The Benefits of Renting to Tenants with Pets
As a rental property owner, opening your rental home to tenants who own pets can come with a variety of advantages and disadvantages. It’s important to weigh your options and determine whether making your rental property pet friendly is the right decision for you.
If you do decide to allow pets in your rental property, it’s always a good idea to charge a pet deposit and include a pet policy in your lease agreement.
The Benefits of Allowing Pets in Your Rental Property
While many landlords may be initially against allowing pets in their property, it’s important to consider the benefits that may come with tenants who own pets. Here are some of the advantages:
The Opportunity to Earn More of an Income
Tenants who own a pet are usually aware that pets come with a variety of expenses. Many of these tenants are financially responsible and will have the disposable income to pay for things like a pet deposit, pet rent, or pet fees.
As the owner of the property, you may be able to increase your income just by allowing pets in the rental home. Just make sure that you check with your local state laws on how much you are allowed to charge a tenant for having a pet on the property.
You Can Keep Your Tenants Happy
Pets are a great source of joy and happiness for many people, including your tenants.
By allowing your tenants to have pets when they are occupying your rental property, you may be contributing to a more cozy atmosphere, which helps the renters to feel more at home on your property and more likely to stay long term.
Expanded Pool of Potential Tenants
Given how common it is for people to own pets, there are many prospective tenants who are searching for pet friendly rental homes.
If you choose to allow pets in your property, you will likely attract more applicants and general interest in your property during the marketing process. This will help you fill vacancies quicker and cut down on the time you spend in the marketing phase of managing your rental property.
Maintaining Long Term Tenants
When it comes to rental properties, it can be very difficult to find one that allows pets. For this reason, tenants with pets typically like to stay at a pet friendly rental for a long time, and this will help your rental units stay filled and give you a leg up in the competitive market.
A long-term, high-quality tenant is excellent for landlords and helps to bring in steady and reliable income.
Your Tenants Will Likely Be More Responsible
Caring for any pet is a big commitment that requires consistency and the ability to handle large responsibilities. Things like daily exercise, vet visits, and overall care of a pet require a large amount of personal organization.
Having tenants with these characteristics will make it easier for you to trust that they will treat your property with care as well.
You Can Charge More for Rent
Due to the amount of risks that come with allowing pets in your rental property, most landlords charge more if they are pet friendly to help financially protect themselves and their property. If you are one of the few rental homes in the neighborhood that allows pets, then it is generally acceptable to charge a bit more for rent.
Most tenants will expect this and be ok with paying extra to bring their pets with them to your rental property. Again, it’s important to check your local and state laws regarding your rent prices before you decide to raise them.
The Potential Risks of Having a Pet Friendly Rental Property
While there are many benefits to owning a pet friendly rental home, there can be some risks involved as well. However, many of these risks are manageable if you plan for them correctly and take proactive measures to protect your property.
Damage to Your Property
It is common knowledge that pets have a tendency to cause damage to properties when they are not well trained or taken care of, or if they are just simply bored.
This can include things like chewing wooden baseboards and doors and scratching the floors or furniture. Therefore, it’s so important to ask for a pet deposit if it is allowed in your state.
Disturbances in the Neighborhood
Animals can be noisy and frustrating to deal with at times. For example, you may receive complaints from neighbors near your property about excessive dog barking, or in an apartment complex, tenants in other units may get upset about hearing pets running around on the floor above them.
The Possibility of Injuries
When pets are upset, scared, or untrained, they may cause injuries to people or other animals in the area. This possibility is important to consider and prepare for.
Some pets leave behind unpleasant odors, which may garner complaints from other tenants or be hard to get rid of at the end of the tenancy.
Fair Housing Laws
While you may not want pets in your rental home, sometimes it may be unavoidable. Under Fair Housing Laws, people who require assistance animals for a disability are entitled to keeping them in any renting situation.
These animals are not considered pets under the law. Due to these rules, you cannot legally prohibit a service animal from your rental property.
If your property is pet friendly, make sure that you include a pet-related addendum to your lease agreement. Ensure that all rules regarding pets on your property are clearly stated, leaving no room for confusion.
Ultimately, making your rental property pet-friendly is a large decision with many aspects to consider. While there may be risks, there are many great benefits that come with allowing pets in your property, and it may just help you maximize your income!
If you’re still unsure about allowing pets onto your rental property or any other aspect of property management, get in touch with our expert team at McKenna & Vane Property Management!