A landlord eventually faces the issue whether to accept tenants with pets or not. It carries both advantages and inherent risks. It’s your job to determine whether opening your doors to pet owners fits your rental home. Just keep in mind that you need to craft a pet policy in the leasing agreement should you welcome pets in your rental property.
This article will present both the benefits and the things to be wary of when becoming a pet-friendly rental home.
Benefits of Accommodating Tenants with Pets
When bringing up the idea of welcoming pets to the rental unit, some landlords may not be open to the idea. However, there are several benefits that come with being a pet-friendly property.
Below are positive outcomes when you allow pets to live in your rental unit:
Receiving More Income
Every pet owner knows that renting comes with paying for a pet deposit, pet rent or pet fee. As such, landlords can view this as another income source. Granted that this is collected to cover for possible pet damage, it can still count as additional earnings when pets are well-managed by the renters.
Pets can bring emotional comfort to their owners. Landlords tend to have better relationships with their tenants when the renters are happy. They help minimize stress and reduce loneliness. Pets can also inspire their owners to participate in more outdoor activities leading to more endorphins. This results in pet owners enjoying more positive feelings and being happier and better tenants in general.
Increase the Pool of Prospective Tenants
The pet industry has grown more in size making pet ownership more popular than ever. As a landlord, serving this market is a great opportunity.
Hence, turning your rental home into a pet-friendly space allows you more access to prospective renters. The good news is, the bigger the pool of prospects, the more high quality renters you can select from.
Gain Long-Term Renters
Tenants with pets tend to stay longer as renters in one place rather than packing up and moving around. For one thing, it can be tiring to go through pet screening and present requirements. For another, pet owners want to maintain a familiar environment for their pets. As a property owner, gaining long-term tenants provides you with consistent property investment returns.
Rent to Responsible Tenants
Pet owners are used to fulfilling a ton of responsibilities. They need to feed, walk and nurse their pets when sick. Aside from that, they have to schedule vet visits and pick up after their pets.
Given that tenants with pets understand the duty of caring for their pets, it’s easier for them to maintain the upkeep of your rental. They’re also more likely to pay attention to the property policies.
Set a Higher Rental Price
Not all rental homes accommodate pets so renters are willing to pay a higher rental fee to landlords who allow pets in their properties.
Landlords can adjust the rent price when they decide to be pet-friendly. In this situation, a higher rental charge is expected and doesn’t need much discussion.
Drawbacks Faced By Landlords Who Welcome Pets
Even if multiple benefits occur from being open to tenants with pets, it doesn’t take away the reality of risks. That said, there are ways to mitigate such risks so landlords won’t lose out to the positive outcomes.
Below are possible problems you’ll be handling as a landlord that welcomes pets:
Probable Property Damage
Plenty of pets can be active and playful especially when they’re young. If there’s no proper training, damages around the unit can be expected. Among them are scratches on the floors, soiled carpets and chewing of furniture.
You can conduct a pet screening prior to accepting tenants with pets. This helps you limit the damages around your rental unit.
A Cause of Disturbance to Neighbors
Noise is one of the chief complaints among other tenants and neighbors. Pets can often create disturbances such as a dog barking and howling, a cat yowling and even birds squawking. You need to notify the pet owners and find a quick resolution to subdue the noises emitted by the animals.
Some dog breeds can be territorial while others are more aggressive than others. This can result in injuries towards other people around the rental property.
It’s important to examine if a particular pet has received training and has good discipline when around other pets and humans. Landlords can also restrict certain pet types and breeds to be accepted in the rental home.
Adhering to the Fair Housing Laws
Even if you designed your rental property to have a pet-free policy, you still need to comply with the existing Fair Housing Laws.
Discriminating people with disabilities who have an assistance animal is illegal. As the animal isn’t categorized as a pet, you have to be open to welcoming service animals. This supersedes your policy of not accepting pets in your rental.
Checking Your Insurance Coverage
Before deciding to accommodate pets in your property, examine your insurance policy regarding liability. Study the limitations especially when it comes to injuries that pets instigated.
It’s best to find out whether there are restrictions on pet breeds. Otherwise, you can end up taking the medical costs out of your own pocket resulting in a financial loss for you.
Including a Pet Policy in the Lease
When creating your leasing agreement, it should cover your policy on accepting pets. If you don’t include this, tenants may bring in pets without permission.
Attaching a pet addendum lets renters know clearly if you’re open to welcoming pets. You should also be specific with the consequences when renters violate the pet policy.
Deciding to accommodate pets in your rental is not an impulsive action. You should study both the benefits and drawbacks that come with it. Remaining flexible to the idea is also a good option. Risks always exist.
If you manage them well, you’ll be able to maximize the income value that tenants with pets bring into your rental property. If you need support in managing your rental home, contact Limestone Country Properties today!