Considering the recent rise in pet ownership, deciding to accept pets on your property can significantly impact your income and expand the pool of potential tenants.
Despite the widespread acceptance of pet ownership, many rental properties still forbid pets. Pet-owning tenants can bring benefits and risks to renting out your house. You need to consider these and decide if having a pet-friendly rental is right for you.
If you, as a landlord, do allow renters with pets, you need to include a pet policy in your rental agreement. This blog offers points to consider when determining whether to allow tenants with pets in your rental property.
What Are the Benefits of Allowing Pets in Your Apartments?
1. Pet-Friendliness Results in Higher Rent
The cost of installing the facilities required for making your apartment pet-friendly will be higher, but you can make the difference by charging a slightly higher rent.
Renters are prepared to pay the fees because they want to keep their family intact; thus, landlords can also impose non-refundable pet fees.
Landlords may request a damage deposit to guarantee that the property is protected in the event of damage. They may also demand payment for pet damages.
Before making any modifications to your rental costs, it’s crucial to confirm that you abide by all applicable local and state legislation.
2. Loyalty of Tenants
Finding a property can be difficult for tenants with pets because not all places permit animals. The likelihood that a tenant will stay longer increases when they finally find a pet-friendly rental and move in.
They’re likely to renew their agreements unless there’s a strong reason not to. Because of this, if a renter appreciates your rental property and receives fair treatment, they’ll likely remain as a tenant for a very long time.
3. Enhanced Prospect Pool
Given the prevalence of pet ownership, it becomes sensible to predict that the number of animal owners looking for pet-friendly rentals will increase. You increase your prospects if you allow pet-owning tenants to rent from you. You can select more eligible renters when you have more options.
4. Apartments That Allow Pets Are Reliable
A complete pet restriction gives the impression that the landlord doesn’t trust the tenant or thinks they’ll damage the rental.
On the other hand, permitting pets shows that you have faith in your tenants and are confident in their ability to care for their animals. Renters will undoubtedly be pleased with a landlord who supports their way of life rather than one that places restrictions on it.
5. Responsible Tenants
Adopting a pet entails additional commitments. A well-organized tenant will schedule their pets’ veterinary appointments, feeding times, and outside activities. It takes a lot of responsibility and maturity to care for a pet. A mature and responsible tenant is the best kind of tenant for you.
You may be confident that a tenant will take good care of your rental property if they’re responsible enough to care for a pet. These tenants are most likely to abide by the regulations to avoid the possibility of being evicted, because they’re aware of how challenging it can be to find a rental home that allows pets.
6. Content Tenants
Pets can reduce stress and help with a person’s emotional wellbeing. By allowing tenants to have pets, you improve their quality of life on a personal level.
Additionally, happy tenants frequently stay a long time. Therefore, fostering a happy environment for a tenant will also make you happy as a landlord!
7. Fewer Vacant Rentals
Empty rental properties are a hassle. Without a source of income to cover the bills, you’ll need to estimate and plan for monthly maintenance needs. However, the likelihood of unoccupied rental space is reduced when renting to tenants with pets.
You won’t require using marketing tactics as frequently if your rental vacancy rate is lower. Allowing tenants’ pets to reside on the rental property makes it much simpler to find new tenants once a previous tenant vacates. You end up saving more money and time as a result of this.
Risks of Having a Pet-Friendly Rental
1. Experiencing Pet Odors
Pets can leave odors behind. Other tenants can object to the smell pets leave behind if your rentals have shared areas.
2. Risk of Causing Property Damage
Animals, particularly playful puppies and kittens, are most likely to cause damage. Scratches, damaged wires, and ruined furniture or flooring are all property damages that can occur if a tenant owns a pet.
3. Possible Noise Complaints
Animals can make noise and stir up a commotion. For example, you may experience complaints from your neighbors regarding a dog’s barking. If you own a complex of apartments, a tenant who resides below a unit might complain about animals roaming freely in the unit upstairs.
When housing pets, barking, shrieking, and meowing are expected. Conflict with neighbors and other tenants may occur as a result of this. It’s advisable to conduct pet screening and confirm with a prospective tenant if the pet tends to cause a lot of noise.
Examining all potential outcomes is necessary to become a pet-friendly rental. While there are risks involved with renting to tenants who have pets, excluding all pet-friendly options might also cost you in terms of optimizing your income.
Even though adding pet-friendly amenities may require more expenses, it’ll be worthwhile in the long run. Most tenants favor renting where they believe their landlords respect their demands and allow them the flexibility they require.
Additionally, landlords that allow pets in their rentals are more likely to raise the rent without facing resistance from the tenants. Property owners should provide the resources for making rental units pet-friendly, given the many advantages of doing so. By doing this, you can ensure that all your rentals are occupied throughout the year.
Have more questions about the pros and cons of pet-friendly rental properties? Contact the team at Real Canadian Property Management Solutions! We’ll sort out all your property management needs.