Are you a landlord who is hesitant to allow pets in your rental property? Over 62% of American households have at least one pet, indicating a vast demographic of potential renters seeking pet-friendly accommodation. However, pets in rental units have long stirred a contentious discussion among property owners.
In this guide, we'll delve into the pros and cons of allowing pets in a rental property and explore compelling pet policies that shed light on the impact of this decision. So, if you are ready to leash your doubts about no pets in your rental property, read on!
The Pros of a Pet-Friendly Property
As a landlord, there are several worthwhile benefits to consider when allowing four-legged tenants. Get to learn more from the benefits below.
Increased Rental Income
Many people consider their pets to be part of the family, so it's no surprise that pet-friendly rentals are in high demand. In fact, pet-friendly rentals can command up to 20-30% higher rent than typical rentals. This means more stable, long-term tenants and fewer costly vacancies for you.
Wider Pool of Potential Tenants
Pet-friendly policies lead to a larger pool of tenants with a range of move-in dates. If a tenant with pets needs to break a lease early, you'll likely have no shortage of pet-owning applicants ready to take their place.
Pets Can Help Reduce Stress and Loneliness
Pets are known to provide companionship, comfort, and love. This helps reduce stress and loneliness for tenants, improving their lifestyle and well-being. This is especially important for people who live alone or who work long hours.
The Cons of No Pet Policy in Your Rental Property
Pets are great companions, but they're expensive and destructive. Are you considering allowing pets in your rental property? Here are some of its downsides:
Property Damage
Pets have the potential to cause property damage, like scratching floors or tearing up carpets, which can be quite expensive for landlords to repair. The costs incurred in fixing such damages can impact the landlord's bottom line and add financial burdens. A property management company can help with maintenance and reduce the risk of damage.
Noise Complaints
Pets can indeed make noise, and this might become bothersome to neighbors. For instance, frequent barking or meowing from dogs and cats can be especially disruptive and cause tensions with those living nearby.
Increased Liability for Landlords
Landlords may be held liable for any injuries or damage caused by pets. This means that landlords could be sued if a pet bites someone or if a pet damages someone's property.
Setting Clear Pet Policies and Standards
Still not sure whether or not to allow pets? As a landlord, setting clear pet policies and standards is key to avoiding issues down the road. Some things to consider:
- Require tenants to disclose if they have pets before signing a lease and charge a reasonable pet deposit or fee
- Put your pet policy in writing as part of the lease agreement
- Consider allowing only certain types of pets, like caged animals, fish, etc.
- Require tenants to spay or neuter pets to decrease territorial behavior and aggression
- Perform regular inspections to check for signs of damage or cleanliness issues
Setting clear, well-defined policies upfront and following through with monitoring and enforcement will make the pet-friendly rental a more positive experience for all.
Pets or No Pets-All American Realty Can Help
Compromise and understanding from both sides -landlords and tenants-is key, even when dealing with "no pets" policies. Finding the right balance of rules and flexibility will benefit your property and keep both pet owners and non-pet owners happy.
Let All American Realty and Investment Group take care of everything for you, whether you allow pets or not. We'll market your property for rent, find qualified tenants, screen them thoroughly, handle all property maintenance, and collect rent on time. Contact us today to learn more about how we can help you manage your investment properties, with or without pets.
