Property Management Revenue Tips - Boost Profit with Pet-Friendly Leasing
Posted by JMZ Property Management on Friday, June 22nd, 2012 at 2:51pm.
Have you been soured by a past experience involving a tenant with unruly pets? Landlords and property managers in Metro-Detroit often want to protect their investment to reduce maintenance costs and property upkeep by issuing “no pet” policies on their property. If you want to drive your profits in the right direction, and fill vacancies, then you may want to consider a change to get pets into your rental property.
According to a recent study from the Foundation for Interdisciplinary Research and Education Promoting Animal Welfare (FIREPAW), the average pet-friendly rental doesn’t suffer any additional damage beyond typical rental units.
With the rough economy, especially here in the Metro-Detroit area, more people are adopting family pets as comfort during trying times. In many cities in Michigan, it can be a challenge for a tenant to find a pet-friendly home.
By accepting those renters with open arms, you open yourself up to a larger pool - and the major benefit is that you can charge a higher deposit and/or additional rental fees to accommodate additional maintenance and repairs associated with pets.
It’s a simple fact that properties allowing pets make more profit. In fact, according to the survey done by FIREPAW, landlords who operate pet-friendly properties in Metro-Detroit make an average of $2,300 more each year over similarly priced properties with no-pet policies.
Additional Savings for Property Managers
If you’re managing multiple rental properties, or working with a property manager to do so, you know there are costs associated with marketing your vacant property. By increasing leniency with pets, you will spend less time, effort and money to fill those vacancies. This is especially true if you live in a more populated area with a large number of no-pet residential units.
In addition to traditional marketing methods, you can post your listings in places like pet stores, shelters, vet clinics and pet communities online to attract more renters.
Getting the Best Renters
People who truly care about their pets and treat them like a member of the family typically know how hard it is to find a good pet-friendly home. These renters are far more likely to stay long-term and renew their lease.
You can expect a drop in turnover for your property, which translates into additional profits thanks to a drop in vacant units. You’ll also save more time and be on better terms with your renters: Since you’re not spending as much time marketing, you can work on building a much stronger relationship with those renters to keep them happy.
If you’re curious about how to approach changes in your lease terms in consideration for allowing pets, contact us today. A Metro-Detroit based property management company like JMZ management can help you make the transition while working with you to screen prospects and start filling vacant units with quality tenants.
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