The Benefits of Renting to Tenants With Pets
For most property owners, renting to tenants with pets is often a tricky proposition. The risks, from potential damages to the property, messes and odors, to causing other tenants and neighbors discomfort and inconveniences, can sometimes outweigh the potential benefits.
But as risky as it may seem, renting to pet-owning tenants also has its set of benefits as well. Let’s explore some of these benefits as well as what you need to run a successful pet-friendly rental property.
A Look at the Benefits of Renting to Tenants with Pets
If you feel stuck trying to figure out whether or not having tenants who own pets is worth it, here are some benefits you stand to gain as a landlord.
Reduced Vacancy Rates
According to the American Pet Products Association, 82 million American households own a pet. That’s roughly 60% of all U.S. households! This simple fact, coupled with limited availability, is the reason why pet-friendly rentals are usually in high demand.
Higher Rental Rates or Extra Charges
Now, going by the principles of supply and demand, it’s fair and normal for a property owner to charge more for pet-allowed rentals. Remember, the high demand and low availability of such homes naturally drive up their prices.
As a landlord, you can ask for a non-refundable pet fee or a refundable deposit. This, aside from boosting revenue, can shield you from any expenses resulting from pet-related damages.
Attracting Responsible Tenants
Some pets can be rowdy and messy. However, pet-owners are often the most responsible tenants you may find, as they’re well-accustomed to taking care of their pet. These tenants understand the rarity of a pet-friendly rental and thus tend to value and respect such an opportunity.
High Chances of Long-Term Tenancy
Now, as stated earlier, rentals that allow tenants with pets aren’t easy to come by. Therefore, they are also not so easy to let go of. In most cases, pet-owning tenants will rent for longer to avoid the hassle and difficulty of looking for a new home, as well as the stress such a move tends to cause for the animal.
Attract Better Tenants
Having a bigger pool of prospective tenants means that you can have more leverage over who you rent to. This can allow you to choose the best and most qualified renters for your property, giving you more control over the whole renting process.
Additionally, remember that, as a landlord, it’s also important to ensure that you adhere to all local and state Fair Housing laws when choosing a suitable tenant to avoid potential discriminatory lawsuits.
Community Building and Better Landlord-Tenant Relations
People do love and cherish their freedom. When you allow pets, this can contribute to the tenant’s satisfaction, happiness, and well-being, helping boost your landlord-tenant relationship.
Even better, pet-friendly rentals bring together tenants who share a lot in common, and animal-loving people are more likely to overlook some of the inconveniences that come with living next to a fellow pet owner. This will help to build a sense of community among tenants.
Weighing the Potential Risks of Pet-Friendly Rentals
Now, as mentioned earlier, there are several risks worth noting when offering a pet-friendly rental. Let’s take a look at the most common ones.
Damages to Your Rental Property
Scratched floors, chewed furniture, stained carpets, claw marks, damaged doors, and walls – you name it. There will be a heightened risk of damage to your property if a pet lives in it.
And even if the tenant has a well-trained and disciplined pet, other forms of damage can occur including odors, pet hair accumulation, tick/flea infestations, and so on.
Noise, Unwanted Intrusion, and Odor Inconvenience
A loud bird, a nosy cat, or a smelly dog are just some of the inconveniences that a pet might bring along. If not rectified in time, these issues can reduce neighbors’ satisfaction or even drive them away.
Pet-Related Injuries
Trying to predict animal behavior isn’t always easy. Even trained pets can cause harm if agitated or provoked. As a landlord, you’ll have to prepare for such an eventuality down the road.
Considerations of Fair Housing Laws with Regards to Pets
Even if you don’t offer pet-friendly rentals, Fair Housing Laws state that disabled tenants have a right to keep assistance animals. These animals are not considered pets, and it’s illegal to turn down a tenant because of their assistance animal.
You must also provide the tenant with certain accommodations and allow modifications as long as they are reasonable.
Review Your Insurance Cover
Find out from your insurance agent whether your current policy covers all liabilities that may arise from pet ownership. And if not, what you may need to do to add that to your cover?
Draft a Comprehensive Pet Policy
Having a clear and well-organized lease agreement is often the easiest path to a stress-free landlording experience. If you draft it properly, it can help you highlight all your expectations to the tenant, thereby minimizing potential areas for confusion or misunderstanding.
As such, make sure to include important clauses in the policy. Including:
- Breed, size, and number of pets you allow.
- Pet deposit or fee the tenant must pay before moving in.
- Proof of vaccination and any required licenses.
- Consequences for violating the pet policy.
Conclusion
Sure, renting to tenants with pets can be risky to your bottom line. However, the benefits that come with it can be lucrative to a savvy landlord. Provided, you have done your due diligence and taken up certain steps to prevent possible pet damage.
Superior West Property Management can help manage your property reliably and professionally. We provide high-quality property management services to property owners in Riverside, Corona, Rancho Cucamonga, Moreno Valley, and Perris. Get in touch to learn more!
