Do you want to significantly increase your reach into the "good tenant" population? If your answer is yes, then one tactic you can use is allowing tenants with pets to move in.
Landlords typically oppose pets because of the known downsides, but there are many positive things that allowing pets in a rental property can do for your rental business. Since the majority of US families own pets, allowing pets significantly broadens the tenant pool.
We break down the advantages and disadvantages of pet-friendliness in this short article. Keep reading to learn more.
Pros of Having Pets in a Rental Property
Firstly, accepting pets allows two natural market forces to boost your rental property pricing. The much larger rental property tenant pool increases the demand for your property, and pet-related risk management allows you to charge a premium.
Secondly, responsible pet owners are usually responsible in other areas of their lives as well. People with well-trained, happy animals often try to ensure that neither they nor their pets abuse your property.
Lastly, people with pets are less likely to move once they've found a place the whole family likes. This means you get to build a longer relationship of trust with your tenants and benefit from the diminished vacancy losses. It also decreases the pressure of constantly having to attract new tenants.
Drawbacks of Having Pets in a Rental Property
The main risk you have to manage is rental property damage. Pets can chew on wood, scratch up floors, and wreck carpeting in various creative ways. Owners of furnished properties risk even more property damage when pets are allowed.
The next most significant risks are all pet-related nuisances. Some examples include excessive noise, leaving "evidence of their presence" in communal areas, and nimble pets breaking into neighbors' units.
It's essential to have policies in place to manage these cons. These policies can be included in the rental agreement.
Working Around the Disadvantages
The best policy to have in place is to collect an extra fee specifically for pets and to require pet registration. Applying these fees uniformly and fairly across all tenants is the best way to get tenants to adhere to the guidelines.
Another policy instrument that works well is an owner's code of conduct that sets out the pet owner's rights, duties, and liabilities. It's crucial that you hold owners responsible for their animals in case a pet hurts another tenant.
You can also restrict the size, type, and breed of the animal depending on the size of the rental unit and the community. This can limit property damage and strike a neat balance between optimizing renter experience and safety.
Get Expert Advice Today
Allowing pets in a rental property can lift your rental business, allowing you to maximize the pros as long as you manage the cons. You can access a larger pool of good tenants and get your renters to stay longer. Collecting higher rent payments also becomes feasible.
The main drawbacks are property damage and nuisance factors. You can limit these by carefully crafting your rental agreement's pet policy.
At PMI Eagles, we have years of experience in managing properties, rent collections, policy management, and more! Contact us for an expert approach to accommodating renters with pets today.
