How to Create a Pet-Friendly Rental Property
As a real estate investor or homeowner, creating a pet-friendly rental property can be a smart move. With over 67% of US households owning a pet, according to the American Pet Products Association, there is a significant demand for pet-friendly housing. In this article, we will explore the benefits of offering a pet-friendly rental property, the steps to take in creating one, and how to market it effectively to attract responsible pet owners.
Benefits of a Pet-Friendly Rental Property
Increased demand: As mentioned earlier, a large percentage of US households own pets. By offering a pet-friendly rental property, you tap into a broader market of potential tenants.
Higher rent: Pet owners are often willing to pay a premium for a rental property that accommodates their furry friends. This can result in higher rental income for you.
Longer tenancy: Pet owners tend to stay longer in pet-friendly properties, as it can be challenging to find suitable housing. This means lower tenant turnover and reduced vacancy rates.
Responsible tenants: Pet owners are often responsible and caring individuals who will take good care of your property. They are also more likely to follow rules and regulations to ensure their pets can continue living with them.
Steps to Create a Pet-Friendly Rental Property
1. Review Local Laws and Regulations
Before making any changes to your property, it’s essential to review local laws and regulations regarding pet-friendly housing. Some cities or homeowners’ associations may have restrictions on the types or sizes of pets allowed. Ensure you are compliant with these regulations before proceeding.
2. Establish Pet Policies
Creating clear pet policies is crucial for maintaining a pet-friendly rental property. These policies should outline the types and sizes of pets allowed, any breed restrictions, and the number of pets permitted per unit. Additionally, include rules regarding pet waste disposal, noise control, and leash requirements. It’s also essential to establish a pet deposit or fee to cover any potential damages caused by pets.
3. Make Property Modifications
To create a pet-friendly rental property, consider making the following modifications:
Durable flooring: Opt for scratch-resistant and easy-to-clean flooring options, such as tile, laminate, or vinyl. Avoid carpets, as they can trap pet hair and odors.
Fenced outdoor spaces: If your property has a yard, consider installing a secure fence to provide a safe space for pets to play and exercise.
Pet amenities: Adding pet-friendly amenities, such as a dog washing station or a designated pet waste disposal area, can make your property more attractive to pet owners.
Secure windows and screens: Ensure all windows have secure screens to prevent pets from escaping or falling out.
4. Update Lease Agreements
Once you have established your pet policies and made any necessary property modifications, update your lease agreements to include these policies. Ensure that tenants understand and agree to the pet policies before signing the lease.
Marketing Your Pet-Friendly Rental Property
To attract responsible pet owners, consider the following marketing strategies:
Highlight pet-friendly features: In your property listings, emphasize the pet-friendly amenities and modifications you have made. Include high-quality photos of these features to attract pet owners.
Use pet-friendly language: Use phrases like “pets welcome” or “dog-friendly” in your property listings to make it clear that your rental is pet-friendly.
Advertise on pet-friendly platforms: List your property on websites and apps specifically designed for pet-friendly rentals, such as Zillow, Trulia, and Rent.com.
Partner with local pet businesses: Reach out to local pet stores, groomers, and veterinarians to let them know about your pet-friendly rental property. They may be willing to refer clients to you.
Conclusion
Creating a pet-friendly rental property can be a lucrative investment, as it caters to a large market of pet owners seeking suitable housing. By following the steps outlined in this article, you can create a welcoming environment for pets and their owners while maximizing your rental income. Remember to review local laws and regulations, establish clear pet policies, make property modifications, and market your property effectively to attract responsible pet owners.
