Is it practical to open up your property to tenants with pets? To answer this question, we need to consider both the risks involved and the potential rewards.
Let’s take a look at the pros and cons of having a flexible pet policy and the potential impact this could have on your bottom line.
Why You Should Consider Allowing Pets on Your Property
As a property owner, you stand to gain several advantages by allowing your tenants to have their furry friends on your premises. Some of them include:
A Larger Tenant Pool
Many tenants have pets, and by having a pet-friendly policy, you will increase the number of tenants who apply for your property. With a larger pool of tenants to choose from, you will ensure you select great tenants!
This will help you enjoy a more stable source of passive income for a long time to come.
Pets have the uncanny ability to make the environment more warm and pleasant. When a tenant shares their home with a pet, they tend to be more relaxed and at ease. This means fewer complications and a simpler time managing the property.
There is also a possibility that some of these pets are companion animals. Allowing pets on the premises would create some goodwill with your tenants by creating an environment that is beneficial to their mental health.
An Increased Income
Most pet owners are willing to incur the costs associated with their care such as nutrition and veterinary services. It stands to reason that they would also be willing to pay additional fees to cover any potential damages. This includes a pet deposit or even a pet rent.
Considering how hard it is for renters to find pet-friendly properties, many of them are likely to commit to a long-term tenancy.
Such tenants are also less likely to move because they need to provide a sense of stability for their pets. Animals often need time to adapt to a new environment and staying in one place helps to create familiarity.
As a landlord, a long-term tenancy means a more stable source of income. As a property owner, you will also incur less costs associated with tenant turnover.
More Responsible Tenants
Tenants with pets are generally responsible. Taking care of an animal requires great commitment, such as feeding them, training them, and having a regular exercise routine.
As a landlord, you can be assured that the tenant would want to create a safe environment for their pets. Therefore, your property would be well taken care of.
Higher Rental Prices
You can also raise your rental prices on the basis of allowing pet ownership on your property. The higher rental rate would enable you to cater to any property damage caused by the pets as well as any related inconvenience.
Most pet owners would be willing to incur these costs if it means having a chance to live with their furry friends.
However, before you consider raising the rent, you should check the local and state rental laws. It is important to always ensure compliance so as to avoid any legal complications.
The Risks Associated with Pet-Owning Tenants
Though it promises many rewards, having a pet-friendly policy also comes with a few risks. Some of the main risks that pet-friendly rentals face include:
If you allow pet ownership on your property, a certain degree of damage can occur.
Pets can cause damage to doors, walls, floors, and furniture. They tend to do this out of playfulness, boredom, or to relieve tension.
Conflicts Among Neighbors
Allowing pets on your rental property could possibly create conflict between neighbors. There could be concerns with late-night disturbances such as barking or scratching . As a landlord, such situations would require you to step in and find an amicable solution.
Pets tend to leave odors and smells which can sometimes be hard to remove. In a rental unit, such odors might affect its desirability if it is not properly addressed. You may want to consider hiring professional cleaning services, or include this as a tenant responsibility in your lease agreement.
Having a pet-friendly policy on your rental property can have a positive impact on your bottom line, yet, there are several risks involved. You will therefore need to take certain measures to mitigate these risks.
Such measures include understanding the terms of your insurance cover when it comes to pet-related damage or injury. It would also be sensible to create a formal pet policy and attach it to the lease agreement.
For assistance with all your property management needs, reach out to us at Draper Realty. Our professionals have the knowledge and experience needed to help you maximize your return on investment!