As a landlord, you may have wondered whether allowing pets in your rental property is a smart move. While some landlords are hesitant to permit pets due to concerns about property damage, many are discovering that opening their doors to tenants with pets can actually attract more reliable renters and give access to a larger tenant pool. In fact, in markets like London, Ontario, where finding high-quality tenants can be competitive, allowing pets could be the key to keeping your property occupied and increasing rental income.
Larger Pool of Renters
Allowing pets in your rental property significantly widens your pool of potential tenants. According to the Ontario SPCA, around 60% of Canadian households have a pet, with cats and dogs being the most common. When you restrict your rental to non-pet owners, you’re cutting out more than half of your potential tenant base. By allowing pets, you open up your property to a vast number of responsible renters who are often overlooked by landlords with no-pet policies.
In London, Ontario, the demand for pet-friendly rentals is growing, and renters with pets are often willing to pay a premium for a home where their furry friends are welcome. You can market your property as “pet-friendly,” which attracts more renters and allows you to fill vacancies faster. This also ensures fewer periods where your property sits empty, thereby increasing your profitability.
More Responsible Tenants
Pet owners are often seen as more stable and responsible renters. Many pet owners look for long-term leases to avoid the difficulty of moving frequently, which could cause stress to their pets. This means pet-friendly properties tend to have lower tenant turnover, saving you the cost of having to re-market your property frequently. Pet owners are also typically more willing to comply with rules to ensure they and their pets can continue living peacefully in your rental.
Furthermore, tenants with pets often treat their rental homes as permanent living spaces rather than temporary stops. This sense of ownership means they are more likely to take care of your property and invest in its upkeep.
Potential for Higher Rent
Another major benefit of allowing pets is the potential to charge higher rent. Many renters are willing to pay a pet deposit or additional rent per month to secure a pet-friendly unit. This additional revenue can cover the potential costs of minor damages caused by pets, such as scratches on the floor or wear and tear on carpets. In many cases, the extra income from a pet-friendly rental more than offsets any repair costs.
Setting Clear Guidelines
Of course, allowing pets doesn’t mean your rental has to be a free-for-all. You can set reasonable limits on the types and sizes of pets allowed. Many landlords opt for pet policies that limit the number of pets, specify breed restrictions, and require pet deposits. By setting clear guidelines and including a pet agreement in your lease, you can protect your property while still benefiting from a larger, more reliable pool of renters.
Final Thoughts
By allowing pets in your rental property, you open your doors to a larger tenant pool, attract more responsible renters, and increase your rental income. In London, Ontario, where the demand for pet-friendly housing is rising, this could be a valuable strategy for any landlord looking to enhance profitability and tenant satisfaction.
Interested in learning more about how to effectively manage your rental property in London, Ontario? Visit our homepage to discover how LSK Property Management can help you make the most of your investment.
For more information about pet-friendly rentals, check out the Ontario SPCA’s guide on pet ownership here.