Florida is the third-most populated state and has 12.5 million pet owners. Now, as a landlord, you may be wondering why these statistics are important for you to know.
Well, before renting out your property, you'll need to decide if you're going to let your tenants bring their furry friends. There are some risks and challenges, but the benefits are endless.
Below, we've listed five advantages of allowing pets in a rental property.
1. Expanded Tenant Pool
Finding tenants isn't always an easy task. Anytime your property is empty, you're losing money, which is the last thing you want. By allowing pets into a rental property, you expand your tenant pool, making it easier to increase occupancy.
As you know, many families and individuals have pets and it's hard for them to find accommodations for them and their pets. A pet-friendly policy will attract more tenants who may otherwise look somewhere else in Kissimmee.
2. Higher Rental Income
With a bigger tenant pull, you open yourself up to move profits. You can find your unit faster and charge more.
Since pet-friendly properties are in high demand in Kissimmee, people will pay a premium. This will lead to more money in your pocket. You can also charge an extra pet cleaning fee as well.
3. Longer Tenancies
People may want to stay on your rental property longer if you offer pet accommodations. Since it's so challenging to find a place that allows animals, renters won't be quick to leave.
Owners also don't want to disrupt their pets' routine by moving frequently. Longer-term tenants mean lower vacancy rates and turnover costs for you. A more stable income is also ideal and easier to achieve if your tenants are happy living on your property.
4. Improved Property Maintenance
You have concerns about your property's condition if you allow pets in a rental property. While they're valid, you likely don't have anything to worry about.
Pet owners tend to take great care of their rental units. Regular grooming and exercise help keep pets healthy and reduce the likelihood of them causing damage to the property.
5. Responsible Tenants
Tenants with pets can also be very responsible renters, which can be a challenge to find. The majority of owners will know the importance of maintaining a clean and well-kept living space.
They want to ensure their pets are comfortable. They also don't want to live in a home that has damage from an animal.
Tenants with pets in Kissimmee will have a strong bond with their animals. This will encourage accountability and encourage tenants to adhere to the lease agreement.
Benefits of Pets in a Rental Property
Embracing a pet policy can be beneficial for you as a landlord. You can increase your rental income and create a successful real estate investment business.
Pets in a rental property may seem challenging, but as you can see, the advantages are worth it. By taking these factors into consideration and setting clear boundaries, you and your renters can benefit.
Our team at Allegiant Management Group is committed to helping you achieve your goals in real estate. Don't wait to get professional support.
Get in touch with us today!
