Should You Allow Pets In Your Rental?

Property owners have to deal with a lot of difficult decisions when it comes to leasing out apartments, condos, houses, etc. And one of those decisions is whether or not to allow pets in the rental. All landlords have the right to deny pets, except for service and companion animals, but is this always the best choice? During your consideration, you should think about what is going to benefit you the most. Do the risks outweigh the reward? Or are you missing out on an excellent financial gain? Your decision will impact your profit, the possibility of your property being damaged, and the number of renters that will be interested in your property. There are many factors that weigh in on this, so we’ve compiled a list of pros and cons to help make your choice a little easier.

Pet-Friendly Rentals

There are numerous benefits of allowing your tenants to have pets. Properties that do allow pets can typically charge higher rent in addition to fees, deposits, and pet rent. You should also consider your surroundings. If you’re in an area where the majority of other landlords don’t allow pets, you could have a significant advantage over your competitors by offering something that they don’t. Tenant retention is also significantly higher for properties that accept pets. These renters are more likely to renew their lease for a number of reasons; it is stressful and difficult to move animals to multiple places, and it can be challenging for them to find another place that will also accept their pets.

Another benefit of allowing pets in your rentals is that you will see a drastic increase in applications. When renters are searching online for a place to live and click that little box that says “Allows Pets,” the number of availabilities gets cut in half. By not allowing pets, you are significantly limiting your potential tenant pool. Also, consider the fact that responsible pet owners are more likely to make responsible tenants. In short, by allowing pets in your rental, you will have a leg up over your competitors, you’ll bring in more revenue, your tenants will be more responsible, and you’ll have more lease renewals!

Disadvantages Of Pets In Rentals

While there are numerous advantages of allowing your tenants to have pets, there are also quite a few drawbacks. The main concern when it comes to animals in rentals is property damage. Chewing, clawing, and urinating can all cause significant damage and result in costly repairs. Noise complaints are another factor that landlords might have to worry about. Some dogs will go on a barking rampage at the knock of a door, footsteps, or even a squirrel outside. Sharing a wall with a dog that’s constantly barking might put some tenants on edge. Odor and hygiene are another concern for landlords if the tenants are not responsible for cleaning up after their pets. And the most concerning potential drawback is injuries. While this is hopefully not the case for all pets, it should still be a major consideration. Dog and cat bites or scratches could cause serious problems for the tenants and the landlord. The best way to combat these problems is to enforce strict screening procedures and require pet deposits, fees, or rent.

What To Consider When Accepting Pets

Property owners have some flexibility when it comes to determining what they will charge for a pet deposit. Some landlords choose to adjust the cost based on the type of animal, whether it’s a cat or dog, the size of the pet, and the value of the property to weigh in on potential damage. It is essential that property owners meticulously detail any damages before and after the tenant lived there to create an itemized list of expenses for any repairs.

Pet fees are an additional one-time payment for allowing the pet to live on the property. These fees are not generally used to cover any expenses for damages but are a good way to increase your profits if you’ve decided to allow your tenants to have pets.

Pet rent is just like regular rent, as it is a fixed amount charged every month. You can select the amount how you see fit, but typically landlords charge between $10-$40 a month per pet.

A pet policy is more or less the terms and conditions for keeping a pet on the property. If your tenant owns a pet, this policy needs to be a part of their lease. Some property owners require proper identifications, licenses, and vaccination records in addition to certain limitations like weight and breed restrictions. It is also a good idea to include pet owner responsibilities like waste removal/clean up, supervision, sound control, leash requirements, and liability insurance. If you want to be extra cautious, you can also adjust your insurance policy to cover injuries or damages. One of the best ways to ensure you won’t have any issues with your tenant’s pets is to conduct a meet and greet where you can gauge the animal’s behavior and level of training. Doing this also allows you to ask the owner questions about their pet and address any concerns you might have.

Property Management Company

At SunWorld Group, we understand how challenging it can be for property owners to manage every aspect of their real estate, which is why our team is here to help. We provide a variety of services, including tenant screening, repairs, inspections, and more. Regardless if you have decided to allow your tenants to have pets or not, we are happy to help in any way we can.

The post Should You Allow Pets In Your Rental? appeared first on Sun World Group.