The rental market is constantly changing, and pets are among the leading causes of this change. Research shows that more renters identify as pet owners today than at any other time, which has caused a spike in the demand for pet-friendly housing. This shift is not just here to stay but also reflects the cultural changes and lifestyle adjustments over the years. As renters get more options, 3 Options Realty can help you navigate the competitive rental market while prioritizing pet inclusivity. Let’s explore how implementing pet policies can turn vacant units into rented units faster.
Did you know that nearly 70% of U.S. households own a pet? This means a larger tenant pool for landlords and property managers, especially in the vastly growing real estate space. A “no pet” policy significantly reduces the number of potential renters, leading to high vacancies. By opening your door to tenants with furry friends, you instantly broaden your reach to a large, underserved market segment. Consult a professional property management company for a personalized pet policy that promotes a harmonious living environment for all tenants.
A recent survey showed that pet-friendly rentals in densely populated areas were leased out 10-26 days faster than listings that prohibit pets. This rapid turnaround minimizes expensive vacancy periods and contributes towards the bottom line: turning a profit. Remember, the first step is leasing to quality pet owners. Once you fill all the vacant units, implementing pet policies that encourage lease renewals is crucial. A detailed agreement creates stability that reduces turnover costs, saving you a lot of money while growing your investment.
Landlords can often charge premium rates for pet-friendly units, including a refundable deposit, higher monthly rent, or a non-refundable pet fee. This creates additional and reliable sources of income to offset potential wear and tear. Furthermore, working with a reputable property management company can help you charge fair rates that give you a competitive advantage without compromising your return on investment (ROI). Professional property managers leverage extensive expertise and cutting-edge tools to research pet-friendly properties in your area, compare rates, and advise you on the best course of action.
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Read MoreAs mentioned, the rental market is constantly changing, with pet-friendly units leading the shift. Despite pet owners forming the majority of renters, some landlords still prohibit pets. Offering a fair and clear pet policy goes a long way in helping your property stand out and gain a competitive edge over similar properties. If you own multiple properties or are looking to make your rental pet-friendly, consult a trusted property management company to ensure you implement effective strategies that enhance visibility.
Now that you know the benefits of pet-friendly rentals, balancing these advantages with property protection is crucial. Here are common policies property managers implement to help you make informed decisions.
The lease agreement must specify rules for the type and number of pets allowed, waste disposal, noise control, and pet behavior in common areas. A well-constructed contract is key to ensuring compliance and clearly outlining repercussions for violation. A licensed property manager or legal professional can help establish clear guidelines that protect tenants, landlords, and pets.
Just as tenant screening is crucial before signing a lease, it’s wise to screen pets. This often includes obtaining prior landlord references, vet records for proof of vaccinations, and conducting a “pet interview.” This proactive approach provides confidence in the quality of tenants you lease to, especially if they have pets.
Contact 3 Options Realty to book an appointment with our experts and learn more effective ways you can turn your vacant units into rented spaces quickly. Take a proactive approach and implement a well-structured pet policy to tap into a loyal, large, and responsible tenant base.
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