Each landlord has the option to allow pets in their rental property or not. Some may feel very strongly one way or the other and others may still be on the fence. If you’re unsure whether you should allow your tenants to have pets, read this blog to learn more about the risks and rewards of doing so.
The good thing about allowing pets
Pets actually offer many benefits to their owners. Dogs can help people stay in shape because they need walks on a daily basis. Pets are also good for reducing stress, anxiety and depression. This means owning a pet could increase the happiness of your tenants.
You can find out about a pet and how responsible the pet owner is by asking some simple questions. For example, you can ask questions like:
- How do you avoid fleas?
- Is your pet up to date on vaccines?
- Do you have a regular veterinarian?
- Is your pet trained?
- Is your pet licensed?
Asking questions like these can help you determine how responsible the pet owner is and how well the pet is cared for.
Additionally, when you allow pets, your property can appeal to a larger audience of potential renters. There are many places that don’t allow pets. However, there are also many pet owners searching for a property that will accept them, and many are willing to pay extra to do so.
If you allow pets, you have the potential to earn more money. This is because you can charge a non-refundable rent fee, additional monthly fees, and/or a refundable pet deposit. It’s not uncommon to charge one or several of these fees. Basically, you require your tenants to pay a fee outright. You could also choose to have them pay a fee or a deposit along with monthly rent. This allows you to put extra money aside in the event of an accident or damage to your property.
The downside of renting to pet owners
Of course, the downside is that pets could cause damage to your property. Some pets could scratch, chew or even urinate/defecate where they shouldn’t, causing damage. Some of these issues could be difficult to deal with and odors can sometimes be very hard to treat, especially cat urine. Thankfully, there are many cleaners available to help with situations like these. Also, you need to know that some dogs may cause damage in the yard by digging holes or leaving spots on the grass.
Some pets can be noisy as well. This could cause disturbances for neighbors leading to complaints that you have to field. If you allow dogs on the property, you may want to have more soundproofing in place. Pets can also cause allergens to build up, which could be a problem for neighboring renters if you have a multi-unit property.
Knowing the potential risks and rewards, what should you do?
Whether you choose to allow renters with pets is up to you. There can be several benefits to renting to pet owners, but as you’ve read, there are also risks involved. Basically, you have to decide if it’s something you want to do or not. If you decide to rent to pet owners, you need to take some precautions to ensure you’re choosing the right tenants.
Pre-screen tenants with a series of questions about how they care for their pets. Learn about the demeanor, age, size and breed and find out how many they have. Also, find out how long they’ve owned the pets. And, don’t forget to check with previous landlords. It’s a good idea to find out if there were noise complaints or other issues at your applicants’ residence.
If you allow pets, you really should require renters insurance. This helps cover issues related to the pet. For example, many renters insurance policies provide coverage if an animal injures someone. That said, some insurance providers don’t cover certain breeds. While you can’t determine a pet’s behavior specifically on the breed, you do need to find out if your tenants are covered.
You’ll need to add an addendum to your lease about pets as well. This needs to cover all the rules and regulations that apply to owning pets. You should also set a limit to how many pets you allow. You may want to set the maximum to around two. Also, be aware of any laws that may apply to renting to pet owners. Keep in mind, if the animal is considered an assistance animal, you need to be aware of the laws. You may be required to allow the pet depending on the circumstances. Read more about service animals at HUD.GOV.
If you need help managing your property, we hope you’ll reach out to us: . We can help maintain your property and assist you in finding the right tenants to rent to.
