With over a third of all households owning a dog, and over a quarter owning a cat, pets are a reality in America, but not one all landlords enjoy. Pets in a rental property can often lead to several complications you might already be aware of. Despite this, are there ever any good sides to allowing tenants with pets?
Below, we run through some of the pros and cons of allowing for pet-friendly rentals. Use these to debate whether you want to go down this path or remain safely in the "no pets allowed" category in listings.
Benefits of Tenants with Pets
The following are some good points about allowing renters to own pets. They are not exhaustive, and you may find your own ways to make it worth your while.
Higher Rent
Because of the added liability a pet brings, you can consider increasing the rent on the property. This allows you to cover any extra potential costs their presence might bring. You can also ask for a larger security deposit, and there is every chance they will lose that due to the damage a pet may cause.
Longer-Term Tenancies
People who own pets are aware that locations which allow them are rare. Thus, they are much less likely to choose to move out at any time. This allows you to have greater financial security as your tenants will stick around for longer.
More Potential Tenants
By not allowing renting with pets, you cut off a whole demographic. In the same vein, if you allow for them, you can expect the time it takes to get people into a new location to reduce.
Drawbacks of Tenants with Pets
Despite some of the good points, there are still downsides to allowing pets into your property. Many of these can cost you both time and money.
Insurance Increases
Pets on a property will increase the potential for either injury or accidents in that location. You will need to investigate whether your landlord's insurance covers pets, and it may well increase the premium you pay if you allow it.
Damage to the Property
Untrained or young pets often make a lot of mess. They might cause damage to walls, floors, or furniture, leaving you with further headaches. Avoiding this will make things easier for you.
Noise Complaints
Renters with pets often get a lot more complaints about them because of the nature of their lifestyle. Sometimes this is much more hassle than it is worth.
Are You Allowing Pets in a Rental Property?
The above advice should help you decide whether bringing pets into a rental property would be worth the extra time and effort it would take. Still, for some, it can be rewarding. It might be a lot easier, though, if you let someone else make all the tough decisions.
We work hard to help military personnel manage their real estate. If this sounds like a service you need, we would be happy to talk to you about what we offer. So, pick up the phone and give us a call to learn more.
