The Nashville real estate market has been buzzing for several years now. As a property management company based in Nashville, we have observed several trends in the last few years. We have noticed that the demand for pet-friendly rentals has been increasing as of late. At Renew, the vast majority of our rentals are pet-friendly. There are many reasons why you should think about allowing pets in your rental properties. Continue reading to learn more about some things to consider when managing a pet-friendly rental.
A Booming Pet Population
Nashville is a pet-loving city, and the numbers prove it. According to forbes.com, Nashville is the third-best city for pet owners. You might appreciate that Nashville also ranks third for veterinary costs, saving you money on the needs of your furry friend. Forbes also mentions that 66% of U.S. households own a pet. If you are not allowing pets into your rental property, then you are missing out on a massive chunk of potential tenants.
Competitive Advantage
As mentioned above, more than half of the households in the U.S. own pets. You can set your rental property apart from the competition by making it pet-friendly. As a property manager in Nashville, we know that anything you can do to give yourself a competitive advantage will be beneficial in the long run. Ensure that you are highlighting your pet-friendly features when marketing your properties. By using the right keywords and images, you can attract a higher number of pet owners. Making your property pet-friendly will increase the pool of applications, reduce vacancy rates, and help find higher quality tenants.
Longer Tenancies
People who own pets typically do not want to move all of the time. If your property is pet-friendly, someone who wants to get a pet in the middle of their lease will be more likely to renew than to move out. Doing this will build loyalty with your tenants. Happy tenants are not only likely to renew their leases, but they will recommend your properties to other people, assuming you have more than one. As mentioned previously, catering to pet owners will help reduce turnover and vacancy rates, saving you both time and money down the line.
Increased Revenue
As with all amenities, allowing pets is another way to increase rental income for your property. Some property managers and landlords choose to charge a pet deposit, which is often refundable at the end of the lease. Rather than doing that, we suggest adding a "pet rent" to the total monthly charges. This increases the income for your investment, making you more money each month. The increased revenue from the pet rent should cover any minor damages caused by the pet. You don't necessarily need to separate the pet rent from the regular rent. You can simply charge slightly higher rents just for allowing pets in the property.
Pet Policies
It is very important to clearly state your pet policies in the lease agreement. Consider adding some of the following rules/regulations to your lease:
- Breed Restrictions
- Size Restrictions
- Number of Pets Allowed
- Types of Pets Allowed
- Instructions for Waste Disposal
- Leashing Requirements
- Noise Control
Outlining these rules and regulations will help attract the type of pet owners that you are looking for. You want responsible owners with well-trained pets living in your rental properties. This will make managing your pet-friendly rentals a breeze.
Property Modifications
There are several pet-friendly modifications that you can make to your properties. Think about adding some of the following features to make your property more pet-friendly:
- Fully-Fenced Yard
- Pet Waste Stations
- Scratch-Resistant Flooring
- Front and Rear Access to Water Hoses
These four simple things can really make your property stand out as a high quality pet-friendly rental. If there are any nearby dog parks or grooming stations, make sure to highlight that in your listing and move-in packet.
Bottom Line
Because we at Renew have been working in the Nashville property management world for so long, we have picked up on a few tips and tricks for pet-friendly rentals. Think about making the right modifications, highlighting pet-friendly features, and clearly stating your pet policies in the lease. Doing so will increase your competitive advantage in the market, reduce turnover, and increase revenue for your rental property. There is no reason to ignore the large pool of applicants that own pets. If you happen to own property in the Nashville area, feel free to reach out to us for our property management services, or simply some advice on how to manage your pet-friendly rental.
