet is hard for a few reasons. 

  • One, there aren’t as many properties obtainable to pet parents. Second, pet parents, particularly dog owners, characteristically do not wish to stress out their pets by moving often.

Thus, by letting pets, there is more attraction and reputation and probabilities of attaining loyal, conscientious, and grateful tenants.

Author Bio

Roxana, a writer by calling and an academic, has created scintillating and remarkable content for dozens of websites in the purview of the Business Sector. She has a fair understanding of the inner workings of several business establishments, making her the foremost expert in this field.

Share this
Related Posts

See why property managers love using Latchel

Unlock the Potential of Digital Insurance
Launch a tailored renter's insurance program

Sure provides tailored renter’s insurance that enables property managers, owners, and residents to protect their property, minimize risk, and experience the peace of mind that comes with the protection of your assets and business.

Most leases require renters insurance. So, we’ve partnered with Sure to provide that option for your residents. While residents aren’t required to use Sure to meet the renter’s insurance requirement, this is still a convenient option you can offer to your tenants. 

All services and products are provided by Sure, not Latchel subject to Sure’s terms and conditions.

Property Inspection Platform
Automate and Organize Inspections with RentCheck
check-mark-icon

Make Inspections Easier
RentCheck saves time by enabling residents to complete inspections on their own. Customization and automation ensure the job gets done.

check-mark-icon

Stop Wasting Time
Schedule inspections for all stages of the lease cycle at any cadence you choose. RentCheck handles the reminders.

check-mark-icon

Instantly Submit Work Orders
Take advantage of Latchel's integration with RentCheck to instantly submit a work order for any maintenance issues that pop up on an inspection.

check-mark-icon

Modernize Your Process
Easily compare new and existing inspection reports, side-by-side, and avoid security deposit disputes.

check-mark-icon

Prompt Routine Filter Changes and Resident Tasks
Schedule resident reminders to replace filters and other upkeep tasks over the course of the lease lifecycle.

To learn more about RentCheck, talk with a Latchel benefits expert today. All services and products are provided by RentCheck, not Latchel, and subject to RentCheck’s terms and conditions.

Affordable Pest Control

Access world class pest control for a fraction of the normal price. No need for new software or a complicated setup.

check-mark-icon

Easy Pest Control
Residents simply reach out to Cover Pest if there is a pest issue, and Cover Pest takes it from there.

check-mark-icon

Clarity on Who Pays the Bill
No more awkward conversations about who is responsible for the bill! With Cover Pest as a resident benefit, residents get pest control for covered pests without an additional cost.

check-mark-icon

Vendor Sourcing
No more sourcing for vendors! Cover Pest will source and coordinate with vendors for each pest control request

To learn more about Cover Pest, talk to a Latchel benefits specialist today.  All services and products are provided by Cover Pest, not Latchel, and subject to Cover Pest’s terms and conditions.

Air Filter Delivery Subscription

FilterTime is an air filter delivery service that makes it easy and convenient for residents to replace their air filters. FilterTime customers can protect their HVAC system, reduce dust and pollen, save money on energy costs, and more by leveraging this delivery service.

check-mark-icon

Reduce Labor for HVAC Issues
Filter delivery service results in a 38% reduction of total HVAC ticket requests.

check-mark-icon

Cost Savings on HVAC Repairs
Average HVAC repair costs have increased by 48.7% year over year. an air filter delivery subscription can cut costs up to $250-300 per property per year.

check-mark-icon

Energy Reduction
Filter delivery is saving residents $14.82 per month in energy costs.

How it works:

Choose from almost every size and type of air filter including custom-made sizes

Choose how often you want your filters delivered

smile-icon

 A box of brand new air filters delivered to your resident’s front door

To learn more about FilterTime, talk with a Latchel benefits specialist today. All services and products are provided by FilterTime, not Latchel subject to FilterTime’s terms and conditions.

Boost resident satisfaction and drive good resident behavior through a rewards, incentives, and credit building program
check-mark-icon

Drive On-Time Rent Payments
Piñata rewards renters for on-time rent payments through Piñata cash, and boosts renter's credit scores for online payments.

check-mark-icon

Boost Resident Satisfaction
$30 gift card to use at select brands and businesses, $25 restaurant card, 720 annual Piñata Cash to use on rewards, Early lease renewal gift.

check-mark-icon

Attract and Retain Renters
2 out of 3 renters prefer properties with rent reporting. Plus, residents get incentives for early lease renewals.

check-mark-icon

Rewards Residents Love
Residents can use Piñata Cash on brands they know and love, such as: Starbucks, Amazon, Sephora, Lego, Target, Walmart, Home Depot, Lowes, Doordash, Best Buy, and many more!

Piñata Cash

Residents easily earn Piñata Cash any day of the month by doing things like taking surveys, referring friends, or trying out new products.

Residents also get access to big-ticket giveaways, limited drops and super surges!

And, with exclusive access to our marketplace with over 300,000 deals, residents can squirrel away up to $4,500 annually.

To learn more about Piñata, talk with a member of our benefits team today. All services and products are provided by Piñata, not Latchel subject to Piñata’s terms and conditions.

Master Liability Insurance

Now you have one less thing to worry about with a Master Liability Policy through Obie.

check-mark-icon

Affordable Coverage
Affordable policies available with liability coverage starting at $100,000 and up to $300,000 to meet any property manager insurance requirements.

check-mark-icon

Stay 100% Compliant
Master policy provides $100,000 for management companies and owners by ensuring 100% of occupied homes and units are covered for property damage liability issues relating to resident negligence.

check-mark-icon

Peace of Mind
Liability coverages include perils such as fire, smoke, water, explosion, overflow of sewer, and many others that provide coverage for damages you (the resident) may cause to your unit or home

check-mark-icon

Personal Liability
Personal liability coverage is automatically include to protect you against claims where you may be considered legally liable. (Bodily injury claims, dog bite claims, and more)

check-mark-icon

Additional Coverages
Additional/expanded coverages are also available. (Pet damage, identity fraud, theft/vandalism, and more are available!)

All services and products are provided through Obie and are subject to Obie’s terms and conditions.

👋 Join us for a special webinar Thursday, January 11th