In the United States, 70% of all households owned a pet in 2021. This number shows a high number of pet owners in America.
Many of these pet owners are renters looking for a place to stay with their furbabies. As a landlord in Des Moines, Iowa, you may wonder if you should open your applications to be pet-friendly.
You may be worried that renters with pets will damage your property. While that is a valid concern, there are several advantages to allowing pets in a rental property.
This article explores the benefits of renting to pet owners. So, if you're a landlord with vacant investment properties, keep reading.
1. Wider Renter Pool
The first advantage to leasing your rental property to pet owners is the wider pool you can cast your rental net into. For instance, 69 million households in America own a dog. That's a lot of potential renters!
Changing your rental agreement to include pets means more applicants will apply to rent your property. This higher number of applicants means you can be more discerning when deciding who to rent to.
2. Higher Earning Potential
When you lease to renters with pets, another benefit is you can charge a higher rent and ask for an extra pet deposit. This is because the number of Des Moines pet-friendly properties is hard to come by. As such, pet-owning tenants understand that landlords charge more for a pet-friendly lease.
The pet deposit can go towards any costs incurred by pet destruction, such as damaged carpets that need cleaning or replacing. Just ensure you disclose this in the lease agreement.
3. Responsible Renters
Another reason to allow pets in a rental property in Des Moines is that you are more likely to find more responsible renters. No matter what pet they have, pet owners must be more accountable because they care for another living being.
Additionally, owning a pet means a steady income because they must afford pet food every month. It's important to note that not all pet owners are responsible, so having a tenant screening process is still essential when looking for new tenants.
4. Longer Leasees
Our final benefit of having a pet-friendly lease is you can often secure a longer tenancy. Not every landlord allows pets, so when pet owners find a pet-friendly property, they're much more likely to renew their lease for another year.
Your tenants renewing their lease means you don't have to find new tenants. This can also give you peace of mind that your rental property is not sitting vacant.
Pets in a Rental Property? Yes Please
If you own a rental property, you probably have not allowed your renters to have pets because you're worried about property damage. While this is a valid concern, you can charge higher rent, ask for a pet deposit, and find more responsible tenants who will likely renew their lease. All these benefits make allowing pets in a rental property a viable option.
If you are in the Des Moines area and want experts to handle your investment properties, get your free rental analysis today. We are a full-service property management company waiting to assist.