5 REASONS TO UPDATE YOUR PET-POLICY
Quarantine changed how the world celebrates, communicates, eats, shops, works, and even lives. With more tenants blending work and home, now is the perfect time to update your contract, especially your pet policy. It could be the change that pushes your rental property through this post-quarantine slump. Read on for five incentives to update your pet policy or remove it altogether.
# 1: PETS CAN EXPONENTIALLY EXPAND YOUR CLIENT BASE
Currently, tenant trends show that more people are working from home. So high-end properties, once coveted simply for their prime location, are being deserted for cheaper, more spacious properties further into or outside the city where pet ownership is often encouraged. Also, families that currently own pets are downsizing and looking to keep their furry family members. Allowing pets would attract this market to your property.
#2: PROVIDES AN ALTERNATIVE FORM OF SECURITY
Single parents, single females, and the elderly are tenant groups that often look for security features when choosing a home. Allowing larger breeds of dogs offers these tenants an alternative form of security besides keeping firearms in their homes.
#3: INCLUDES TENANTS WITH AN EMOTIONAL SUPPORT PET
Support pets have become widely recognized as an efficient method of treating some psychological disorders. Allowing pets could mean a better quality of life for tenants prescribed pet therapy. It also joins your brand in the fight against negative mental health stigmas.
#4: PETS CAN BE NATURAL RODENT DETERRENTS
Pets around the home often deter common rodents and pests like mice and cockroaches. Pets also help lower the number of rodent sightings reported throughout the year.
#5: PROVIDES AN OPPORTUNITY FOR OVERDUE RATE ADJUSTMENTS
Most tenants are reluctant to accept rate increases when the amenities have not increased. Rising rent prices have forced many long-term renters to consider buying. Renters would rather pay higher rates for a mortgage in exchange for future land ownership and instant freedoms, like getting a pet. Changing your pet policy to accommodate these applicants could attract even more qualified tenants.
It’s time to reevaluate if your current pet policy is still serving you. Not only are people spending more time with their pets at home, but more renters are also looking to become pet owners for comfort, safety, and companionship. Rules regarding maintenance and security deposits will need to be revised to cover any liabilities or damages incurred during the tenant’s lease. However, it could be the one renovation that brings your desired rental pool within reach.