One big area that many people tend to look at when they’re looking to invest, is pet ownership. For many, they don’t allow because they can tear up the home, be a bit gross, and may cost you more money. But, did you know that pets are actually really good for investing, and sometimes, allowing people to have these pets is a key thing. So why have this? well, read on to find out.
First, there is the vacancy issue. Time is actually money, and the longer a property is vacant, the less money that you make. Most rental properties say this, and that actually can be a huge turnoff to many people. Lots of people have pets, and often, the easiest statistic to look at shows that 72 percent of people that rent from a place have a pet of some kind. There is a shortage of properties that are pet friendly compared to the number of people seeking this. By allowing pets to be there, you do increase your rent tenant pool, and you can increase the desire to have the rental be rented out, and it can reduce your vacancy time by a lot.
You can also put down a pet deposit if it’s allowed in your state, which is something that the property can claim if there is pet damage. Pet deposits also give you more security, and it will allow you to have funds if you do need to clean the place. If you only do a standard deposit, and the pet does more, you’ll need to have the tenant cost the rest of it. You’ll then need to get payment from someone who has moved, and it’s much harder. If it does go unpaid, you can sue the tenant, but usually, the easiest way to go about fixing this, is to make sure that you have something set up. If you do want to stop the chasing of pet damage deposit is, having a security deposit in there odes limit the need to get more money from the tenant itself, and it can make the place much happier as a result of this.
If you’re worried about the money however, you can create a pet rent. This is a rent that’s collected along with the monthly rent, and you can have it between 10 to 50 dollars. It can be as much as 120 to 600 of additional income for your pet. If you can do that, you’ll definitely get people to stay. If there are low vacancy rates, and lots of pet friendly rentals, most tenants do pay a little bit extra to have a pet in there.
If you do want to have this be pet friendly, typically, those that area are looking to be long-term in terms of rent, since it’s much harder to find a pet friendly rental. When you build the routine rent, over the long term, these can be the best investors. If you have renewals, perform the inspections, to help you figure out the pet damage or any problem areas. From there, you can fix them before they become worse, and this will actually be a big thing. This can keep people around for much longer and lots of owners will be much happier.
So, is it legal to have a pet friendly rent and such? Well, the best thing to do, is to check the laws that are in place, and from there, you can check to see if you want to increase the deposit, and also the legality of the fees that aren’t refundable. You should make sure that the lease does say what types of pets are allowed, and any sorts of additional fees that are needed. If you do this, and the person who signs it understands, you’ll have someone in there for a long time. Pet friendly rentals are something that a lot of people tend to look for, for it has a lot of great benefits to it. But, if you’re worried about how this might turn out, do your research, and form there, build it so that everyone wins at the end of it for all.