A tenant's furry friend can sometimes be a landlord's nightmare.

Pets bring fulfillment to a lot of lives — but some landlords see them as a headache. Many rentals prohibit them altogether, forcing tenants to make difficult choices. But allowing pets could provide a few benefits for your rental properties.

Not convinced? Here are five benefits of allowing pets in a rental property.

1. Increase Your Tenant Pool

Casting a wide net is a good way to reduce vacancy rates and source new tenants. It just makes sense that having access to more tenants can make the whole process of finding new tenants easier.

Allowing pets is an obvious way to cast that net a little wider, as it's often hard for tenants to find a rental property when they have pets to think about.

2. Secure Better Tenants

While it's more of a generalization than an ironclad rule, owning a pet can suggest a couple of things about a tenant.

First, it implies a certain sense of responsibility and consideration for others. That could make them a better custodian of your property. Second, it also implies financial comfort and the ability to meet commitments — which could reduce the chance of missed rental payments.

3. Improve Tenant Wellbeing

Happier tenants tend to be quieter tenants. They're less likely to cause problems either for you or for neighbors, and they're also less likely to seek happiness elsewhere — such as by moving to a new home.

Studies have begun to show us a link between owning a pet and overall well-being. So, by allowing pets, you're also likely to get tenants who are happier and more fulfilled.

For information on creating pet-friendly rentals and accommodating tenants with pets, follow the provided link. https://carolinaspropertymanagement.com/blog/pet-friendly-rentals-how-to-work-with-tenants-who-have-pets 

4. Boost Tenant Retention

This one's a no-brainer: tenants stay longer in places they want to live. That means that the more major life experiences you can accommodate, the longer tenants are likely to remain.

Otherwise, a tenant who wants a pet also has to move out. That's the reality of renting in the long term.

By allowing pets, you're making it so that a tenant doesn't have to move out to add a pet to the family. When you convince tenants to stay longer, you reduce your vacancy rate and you retain tenants who are likely to care for their property as if it were a long-term home.

If you want to discover if you should allow tenants with support animals to move in, click here.

5. Enjoy Higher Rents

When you allow pets in your rental properties, you're adding an extra feature to your rental properties relative to others in the market.

As in any market, those extra bells and whistles command a higher premium. At the same time, pet owners tend to accept that they'll pay more rent for a pet-friendly rental. This means you can often charge more rent for the property, even above the typical rates for the area.

The Many Benefits of Pets in a Rental Property

As you can see, pets aren't always the headache they're made out to be and there could be many benefits to allowing pets in a rental property. Consider opening your doors to these furry friends and see what a difference it makes.

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