Before you find tenants for your property, you need to decide on a pet policy. Like many landlords, you may be asking the question, “Should I allow pets in my rental?” According to one report, 72% of renters own a pet, which means an increasing amount of tenants are looking for pet-friendly rental properties. Allowing pets in your rental can have numerous benefits, such as attracting more potential tenants, but is it the right choice for you?
This article will explore the 5 pros and cons of having a pet-friendly rental to help you decide whether to allow pets on your property. Let’s get started!
While, as a landlord, you may often hear about the issues pets can cause, you may not know the benefits of allowing tenants to have pets. Here are 5 reasons to consider allowing pets on your rental property:
Allowing pets in rental properties may help you receive higher monthly rent on your rental properties. Often, this is the only reason why many landowners consider pet-friendly rentals. After all, as a landlord, your primary goal is to earn as much money as possible from your investment.
Landlords who allow pets can make additional money by charging relevant fees such as non-refundable pet fees, pet rent, or pet deposits. According to one study, landlords with pet restrictions only hurt themselves, as pet-friendly rental property leads to higher profits. Not many rentals allow pets, so those that do may charge higher rent to cover any extra risks.
As a property owner, you should understand that long-term tenants help you save money in the long run. When tenants stay longer, you avoid the high costs of frequent turnovers and build your reputation as a reliable landlord.
According to The Balance, pet owners tend to rent for longer periods. Fewer landlords allow pets, so pet-owning tenants have limited rental options and are likely to stay in one place longer if they welcome furry friends.
Owning a pet—whether a cat, dog, or other small mammal—can be a big responsibility. Not only can it be stressful and expensive, but it can also be time-consuming. If a tenant can commit to a pet and properly care for them, chances are they’re likely to be responsible tenants too. If you’d like to ensure your renters are reliable, it may be worth it to consider owning a pet-friendly rental property.
Allowing pets in rental properties can provide you, as a landlord, with a larger pool of tenants to choose from. The bigger the pool, the better the chances of landing the right renter.
Numerous studies show that many people in the U.S. own pets. For instance:
Increase your chances of finding a tenant by making your rental pet-friendly.
Most pet owners pay their rent on time. In the book “Practical Apartment Management” by Edward N. Kelly, it’s been noted that over 65% of pet owners earn more than $50,000 a year. This means they are a lot likelier to afford their rent. For landlords who allow pets, this often means fewer cases of missed rent payments. However, you should still include a credit check in your screening process.
Now that you know what benefits you can get with a pet-friendly rental property let’s discover its drawbacks.
You’re probably more familiar with reasons not to let your tenants have pets. Let’s look at the common problems that pets can cause for landlords.
Pets can cause property damage, especially if they aren’t well-trained. This is often the top reason landlords hesitate to allow pets in their rental properties.
Pet-related damage may include:
To reduce the chance of damage, consider adding a lease clause that outlines the consequences if a pet harms the property.
Another downside of allowing pets in rental properties is the noise they can create, which can disturb other tenants or neighbors. This is particularly true for dogs, who may bark when left alone.
It’s better to ask your prospective tenants about their dogs’ barking habits before allowing them to rent your property. You may also check with their previous landlords to see if there have been any noise complaints from past neighbors.
Pet noise can interfere with a tenant’s right to a quiet and peaceful home. As a result, tenants without pets may choose to leave your property if you own a multi-family rental. Apart from noise, some tenants may move out due to allergies to certain animals.
Pets often bring allergens, especially long-haired dogs and cats that shed. While the pet owner may be fine with these allergens, others may not be. Allergens can spread through air ducts and linger in shared spaces for a long time.
Future tenants with pet allergies will likely experience allergic reactions to your property, which may cause them to move out or avoid renting it in the first place. To address this, consider setting a building-wide pet policy and informing all tenants if the building is pet-friendly. This way, tenants will be aware of potential allergens.
Dog bites can result in serious injuries. According to the Centers for Disease Control and Prevention, dogs bite about 4.7 million people each year, and around 800,000 of those bites require medical attention.
As a property owner, you don’t want to be responsible for any injuries caused by a tenant’s pet. If you decide to allow pets, it’s best to require renters insurance, including a pet policy.
If you decide to allow pets in your rental property, it is crucial to create a clear policy and screen applicants and their pets according to the rules.
Here’s a 3-step process to screen potential tenants with pets:
When screening tenants for a pet-friendly rental property, there are a few questions you can ask to help you make a good decision.
Here are some common and useful questions to ask:
With a professional property management company, you can streamline the screening process for applicants with pets.
When considering a pet-friendly rental property, remember that service animals and emotional support animals (ESAs) differ from regular pets:
In many cases, landlords should make reasonable accommodations for tenants with ESAs or service animals. This means you should allow them on the property, even if you have a no-pets policy. Denying qualified renters because they have an ESA or service animal could be considered discrimination and lead to legal issues.
The answer to the question, “Should I allow pets in my rental?” isn’t simple. While allowing pets in your rental has various benefits, such as higher rent and a bigger tenant pool, it also has downsides like property damage and noise. In conclusion, the final decision depends on your comfort level with pets, property type, and willingness to implement policies that minimize potential risks.
Do you want to scale up your efforts to keep your property safe and in top condition? Choose TrueDoor Property Management. We help find the right tenants, with or without pets. We handle tasks like diligent tenant screening, rent collection, and more.
For expert help with your rental property and to find suitable and reliable renters, contact TrueDoor Property Management. Whether you own a property in Orange County or the Inland Empire, TrueDoor is here to assist you every step of the way.
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