As a residential rental property owner, your goal is to add to your cash flow by increasing revenue and decreasing expenses. Often Fort Worth property managers feel that by allowing their tenants to have pets in their rental units, the property value will decrease and maintenance costs will increase so your cash flow is ultimately hurt. But studies have shown that with fewer unit vacancy days, added premium pet deposits, and minimum actual damage to property, allowing pets in truth increase your investment’s cash flow.
Pet-Friendly Policies Decrease Vacancy Days
Studies have shown that 62% of Americans are pet owners. The majority of those pet owners own dogs. Pets are usually seen as valued members of the family and can influence the choices of where a family ultimately lives. And because there is such a shortage of pet friendly rental property options, by adopting a pet friendly policy for your rental unit you open the door to many more possible tenants. Immediately you can see the benefits of faster renting, decreasing your days of vacancy. Once a tenant knows they are in a comfortable pet friendly home they will more likely want to stay in one place. Less tenant turnover time also gives fewer vacancy days for Fort Worth property managers. And with Fort Worth property management, fewer vacancy days means greater cash flow.
NO Risk of Greater Damages Caused by Pets
A Fort Worth property management concern with allowing pets is the cost of repairs and damages caused by animals. Studies of pet owners in rental property has shown that the actual damage caused to property from pets isn’t much higher than normal damages caused by non pet owning tenants. Pet deposits required at leasing can more than cover any pet related damages, so Fort Worth property management risk for allowing pets is low.
Customize your Policies
Many Fort Worth property managers are concerned about potential damages and increased insurance costs when rental units allow for pets. A non-profit animal group FIREPAW has developed a companion Animal Renters Program (CARP) that can help create individual pet programs, customized pet policies and pet agreements for your leasing situation. They have dispelled the negative myths around pets and renting and help both landlords and tenants work together to establish more pet friendly renting options.
Specialized is an experienced Fort Worth property management company that can take care of the needs of all your tenants and provide an environment that makes tenants feel at home.