Portland is a city that prides itself on being pet-friendly. Approximately 68% of households in Portland have at least one pet, making it a crucial factor for property owners to consider when renting out their properties. By allowing pets in your rental property, you can attract a larger pool of potential tenants and increase your chances of finding the perfect long-term tenant.
There are several reasons why having a pet-friendly rental property can be beneficial:
Attracting Long-term Tenants: Pet owners tend to stay in rental properties longer than non-pet owners because finding a pet-friendly rental can be challenging. By allowing pets, you can attract responsible pet owners who are more likely to treat the property with respect and care for it as if it were their own.
Higher Revenue Potential: Many pet owners are willing to pay higher rent or additional pet deposits to have their pets with them. By offering a pet-friendly rental, you can attract high-quality tenants who are willing to pay more to have their furry companions with them. This can significantly increase your revenue potential.
Better Quality Tenants: Pet owners tend to be more invested in their living space and tend to take better care of the property. Additionally, pets can help deter burglars and other intruders, which can be a significant benefit for property owners.
Pet Policy Guarantee: If you're concerned about potential damages caused by pets, Uptown Properties offers a pet policy guarantee that covers up to $1000 in damages that exceed the security deposit for approved pets. This policy provides property owners with an added layer of protection against potential damages caused by pets.
However, it's essential to establish clear pet policies and rules to protect both the tenant and the property. This may include specific requirements for pet types and breeds, additional pet deposits, and pet-related fees. By doing so, you can avoid any misunderstandings or conflicts that may arise between the tenant and the property owner.
In conclusion, allowing pets in your rental property can have many benefits, such as attracting a larger tenant pool, attracting responsible long-term tenants, and increasing your revenue potential. With the right precautions and policies in place, allowing pets in your rental property can be a smart business decision for property owners in Portland.