Key Takeaways
- Wider Tenant Pool and Reduced Vacancies - Allowing pets significantly increases the number of potential applicants, helping landlords fill vacancies faster and with more qualified tenants. This gives pet-friendly properties a competitive edge in a tight rental market.
- Higher Income and Longer Tenancy - Pet owners are typically willing to pay higher rent or additional pet-related fees, boosting overall rental income. They also tend to stay longer, reducing turnover costs and providing more stable income.
- Manageable Risks with Proper Screening - While concerns about damage are valid, responsible pet owners often make excellent tenants. With clear rules, pet agreements, deposits, and thorough screening processes, landlords can effectively manage risks while benefiting from more responsible renters.
Pet owners make up a significant portion of the rental market, and landlords who choose not to rent to them are missing out on a steady stream of reliable tenants. The truth is that responsible pet owners often make some of the best tenants. By setting up proper guidelines and screening procedures, landlords can reduce the risks while enjoying the benefits of higher demand and long-term occupancy.
Many property owners have started to shift their perspectives once they realize how accommodating pet-friendly policies can improve their bottom line. Renters with pets are often more stable, responsible, and committed to maintaining housing continuity for their animals. In an increasingly competitive rental market, being pet-friendly can set your property apart and reduce vacancy periods.
Denman Realty & Property Management put together this article to help landlords better understand how allowing tenants with pets can be a smart and profitable choice when managed correctly.
Larger Tenant Pool
Pet ownership rates have risen and the trend is expected to continue. By not accepting tenants with pets, landlords automatically exclude a large number of otherwise qualified applicants. Renting to pet owners expands the applicant pool, giving landlords more choices and a higher chance of finding a long-term tenant. This broader selection helps reduce vacancy times.
Higher Rent Potential
It’s common to charge higher rents or additional pet fees when renting to pet owners. These may include monthly pet rent, a pet deposit, or non-refundable pet fees. Most tenants with pets are willing to pay extra. This additional income helps offset any potential wear and tear and increases the overall profitability of the rental property.
Longer Tenancy Duration
Tenants with pets are generally more likely to stay in one place longer, as relocating with animals can be challenging. What’s more, since it can be difficult for them to find new pet-friendly housing, they are more likely to renew leases and stay longer. This means fewer turnovers, reduced costs related to cleaning, advertising, and vacancy loss, and more consistent rental income for landlords.
More Responsible Tenants
Looking after a pet involves daily structure and a strong sense of responsibility, which often reflects in how tenants manage their homes. Many pet owners exhibit the same level of care and responsibility in how they maintain their home.
They are more likely to follow property rules, communicate with landlords, and care for the unit in a respectful manner. Additionally, pet owners typically establish stronger roots in the community, which contributes to stability and lower turnover.
Reduced Marketing and Vacancy Costs
Pet-friendly listings often receive more attention and interest, leading to faster lease signings. With more applicants to choose from, Mesa landlords spend less time and money advertising their properties. The ability to fill a unit more quickly can prevent weeks or months of vacancy, which has a direct impact on cash flow.
Opportunities to Screen and Set Rules
Landlords can still maintain full control of the tenant screening process when renting out your home to pet owners. You can request information about the type of pet, size, breed, vaccination records, and behavior history. Requiring pet agreements as part of the lease also allows you to outline clear expectations. These rules protect your property and give you legal grounds for enforcement if necessary.
Damage Risks Can Be Managed
One of the most common concerns landlords have is the risk of pet-related damage. While this risk does exist, it’s no greater than other tenant-related risks when the right precautions are in place. Collecting a pet deposit or charging monthly pet rent creates a financial buffer. Conducting regular inspections and maintaining open communication with tenants also helps catch and resolve any issues early.
Improved Tenant Satisfaction and Retention
Tenants who are allowed to have pets often feel more comfortable and satisfied with their living situation.
They are more likely to treat the property as their long-term home, which leads to higher levels of care and fewer complaints. Providing a pet-friendly environment also increases goodwill between landlords and tenants, encouraging honest communication and smoother lease management.
Competitive Advantage in the Market
Many rental listings exclude pet owners, which can lead to slower leasing and reduced income. A pet-friendly policy helps your property stand out and attract tenants who are otherwise struggling to find housing. This competitive edge can result in better tenant retention, improving the long-term financial success of your real estate investment.
Bottom Line
Renting to tenants with pets can bring many advantages, from a larger tenant pool and longer lease durations to the opportunity to earn additional income through pet fees. While there are risks, they can be managed with proper screening, clear rules, and appropriate deposits. In today’s rental market, allowing pets can be a smart, profitable decision that benefits both landlords and tenants.
Denman Realty & Property Management has extensive experience helping landlords create and manage successful pet-friendly rental policies. We assist with tenant screening, lease agreements, property inspections, and everything else needed to protect your investment. If you’re ready to reduce vacancies, improve tenant satisfaction, and increase your rental income, contact our property management team today!