Walking down the streets of San Francisco, you're sure to run into a friendly dog or a wary cat. Pets lower stress, keep us young, and help with raising our activity levels all while being adorable. It's no surprise people love them so much.
What about pets in a rental property? What kind of benefits do these furry creatures give a property owner?
The good news is that pets can be an unrivaled asset for your properties. We'll tell you all about it down below!
Larger Tenant Pool
Over 57% of Californian households own a pet. That's a large portion of the population that needs to find rental properties that allow pets.
You'll cut yourself off from all of these potential tenants if you don't allow pets on your property.
With a larger tenant pool, you'll have better luck finding tenants that work well with you and your property. You could be missing out on a great tenant-landlord relationship if you refuse pets.
Lease Renewals
Finding pet-friendly properties to rent isn't an easy task. There's high demand but lower supply. This means that pet owners are often more inclined to stay once they find a good fit.
They don't want to go through all that hassle again. Even more so if they like the property you offer.
This leads to longer tenure and lease renewal rates and stops you from having to spend more money readying the property for new tenants.
Higher Rent
When a pet owner finds a place that allows pets, they're more willing to pay higher rates of rent. They understand that pets aren't always the best tenants, but they can't bear to part with them.
They'll accept higher rent rates than other tenants because they know that it'll go toward keeping the property maintained.
Family Friendly Atmosphere
Allowing pets on your property benefits more than the owners who have pets. It also sends a warm signal to potential tenants without pets.
Since animals are often cute and friendly, they help draw in families to your property. It makes the entire atmosphere of your property feel welcoming and helps your tenants become closer to one another.
Plus, many families with children might have a desire to add a pet to their family roster at some point. They'll end up choosing a different rental property if yours doesn't have a favorable pet policy.
Get All the Benefits of Pets in a Rental Property
A bigger selection of tenants, higher rent, and better lease renewal rates all sound great, but pets often demand more from a property owner. That's why it's often the better choice to offload maintenance tasks to a professional company.
You'll get all the benefits of pets in a rental property without the hassle.
PMI San Francisco offers full-service rental management, including maintenance and cleaning when pets get too messy. Our years of experience help us deliver impeccable quality to our clients. Send us a message about your property needs and we'll tell you how we can help!
