5 Paws-itively Compelling Reasons To Consider Renting To Pet Owners

From a bigger pool of tenants to higher returns, here are five paws-itively compelling reasons why you should consider allowing pets on your next property lease.

While there are plenty of dog and cat lovers in the world, historically landlords have not fallen into this category. It's understandable why many homeowners are reluctant to rent to pet owners, from scratched floors and stains to all that chewing, there are certainly risks to your property when it comes to letting pets move in.

But are homeowners being short-sighted when it comes to renting to pet owners? Though there are potential pitfalls, here are five compelling reasons why you should consider letting Fido and his human friends move into your rental home. 

1. Allowing pets expands the pool of rental applications

Even before the pandemic puppy boom, the number of pet owners in America was staggering. 70% of families have pets, which adds up to 85 million households. Not only that, but pet ownership is trending up with younger renters: Millennials are more likely to own pets than any other age group. 

All this means that, if you’re a homeowner, you’re cutting yourself off from a ton of desirable renters by not allowing pets in your house, building, or apartment. Of course this has always been the case, but if the trends hold, the situation will become far more pronounced over the coming years and decades. 

As a property owner, you want to find someone who will love your home as much as you do. Why limit that potential pool?

Read More: Why Belong Focuses on Long-Term Rentals 

2. Pet-friendly rentals attract a premium rate in the market

A recent study found that only 9% of housing allowed companion animals without any significant limitations on size or type and more than two-thirds (82%) of renters with animals reported having trouble finding a rental unit that would take their pet/s. This means that supply and demand is a real issue when it comes to pet-friendly rentals. When pet-friendly rentals are scarce, their value goes up .

The same study indicates that pet owners pay on average, a premium on their rent of around 20 - 30%, on top of a pet deposit to cover any damages. With higher rental returns, you're likely to come out in front even if some damage did occur.

3. Pet-friendly rentals attract responsible residents to your home

Anyone who’s ever owned a pet will tell you, it’s a serious commitment — which means that pet owners tend to be serious, responsible people. Not only that, but the average household income for pet owners is over $96,000 a year, which is almost $30,000 more than the average household income overall. So in terms of both psychographics and demographics, it’s much more likely that pet-owners will be good tenants who consistently pay their rent on time and keep your home well-maintained.

Discover Belong PRO: The best alternative to Property Management in Seattle, Redmond, Oakland, and many more cities across California, Florida and Washington State.

4. Tenants that secure pet-friendly rentals are more likely to stay

Moving is a painful, stressful experience for everyone, but if you’re a pet owner, it’s a uniquely excruciating experience. Not only is it harder to find another home that will accommodate your pet, but you also have to think about the effect such a dramatic change of scenery will have on the animal. You have to find a new vet, a new dog walker, a new dog run. Simply put, it’s a disruptive, alienating experience for the animal. That’s why pet owners tend to stay in one place longer than people who don’t own pets.

5. Some pets offer security for your home

Dogs make homes safer; burglars are opportunists and would not take the risk of being attacked when the house next door doesn’t have a ferocious-sounding bark coming from within. This isn’t just folklore – there’s data which supports this.

Read More: The Dos and Don’ts of Home Security in a Rental Property

Never worry about your rental home again

If pet damage does occur, Belong PRO's 24/7 concierge service will be on hand to manage communication with the residents and organise repairs fast. Many homeowners hope to one day return to their homes again or make sure their beloved house is well cared for. With Belong, you’ll never have to worry about bad residents, late rent, cost blowouts, or 2am phone calls ever again. 

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