What Are the Benefits of Having a Pet-Friendly Rental Property?

Did you know that an estimated 23 million households added a new pet during the COVID-19 pandemic? As it stands, 66% of households in the United States own a pet and approximately 50% of rental tenants have pets. Considering this trend, what are the benefits of owning a pet-friendly rental property in Northeast Florida? In this blog, Spectrum Realty Property Management will weigh the pros and the cons of enacting a pet-friendly rental property, so you don’t have to!

Pro: Increases The Tenant Pool

Including a pet-friendly policy sets you apart from comparative rentals in the area and opens up the pool of potential tenants tenfold. If 50% of renters have a pet, then allowing pets in your rental unit means there are double the potential applicants who can consider your property during their search.

Pro: Tenant Loyalty

Studies show that renters who own pets stay longer in rental units than those who do not own pets. This could be because pet owners often have a harder time finding reliable rental housing for themselves and their furry companions. Allowing your rental unit to be pet-friendly can extend the longevity of your individual tenant leases and reduce tenant turnover. Keeping longer-lasting tenants will also keep move-out cleaning and maintenance expenses lower over the long run.

Pro: Promotes A Friendly Neighborhood

Few things are better than a friendly and welcoming neighborhood where everyone says ‘hello’ and practices kindness. Various studies have shown that pet owners are significantly more likely to form friendships in their neighborhood than people who don’t own pets. This is most likely due to a found common interest and sharing that interest when on a walk with your pup (or cat!) around town. Better neighborhoods result in better tenant interest in your Northeast Florida property rental.

Pro: Higher Potential Income

Property owners who maintain a pet-friendly rental unit in Jacksonville tend to build a higher revenue stream. Applicable fees like a pet security deposit, non-refundable pet fees, or monthly pet rent all weigh into the property owners bottom line. Rental tenants who own pets are usually prepared for reasonable pet fees to secure housing for their furry friends.

Cons:

While the benefits of owning a pet-friendly rental property in Jacksonville, Florida far outweigh the cons, in our opinion, there are a few risks to consider before making any final decisions.

• Pet Damage
• Pet Noise
• Pet-Related Injuries

Spectrum Realty Services, LLC will cover pet damages worth up to $1,000 over and above the tenant’s security deposit to ensure property owners are covered in the event of rental unit damages by the tenant’s pet. To mitigate the risk of potential pet-related injuries leading to legality, it’s also important that your tenants maintain renter’s insurance that includes a pet policy to ensure that everyone’s covered in case of any unfortunate conflicts.

Contact the professionals at Spectrum Realty Property Management for all your rental property management needs. Or request a Free Rental Analysis to discover the full potential of your Jacksonville rental property!