Should You Allow Tenants to have Pets?
Pros and Cons of Pet Friendly Properties
Have you ever considered making your property pet-friendly? There are pros and cons of pet-friendly properties and our management team is here to help walk through discovering whether or not your property should be pet-friendly. They have seen it all and know the ins and outs of what to expect if you decide to make your property pet-friendly. To answer some of the questions you may have, read below for a list of the pros and cons of pet-friendly properties!
Pet-Friendly Properties Usually Get Higher Rent
To elaborate on this a little, when you allow tenants to have pets, you are able to charge a higher rent rate to offset any damage costs. There are items that may require more upkeep when a pet is involved such as carpets, and because of this, you have some wiggle room in being able to charge a higher rent.
Pet-Owning Tenants are More Likely to Rent Long-Term
It is known that people with pets do not move as frequently. They tend to pick a spot and stay in it as this makes it easier to get into a schedule with their pet. They do not typically like to move their pet from place to place. Also, it can sometimes be difficult for pet owners to find a pet-friendly property that works for them. This means that once they find one, they typically like to stay for longer periods of time.
Tenants with Pets are More Responsible
Anyone with a pet can tell you that taking care of a furry friend is no easy task. It takes time and attention and oftentimes, this responsible behavior will translate into how they treat your property. They will take care of your property with the same respect and energy they apply to taking care of their pet.
Larger Tenant Pool
So many people have pets nowadays! Opening your property to pet owners provides you with a larger tenant pool. This could mean your property is occupied quicker and you may end up having more than one person apply for your property. This puts the power in your hands and allows you to choose the best tenant for your property.
Pets can be Noisy and Cause Damage
Pets, especially depending on the breed and size, can be noisy and cause damage to your property. There are ways of offsetting damage, by raising rent prices or setting up a security deposit specifically for the pet, however, it is always something to consider.
Be aware of who is liable for the pet. Liability is typically why you notice size and breed restrictions on different properties. There is always the chance of physical injuries to neighbors. Protecting your property might require the tenant to have the proper renter’s insurance. Our team can walk you through what might be necessary to protect your rental.
When the tenant moves out, there will be certain items that need to be addressed. The odor that comes with having a pet-friendly property is always something to consider. Litter boxes and pet accidents are common with pet owners. This might mean having to clean or replace items that were damaged by the previous pet.
There are pros and cons of pet-friendly properties and we always recommend a pet screening process. This could simply be putting size and breed restrictions on your property. If you have any questions about what making your property pet-friendly could look like, click here!