Real Property Management Lehigh Valley
ADDRESS :
301 Broadway, Bethlehem, PA 18015
PHONE NUMBER : 6103926808
Making Properties Pet-Friendly can Increase your Profitability
From ripped carpets and scratched floors to accidents and odors,
we are all familiar with a pet's potential to damage apartments.
However, responsible pet owners can actually be beneficial to
your income property. There are several important factors to
consider when deciding on a pet policy for your rental property
management plan.
Aside from the problems animals may cause, there are substantial
benefits to allowing your tenants to have pets.
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Allowing pet-friendly rentals increases your
bottom-line. A 2011 analysis of the condominium market
in the Journal of Real Estate Finance and Economics
found that pet-friendly landlords who place no restrictions on
pet ownership currently enjoy an 11.6 percent rental premium
over those who do not allow pets.
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Tenants with pets stay longer. Even with a
higher rent, tenants with pets stayed an average of 23 to 46
months longer than those without pets.
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Pet-friendly rental properties have significantly lower
vacancy rates. In addition, these rental properties
received twice as many applicants for a vacant unit than
properties that did not permit pets. This allows property
managers to be more selective when choosing a tenant
considering you will have a larger group to choose from.
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Renting to pet owners saves time and money.
Landlords spent less than half the average amount of time
marketing pet-friendly housing, and spent less money on
advertisements.
Source: Ledy VanKavage, Esq., Best Friends Animal Society via
DogFriendlyRental.com