Is a Pet Friendly Rental Property Still a Good Investment?
Often landlords feel that their rental property values will lower if pets are allowed in the units. They also worry that increased maintenance from animal-caused damage will hurt cash flow. Studies have shown that with fewer property vacancy days, added premium pet deposits and rent, and minimum actual damage to property, having a pet friendly rental property can in reality increase your investment’s cash flow. Allowing pets will make the rental property more attractive to potential tenants.
Pet Friendly Rental Property has Decreased Vacancy Days
Some studies show that 62% of Americans are pet owners. Pets are seen as valued members of the family. These feelings towards the family pet can actually influence a family’s choice of where to live. With a shortage of pet friendly rental property options, adding a pet friendly policy to your rental property can open the door to more possible tenants. Right away you can see that a pet-friendly lease option influences a faster renting time and decreased vacancy days. Once tenants know they are in a comfortable pet friendly home, they will more likely want to stay for a while, further decreasing vacancy days which increases steady cash flow.
Pets Don’t Cause Greater Damage Risk
A major concern for an investment property owner is animal related damage and the cost of those repairs. Studies show that the actual damage caused to property from pets isn’t much higher than normal damages caused by non-pet owning tenants, especially those with children. Pet deposits and fees can more than cover pet related damages, so a property owner’s financial risks for allowing pets are generally low.
Customize your Policies
If you are still concerned about increased costs from potential damage and increased insurance when you have a pet friendly rental property, discuss your concerns with Chicago Edge. We can assist you in customizing a pet policies and pet agreements for your leasing situation. Real Property Management Chicago Edge is the Chicago property management company that can take care of all your rental property needs and provide an environment that makes you, as a property owner, comfortable and makes your tenants feel at home.