Benefits of allowing pets into rental properties
Landlords need to place as much emphasis on tenant retention as well as attracting good renters.
One way of retaining good tenants is for landlords to allow pets into rental properties. Most landlords stipulate no pet zones for their rental properties despite most tenants having pets and for many due to the lack of insurance which creates this situation.
There are some reasons why landlords and property managers should consider changing their no pet policy.
There can be a doubling of your rental pool who would not consider previously renting, and many may be high-quality tenants. As there would be a greater tenant pool, this means that properties are rented faster with a lower vacancy pool. The tenants would be more willing to pay increased rentals for the same property due to the scarcity of pet-friendly properties. The tenant may against terms and conditions of the lease have pets and would remove these when an inspection was due to creating headaches for the landlord.
Thus, the landlord should obtain insurance policies with generous limits ensuring that all damage caused by pets will be covered and paid for by the insurer.