Pet owners know the benefits they provide. Companionship, emotional support, and exercise are only a few.
Many rental properties, unfortunately, aren't pet-friendly. Landlords may not be able to think past the potential damages and liabilities to see what allowing furry family members can do for them.
Read on to learn the pros and cons of pets in a rental property.
Pros of Pets in a Rental Property
Letting pets in your rental property can be part of your asset management strategy. It increases the value and helps you beat out the competition. You can also charge higher rent. You may be able to earn even more from pet fees, rent, and deposits.
You'll also get more rental applications. This means a wider tenant pool and a better chance to get high-quality applicants.
Once they arrive, they won't want to leave. Why go through the hassle of trying to find a place that accepts pets again? This means a steady stream of rental income and no expensive tenant turnover.
Taking care of a pet creates a sense of responsibility. This means better tenant relations because they're more likely to pay rent on time and handle legal and optional maintenance duties.
Cons of Pets in a Rental Property
Most landlords are worried about potential pet damage. These include:
- Urinating or defecating in rooms or public spaces
- Destroying furniture or landscaping
- Chewing cables and wires
Barking dogs, squawking birds, and meowing cats can all cause noise complaints. It gets worse with multiple pets on the property.
Smells gather if there are dirty litterboxes, accidents in the hallway, or pets that aren't groomed. These can spread throughout the entire unit.
4.5 million people are bitten by dogs every year. Renters insurance can cover the expenses, but it remains a real danger.
Having a positive relationship with tenants who have pets doesn't mean that others will stay. They may be allergic or have had enough of the noise or odors. Applicants may even look elsewhere when they see your pet policy.
How to Let in Pets
Allowing pets in a rental property doesn't have to be a yes or no decision. Consider other factors such as what breeds you'll allow and whether tenants will have to pay for any damages.
Put this information in a pet policy. Include it in every lease, even for tenants who don't have a pet yet.
There is one legal caveat. Assistance animals aren't considered pets, and you're legally required to let them in.
Landlords should perform tenant screening on every applicant, but it's especially important for those with pets. Doing it properly reduces the risk that they'll cause problems in your property.
Check the tenant's references to see if their pet has ever caused any problems. Meet them in person to see how they get along with and control their animal. Judge each one on a case-by-case basis.
Who Can Help Me Decide Whether or Not to Let Pets In a Rental Property?
Allowing pets in a rental property is a difficult decision. They make it more desirable and profitable but also present a risk of damage or losing current or potential tenants.
Team PHI Foothills can help you make the right decisions to maximize your investments. Get started with a free rental analysis today.
