The number of people owning a pet is increasing. It can be a good potential for you to increase rental income. However, it is a fact than more than a half of rentals property apply no pet policy. You might be wondering whether it is worth it to remove that policy. If you are applying a no pet policy now, might as well start considering to remove it if you find it a good opportunity to increase your rental income. Of course, it comes with risks and consequences such as extra maintenance and all.
The opportunity comes from removing a no pet policy
A no pet policy is so common amongst rental property. No property owner wants to deal with pet scratching the walls. There is also risk of pet carrying some diseases if the owner don’t really care about their pet’s health and hygiene. Besides, not all people adore pets. Some people may be allergic to them and don’t really fond of them for some reasons, however, removing a no pet policy can be a potential for you to increase your rental income. How so?
You see, the number of rentals property owners who don’t set a no pet policy is still a few. Most of them still apply the rule for many reasons. However, the fact is that the number of pet owners is increasing. It means there are more potentials tenants who are looking for rental property that doesn’t have a no pet policy. If you remove the policy, there is high chance for your property to be chosen.
Furthermore, most pet owners are looking for a long haul settlement. It means they are up for long-term lease. The reason is simple. They don’t want to keep moving out when they have something to take care of. It will be a hassle to move out from one place to another. Thus, most of pet owners prefer to rent the same place for a long period. It gives you security of rental income you will earn because you don’t have to deal with another marketing to find new tenants.
You see, even though there are so many people owning a pet, some of them are hiding their pet. The reason is because the place where they rent doesn’t allow them to have a pet. Dealing with tenants who hide their pets will be much more a hassle than allowing them openly. The opportunity comes with this. They are more willing to pay extra as long as their pets can also stay happily with the owner. To prevent from unwanted hassles caused by the pets, you can make clear rules about it. Thus, you and your tenants have mutual agreement on this.
People now consider pet not only as they pet but also a family member they hold dearly. They are needed companions. By removing the no pet policy, there is chance to increase your rental income. As long as you set clear rules with mutual agreement, you and your tenants will be mutually happy.