As a residential rental property owner, your goal is to add to your cash flow by increasing revenue and decreasing expenses. Often in Pittsburgh, property owners feel that by allowing their residents to have pets in their rental units, the property value will decrease and maintenance costs will increase. Simple math, right? However, studies have shown that with fewer unit vacancy days, and minimum actual damage to property, allowing pets in truth increases your investment’s cash flow.
Pet-Friendly Policies Decrease Vacancy Days
Studies have shown that 59% 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. However, the truth of the matter is that there aren’t all that many pet-friendly rentals out there. By adopting a pet-friendly policy for your rental unit, your resident pool immediately expands. You can see the benefits of renting faster, decreasing your days of vacancy. Once a resident knows they are in a comfortable, pet-friendly home, they will more likely want to stay in one place. Less resident turnover time also gives fewer vacancy days for Pittsburgh property owners. With Real Property Management Pittsburgh, fewer vacancy days mean greater cash flow. Vacancy is the biggest killer to your bottom line.
Customize your Policies
Many Pittsburgh property owners 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, helping both landlords and residents work together to establish more pet-friendly renting options.
Real Property Management Pittsburgh is an experienced Pittsburgh property management company that can take care of the needs of all your residents and provide an environment that makes residents feel at home. Our pet policy is battle tested and we offer to take care of pet damage to your property on our dime!