Pets and rentals: Should you allow them?
Pets are not always welcome on rental properties for many reasons. However, some property owners have no issues with pets living in rentals. As a property owner, you might have a hard time deciding whether or not you should allow pets in your real estate. It takes time and consideration to define your policies.
On one hand, pets may end up damaging your renovations and furniture, and not every tenant can be trusted to take care of everything. On the other hand, allowing pets can increase the demand on your property and you could even raise the property value.
Some several advantages and disadvantages that come with your choices. So which way should you go? The best way to determine the right choice is by weighing your options and going over the factors that could affect your decision.
Is Your Property Fit For Pets?
Firstly, you need to decide if your property could even handle the pets. Some homes are not designed for dogs and cats. If your furniture is too delicate and if your home does not have a backyard, it would be unwise to let a pet owner rent it.
The Cons of Allowing Pets on Your Rental Property
Some issues could arise when you allow pets on your rental properties, and although you could work through these problems, you would be putting your investment at risk.
1. Property Damage
Pets cause a lot of damage to your property if they are not properly trained. Although your tenant might state otherwise, pets might not be well-trained and could be dangerous. When you allow a tenant to move in with a pet you are taking a risk by trusting them with your possessions.
Pets often chew on the furniture, leave scratches on the flooring, and can also leave an unpleasant scent in the house if the owner is careless. Even if your property comes with a backyard, pets tend to dig holes and damage the landscaping.
As a homeowner, you have to uphold a reputation among the neighbors. Your investment is a source of income and it should not become a menace. If your neighbors are bothered by the noise that your tenants’ pets will make, you would have to face a lot of issues. Neighbors could vote to start a lawsuit against you and you might have to go through a lot of paperwork to evict the current tenants.
3. Unpleasant Scent
As mentioned above, pets can leave a lot of unpleasant odors on a property if the tenant doesn’t take good care of them. This scent could root in the walls or if it’s outside, it could bother the neighbors. If the latter does happen, you would have to go through the same issues as you would with the noise.
When there is an unpleasant scent stuck in the walls of your home, its resale value will drop and you won’t be able to rent it out at a high price either.
You don’t have a guarantee that the tenants take care of their pets well. If the pets are not trained well, they could cause harm to the neighbors. When pets are left unattended, they might scratch or bite neighbors, and children, they could scratch cars, or damage others’ properties.
The Pros of Allowing Pets on Your Rental Property
Although many problems follow allowing pets on your rental property, some business-related advantages could give you an upper hand on the market.
1. Higher Income
You can increase your property value by allowing pets on the property. Most of the property managers have a no-pet policy, so it’s hard for tenants to find properties where they can move with their pets. This factor allows you to increase the rent price for your rental. By allowing pets on your property you would be standing out of the competition.
2. Long-Term Leases
Pet owners are more likely to renew a lease. When a tenant wants to adopt an animal, but they are not allowed to have one on a rental property, they will try to get out of the lease quickly and move to a new home. However, when a tenant feels at home with their four-legged friends, it’s more likely that they will stay longer on the property.
3. Responsible Tenants
Pet owners are more likely to be responsible residents. Taking care of an animal has taught pet owners to be better caregivers. Although it’s a risk, the chances are higher that the pet-owning tenants will take care of the property better than a tenant without one.
4. More Applicants
By allowing pets on your property you are opening up an opportunity for a large number of applicants. Nearly 70% of homeowners own a pet in the US, therefore, you have a bigger pool of applicants to choose from. The demand on your property will increase by allowing pets.
Allowing pets on your property might give you bigger opportunities for your business, but it’s also a gamble. You might be able to increase the rent price for now, but the property damage could increase your expenses as well if the pet owners are reckless. On the other hand, if the pet owner tenants turn out to be responsible and caring, you could only have to face the benefits of allowing pets on your property. It’s up to you to decide if the risk is worth taking.
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