62% of Americans own a pet, and 97% of those people say that the animal is part of the family. They even liken them to human relatives. Because of this, pet-friendly houses and other rental properties are far more competitive than other units.
However, there are several things to consider before allowing pets in a rental property. Read on to learn some sore considerations to think about when attempting to foster both landlord and tenant happiness.
The Benefits of Pets in a Rental Property
Allowing pets on your property reduces vacancy rates. No one is going to even consider abandoning a family member when moving. Your pet-friendly unit will immediately be more competitive than other properties that don't allow animals.
People will sign leases and move in faster.
Vacancy rates will also decrease when tenants are happy. They're more likely to re-sign leases when their pets are welcomed, especially because moving pets can be challenging. Since 86% of tenants will have better mental health as a direct result of their pets, you can expect more renewals.
You'll also reap the benefits of better tenant-landlord relationships. Communication will be easier and people will be more likely to tell you about their needs and expectations. They'll also be in a better frame of mind to listen to you.
Making More Money in Milwaukee
Another core benefit that landlords tend not to think about is the potential to make more money in a pet rental property.
An upfront pet deposit and monthly pet rent can help you repair damage when present. However, not all pets are going to be destructive. When you don't need this money to pay for repairs, you can pocket it and enjoy the perks of extra passive income.
Pet deposits and fees can reasonably be about $200-$600, so you'll get money upfront. You can usually charge up to $50/month in pet rent, too. This figure will depend on the price of the lease itself as well as how many pets the person owns.
Ensuring Compliance With Pet Regulations
Many landlords worry about pet noise and destructive behavior on the property. This is a risk of allowing pets, though pet rent should cover repairs if there are any pet damages. Noise complaints are actually the greater risk.
However, there are tons of noises that can cause a disruption. People with pets may have screaming children or loud parties. They might blare music.
You don't have control of everything, and pets are no more likely to be loud than others. This is especially true if you set size/weight restrictions on animals.
Property managers can protect your property and ensure that your pet-friendly property remains compliant. They'll reach out to tenants about problems for you, provide strict lease enforcement, and in extreme cases evict unruly tenants and pets. You won't need to stress about doing these tasks yourself.
Learn More About Pet-Friendly Houses and Units
Now that you know all about allowing pets in a rental property, it's time to begin collecting pet rent and increasing tenant satisfaction. A property management company in Milwaukee, Wisconsin can help you iron out the details quickly and effectively.
Our team has a wide range of expert tools and resources to ensure compliance, streamline maintenance, and find quality tenants. Reach out to PMI to get a free rental analysis ASAP.
