While you often hit roads or move into a Full-time RVer, selling or renting your property is a huge decision. Renting can be the best option as you can potentially make some extra income through tenants. However, allowing pets with them into your multifamily property is a big step for any landlord. It’s a declaration of trust in your tenants.
By turning your residential building into a pet-friendly space, you trust that the families living in the units are responsible pet owners.
While renting out pet-friendly multifamily properties presents a lot of risks, it also has the potential to improve the profitability of your investment. Here’s how welcoming pets into your rental property can be good for business.
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It Makes Your Property More Attractive to Pet-Owning Families
There are millions of pet-owning families in the United States, and many of them have yet to find a home that they can call their own. For many of these people, pets are family members, and they want to find a place where their dogs, cats, or other domestic animals will be welcomed warmly. While many petless families can settle wherever they like, pet owners will likely choose to stay in homes where their furred animal companions are accepted in the local community.
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Pet-related businesses, such as stores specializing in personalized dog blankets, wholesale dog toys, and other custom pet products, are reaping the benefits of the boom in pet ownership. You, too, can make the most of this trend by offering pet-friendly accommodations. If you open your rentals to families with pets, then you’ll be able to cater to their most basic needs. This puts your property as their top-of-the-mind option if they need to move to a new home.
Pets Can Help Your Tenants Build a Better Sense of Community
Living in a place where one knows the family next door is a great way to ensure that a person’s socialization needs are addressed. That said, pets are natural conversation starters. Dogs, for one, require regular walks, and this activity increases their owners’ chances of bumping into other people as they explore their neighborhoods, visit pet-friendly establishments, or spend time in parks and commercial centers.
Also, remember that dogs can serve as guard animals, so their presence can help deter crimes.
A safe and lively community like this can attract individuals, families, and businesses alike. This increase in the local population and the growth of the local economy, in turn, can greatly improve the demand for your rental properties. It Encourages Your Tenants to Stay Longer in Your Property
It can be difficult to look for rental properties that are welcoming to pets. Given this, when pet parents find a pet-friendly house that addresses their most basic needs, they are inclined to stay at that address for a long time.
While being a landlord sounds like a carefree job at times, the truth is that it takes a lot of work. You have to ensure that the tenants in your multifamily property are content in their homes and getting along just fine with each other.
If anyone complains or leaves the property, it’s up to you to address the issue and find the next family who will live in the vacated home.
Otherwise, the home might remain vacant for months, so you won’t be able to make the most of your investment.
Suppose your tenants are intent on renting your multifamily property for a long time. In that case, you can expect to enjoy a steady stream of income. There’s no need to worry about months when the property will be empty, and you won’t need to be on the lookout for new tenants too often. That takes a bit of work out of being a multifamily property owner.
Some Final Tips for Welcoming Pets and Their Parents as Tenants
Of course, it takes a lot of effort to ensure that allowing pets into your multifamily property will work in your favor. It’s also quite the challenge to provide the necessary accommodations for the greater good of the community that you’re trying to nurture.
In any case, it’s imperative to set standard criteria for interested families and ascertain that they’re not only good neighbors but also responsible pet owners. Having a list of questions and requirements for each prospective renter that comes your way will make the selection process much faster and easier.
In addition to having a list of requirements for renters, you should exert effort to make your property as pet-friendly as possible.
For the interiors of the home, it’s best to use materials that are not easily damaged by pets. It’s imperative to check the windows and doors of each unit to ensure that they are pet-safe and can keep dogs and cats from accidentally getting out.
Also, having an outdoor area where pets can relieve themselves will make life much easier for your tenants.
With a bit of effort from both sides, you can turn your multifamily property into a profitable investment that people and pets alike will love staying in for the long run.