If you own a rental property or Temple off campus housing in Philadelphia, you’ve probably been asked by at least one renter to allow a furry friend into their space. Many landlords, especially those who manage student-rented properties, refuse to allow pets in their units. After all, pets can cause damage — why would you allow your tenants to have pets?
There are actually some great potential benefits that come along with allowing your tenants to keep a pet in their space. Read on to learn three compelling reasons to consider allowing fluffy friends into your unit!
- You’ll widen your applicant pool. The demand for pet-friendly spaces is at a premium. According to a recent survey by Apartments.com, about 60% of renters say that they struggle to find a place to rent along with their four-legged companion. This means that when you allow pets in your space, you’re opening your pool of potential applicants by a huge margin.
- You’ll be able to make more money from your unit. Pet fees, which differ from pet deposits, are non-refundable income streams that provide more income from your property. Collecting a pet fee that’s as low as $25 a month can add an extra $300 of income to your bottom line per year!
- You’ll provide another layer of protection for your unit. Let’s be frank — our tenants aren’t always as upfront and honest as they claim to be. Tenants who sneak pets into your property can leave you with additional damage not covered by their security deposit. Allowing pets in your unit and collecting an additional “pet deposit” can help add another layer of protection to your lease should your unit be damaged.
No matter if you decide to allow pets in your rental property or not, managing the day-to-day operations of a rental property can be a hassle. Working with a company providing rental property management in Temple like MK Management Group can make life a little simpler for landlords. Give us a call today at 215-664-7824 to get started!