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Are you a homeowner or landlord who is considering accepting tenants with pets? You’re not alone – many property owners struggle with the pros and cons to allowing rental properties to become pet-friendly. It could open up your listing to more potential renters, but also bring its own set of problems.

In this blog post, we’ll cover all the things you should consider before deciding if it makes sense for your rental property: from evaluating risk factors and understanding regulations to knowing how exactly it can increase (or decrease) your bottom line.

Read on for insight into this important decision that can impact so much of your rent roll business!

Pros of Allowing Pets in Rental Properties

1. Increased Tenant Pool

By allowing pets on your property, you are opening up your rental listing to a much larger pool of potential tenants. With the majority of households owning at least one pet, not allowing them could significantly limit the number of interested renters.

2. Higher Rent Potential

If you’ve got more potential tenants eyeing your place, it’s a chance to up your rental prices. You know what? Lots of pet owners are ready to shell out extra bucks for pet-friendly housing. So, why not explore the perks of being pet-friendly and attract a bunch of new tenants to your property.

3. Longer Tenant Retention

As a landlord or homeowner, minimizing tenant turnover is always top of mind. Allowing pets in rental properties can help increase tenant retention rates since it’s often difficult for pet owners to find suitable housing that accommodates their furry friends.

4. Goodwill from Tenants

By allowing pets, you are showing your tenants that you understand and care about their needs. This can foster a positive relationship with your tenants and create goodwill, leading to longer tenancy periods and fewer issues down the road.

5. Faster Rentals

With more potential renters interested in your property, it’s likely that you’ll be able to rent it out more quickly. In competitive rental markets, allowing pets can make your listing stand out and attract interested renters.

6. Higher Property Value

When contemplating whether to permit pets in your rental property, it is crucial to consider the long-term advantages. It may pique your interest to know that pet-friendly properties have been proven to possess a higher resale value. In fact, a recent study revealed that homes marketed as pet-friendly fetched a 2% higher price compared to those that prohibited pets.

Cons to Allowing Pets on Your Property

1. Property Damage

One of the biggest concerns for landlords and homeowners when allowing pets in rental properties is potential property damage. Pets can easily scratch floors, chew on furniture, or have accidents indoors which can lead to costly repairs.

2. Noise Complaints

Depending on the size and breed, pets can create a lot of noise which could disrupt other tenants or neighbors. This is especially true for pet owners who are not responsible and do not properly train their pets.

3. Liability Issues

In some cases, landlords and homeowners may be held liable for any injuries caused by tenants’ pets to visitors or other tenants. This is why it’s important to have proper insurance coverage and require tenants with pets to do the same.

4. Additional Maintenance

Allowing pets in your rental property may require additional maintenance such as more frequent cleaning, replacing damaged items, or pest control. These additional costs can eat into your profits if not properly accounted for.

5. Potential Legal Issues

Depending on where you live, there may be specific laws and regulations related to allowing pets in rental properties. It’s important to research and understand these laws before making a decision.

6. Allergies

Some tenants or potential renters may have allergies to certain animals, which could limit their ability to rent your property if it allows pets.

How to Screen Tenants with Pets

If you’ve decided to allow pets in your rental property, it’s important to have a clear and thorough tenant screening process in place. This will help you find responsible pet owners who are more likely to take care of your property and minimize potential issues.

Some steps you can take include:

• Require pet references: Ask potential tenants for references from past landlords or neighbors regarding their previous pet ownership.
• Set a pet limit: Determine the maximum number of pets you will allow on your property and make sure it aligns with any local regulations.
• Request a pet deposit or fee: Consider requiring an additional deposit or monthly fee for each pet to cover potential damages and additional maintenance costs.
• Include a pet addendum in the lease agreement: Clearly outline the rules and regulations for pets on your property, including any restrictions on breed, size, or weight.
• Meet the pet in person: Consider meeting the pet before approving a tenant to ensure their behavior is suitable for your rental property.

Rental Pet Policy Tips

Having a clear and detailed rental pet policy can help minimize potential issues with tenants and their furry friends. Here are some tips for creating a policy that works for both you and your tenants:

• Discover which furry friends are welcome: Consider the size, breed, and weight restrictions for pets on your property, and vividly outline them in the rental pet policy.
• Outline any additional costs or fees: Include any deposits, monthly fees, or penalties for damages caused by pets in the policy.
• Include rules for pet behavior: Have guidelines in place for proper pet etiquette, such as keeping pets on leashes in common areas or requiring them to be house trained.
• Specify any restrictions on where pets can be kept: Determine if pets are allowed in certain areas of the property and if there are any designated “pet-friendly” zones.

How to Avoid Potential Pet Damages

While allowing pets in your rental property can come with some risks, there are steps you can take to minimize potential damages. Here are some tips for avoiding potential pet-related issues:

• Have a pet inspection: Consider conducting a pet inspection before and after a tenant moves out to document any existing damages.
• Regularly check for damages: Schedule regular inspections to identify any potential damages caused by pets and address them before they become bigger problems.
• Require tenants to have pet insurance: This can help cover any costs related to pet accidents or injuries on your property.
• Have a maintenance plan in place: Create a plan for addressing common pet-related issues such as odors, stains, or damage to flooring or furniture.
• Communicate with tenants: It’s important to stay in touch with your tenants regularly to tackle issues proactively. Don’t hesitate to encourage them to report any damages caused by pets promptly. This way, you can quickly address the problems and ensure their satisfaction.

 Conclusion

Allowing pets in rental properties has its pros and cons. While it can attract more potential renters and create higher property value, it also comes with the risk of property damage and potential legal issues.

However, by implementing a thorough tenant screening process, having a clear rental pet policy, and taking steps to minimize damages, you can successfully allow pets in your rental property while minimizing potential risks. 

So go ahead and welcome those furry friends into your rental property!  Just remember to have proper policies, procedures, and precautions in place to protect both you and your investment.