The average house in Kansas costs approximately $276,000, making it one of the more affordable states in the country to purchase property. Its affordability also comes with ample opportunity to find renters looking for reasonable rent.
When renting out to tenants, though, it's in your best interest to stay open-minded regarding the privileges you allow. More specifically, it's crucial to consider allowing pets in a rental property so you can appeal to a greater number of tenants.
Below, our guide will illuminate the key benefits of doing so. Let's take a closer look at the key information you should keep in mind for your property in Wichita, Kansas.
1. Increased Tenant Retention
Allowing pets in a rental property often results in longer tenant stays. Tenants with pets have fewer housing options, so when they find a pet-friendly rental, they are more likely to stay long-term. Offering a rental pet policy creates a sense of security for tenants who may worry about finding future accommodations for their pets or emotional support animals.
2. Wider Pool of Potential Renters
Rental properties that welcome pets attract a much larger group of prospective tenants. Pet owners often struggle to find housing that suits their needs, so offering pet-friendly rentals makes your property stand out. A well-crafted rental pet policy reassures potential tenants that their pets are welcome and that clear guidelines are in place.
Landlords can establish sensible pet rules to protect the property while expanding their renter base. Being open to leasing to pet owners as a landlord increases your chances of filling vacancies quickly, ensuring a consistent cash flow.
3. Higher Rental Income Potential
Many pet-friendly rentals can charge a premium, increasing the potential for higher rental income. Tenants with pets are often willing to pay a little more if it means their animals are accepted. Landlords may introduce a monthly pet fee or a pet deposit as part of their landlord pet rules, which adds to overall income without major changes to the property.
The added revenue from pet-friendly policies can be a win-win for both landlords and tenants. With a balanced approach, property owners can increase their earnings while meeting the needs of responsible pet owners.
4. Reduced Vacancy Periods
Allowing pets in your rental can lead to fewer vacant periods between tenants. Pet-friendly rentals are often in high demand, meaning they are often rented out more quickly than properties with stricter no-pet rules.
Having a clear rental pet policy can streamline the leasing process by attracting interested renters faster. Be sure to occasionally inspect your property to ensure it's safe for animals, though.
Allow Pets in a Rental Property
It's crucial to allow pets in a rental property when practical so you can maximize interest from potential tenants. From here, you'll have no issue maintaining a steady stream of passive income.
PMI Air Capital offers a full-service property management solution, including tenant screening, rent collection, and maintenance in Wichita, Kansas. We guarantee to find quality tenants in 21 days or waive the first month's management fees.
We also cover up to $2,000 in eviction costs, ensuring hassle-free property management for owners. You'll learn more about how we can help when you schedule a free rental analysis today.
