As a rental property owner, you’re likely constantly looking for ways to boost your overall occupancy rate. If you don’t already, you’ve probably considered allowing pets on your multi-family property. With help from us here at Opiniion Inc., you can learn more about how allowing four-legged residents in your units can boost your overall occupancy rate.
Your Multi-Family Property Will Appeal to More Tenants
Having a pet is more common than ever. That means a great deal of the potential residents considering your property likely have a pet they want to bring with them. If you don’t currently allow pets, you could be missing out on some great tenants, ones who have well-behaved animals and who may stay with you for years to come. You may be shocked at how quickly your occupancy rate increases once you start to accept applicants who have a pet or two.
Another way to attract more tenants is to offer special amenities just for pets. For instance, building a pet park on your property grounds makes it easier for your tenants to exercise and bond with their furry friends. You may also want to think about offering a pet spa, so tenants can easily take care of their animals’ grooming needs. Additionally, consider hosting special parties for residents and their dogs or giving free pet CPR classes. These can serve as great bonding and learning experiences for your tenants, which could be just the thing to make them want to stay on your property longer.
Your Tenant Turnover Rate May Drop
One key aspect of property management is working to reduce the number of tenants moving out of your units. Some of your current tenants may feel ready to own a pet. If you don’t currently allow them, your loyal tenants could start to look for a new place to stay where they are allowed to have an animal friend.
Anyone who’s ever looked at apartments knows how time-consuming it can be to find the perfect location, amenities, price, and more. Rather than fail to retain great tenants, you can let them know you now allow them to have pets, making it easier for them to decide to avoid the hassle of relocating and stay right where they are.
Increase Your Revenue
Of course, you can increase revenue when you allow your residents to have pets. Besides holding onto loyal tenants, you can start to charge a pet fee or pet rent. It’s up to you to decide if you want to implement a one-time or a monthly fee.
One of the biggest reasons to consider charging a pet deposit, fee or rent is that pets can make a mess. Sometimes, those messes are easily cleaned up by your tenants. Other times, the damage can be more extreme and expensive. You may also find that not all your tenants will exercise diligence when it comes to thoroughly cleaning out their units when they do decide to move out. By charging a pet deposit, you don’t have to worry about how you’re going to get the money necessary to restore a damaged unit. Do yourself a favor and research ahead of time cleaning companies that specialize in pets. That way, you immediately know whom to call when you discover a mess or damage in a vacated unit.
Do you already allow pets on your property? If so, have you noticed an increase in the number of applications from pet owners over the years? Maybe you’re on the fence about allowing pets in your units. If so, we’d love to hear what’s holding you back. Sound off in the comment section, and let’s start a conversation.