While renting to pet owners comes with risks and rewards, it allows landlords the potential to make more money since they can charge a fee for the pets. Often times, landlords require the tenants pay a non-refundable rent fee, additional monthly fees, and/or a refundable pet deposit. This allows landlords to have a little extra money set aside in case an issue arises where a pet causes damage to the property (a risk of renting to pet owners). Another benefit to allowing pets is that landlords can target a larger audience. According to Forbes, “As of 2023, 66% of U.S. households (86.9 million homes) own a pet. That’s up from 56% in 1988, pet ownership statistics show.” There’s a reason so many households have pets now as Forbes says, “from companionship to emotional support, pets are a vital part of their owners’ lives,” and this is true. In fact, you may find that tenants who own pets are happier.
Now, of course, we did mention there are some risks involved with renting to pet owners. Beyond the fact that they can potentially cause damage, they can also be noisy. In fact, if you rent to pet owners, you may want more soundproofing in multi-unit properties. Also, pet allergens can build up in multi-unit properties, which may be an issue for neighbors who are prone to allergies. When it comes down to it, if you are going to rent to pet owners, it’s important to have pet policies in place in the lease to help reduce some of these risks (don’t forget to create a limit on how many pets they can own). You’ll also want to ask some questions upfront to help you determine how well they care for their pets, like asking them how they avoid fleas, if the pet is trained, and if they have a regular veterinarian. It’s also important for any common areas like hallways to be cleaned regularly to reduce any pet hair and dander. Bonus tip: It can be valuable to require renters insurance as an added level of protection.
If you do decide to rent to pet owners, there’s a way to really hone in on that audience and drive them toward your property. Let’s talk amenities that pet owners love to see.
- An area for dogs to run and play. If you’ve ever owned a high-energy dog, you know that they need to run and play to spend their energy. If they don’t, they’re more inclined to cause damage within the home because they need an outlet for that energy. By providing a place for dogs to run and play, it may actually decrease the chance of accidental property damage. Plus, dog-loving tenants will appreciate the convenience of having a place on the property to take their dogs. You may consider an outdoor run, doggie park, or even an indoor play space.
- A pet waste station. This amenity is equally helpful to tenants and landlords. If you have a pet waste station on the property, it will encourage pet owners to clean up the poop left behind by their pups. This helps keep the property looking clean and pristine, which everyone can appreciate. Pet owners will also like the convenience factor.
- A wash station. Like the other two above, this is another amenity that benefits both parties. While some pet owners may take their pets to the groomers, others choose to wash their pets at home. However, washing them in the bathtub is not always ideal; in fact, it can lead to more clogs. A wash station eliminates the need to bathe dogs in the tub; it also helps encourage pet owners to keep their pets clean and allows them to wash their pets before they even walk through all the hallways and into the apartment. If they get extra filthy, the owner can go right into the pet wash station before heading up the stairs with that muddy pup.
- A daycare facility for pets. This amenity can actually help the landlord bring in a little extra cash, plus it’s super convenient for the pet owners. Whether pet owners need daycare for their pets while they’re at work or for a weekend getaway, this allows them a great solution. They won’t have to go searching for someone to watch their pet or take up a lot of time doing drop-offs and pickups. They’ll have a daycare service right where they live.
- Bring in a groomer. Your pet owners may appreciate it if you invite a groomer to the property periodically to allow them to get any of their grooming needs taken care of on-site. You can talk to local groomers to see if anyone would offer this service. It’s mutually beneficial to the groomer since it would allow them to bring in more business.
- Offer dog walking. Dog owners don’t always have the time to walk their dogs, especially while they’re working. Offering dog walking services can be a way to bring in a little extra income and offer another convenience factor to pet owners. If you don’t want to hire a dog walker, you may also consider partnering with one to offer these services to your tenants.
As you can see while there are risks to renting to pet owners, there are also some potential benefits, including increasing earning potential. So if you want to rent to pet owners, you may want to consider offering some of these amenities, not only can they help entice more prospective tenants, but many can also benefit you as the landlord. If you’re trying to decide what amenities would be best, it’s a good idea to poll your current tenants and see what is most desired. If you’d like more help managing your property, marketing it, and keeping tenants satisfied, please reach out to us at PMI.
A quick side note: If a pet is considered an assistance animal, laws are in place and you may be required to allow the pet on your property. Read more about service animals at HUDOV.
