With the growing population of tenants with pets, you may consider becoming a pet-friendly rental space. Before making a final decision, it is advisable to look at both the advantages and risks of the matter.
Once you commit to the idea of accommodating pet owners, you need to craft a pet policy and include it in your lease agreement.
Advantages of Being a Pet-Friendly Rental
Some landlords may shut down the idea of extra tasks associated with welcoming pets in a rental unit, however, there can be many upsides related to opening your rental to tenants with pets. See below why it is beneficial to accept pet owners on your property:
1. Gain More Income
Since tenants with pets focus on their pets’ well-being, they are open to paying extra when traveling or taking their pets along. This also applies to rentals. Pet owners are usually willing to shoulder the additional pet deposits, pet fees, or pet rent as long as their pets are allowed to move in with them.
As a landlord, this is a window of opportunity for you to earn more income by allowing pet owners to reside in your rental unit. Just make sure that the fees you are charging align with the conditions set under your state laws.
2. Make Tenants Happy
Given the happiness pets bring to their owners, you want to capitalize on this by welcoming pets to your property. Happy tenants can be easy to handle and can also become long-term renters, which will reduce vacancies and the risks that come with empty rentals.
3. Widen Your Pool of Potential Renters
Rising numbers of pet owners led to a demand to accommodate the needs of pet owners. It is best to take advantage of this opportunity to grow the market you are serving. The more renters with pets you can attract, the more chances to find the best resident.
4. Attract Long-Term Tenants
Not all rental owners are open to accommodating tenants with pets, which is an opportunity to tap into this market. Pet owners in general want to limit hopping from one rental place to another since pets will often prefer to be living in familiar places.
If you draw a pet owner seeking to stay for the long haul, you can count on having stable earnings for a long time.
5. Select Responsible Renters
Having pets requires responsible owners since you need to feed them, and arrange time for vet visits and fitness.
Pet owners are used to following schedules and complying with rules to accommodate their pets, so it is reasonable to assume that they are likely to abide by the property policies, including the pet agreement.
6. Set a Higher Rental Price
When you allow pets to live in your rental, it is also likely for damage to happen so you can assign a higher rental fee or rent to tenants with pets. Many landlords do this and this is accepted given the risks exposure of welcoming pets. Pet owners are also willing to pay extra for this.
Before writing down the additional pet fees in your lease, research the current local and state rental laws to make sure that you are legally compliant.
Risks Landlords Encounter When Welcoming Pets
While renting to tenants with pets can be beneficial, it is important to also consider the associated risks of allowing tenants with pets on your rental property. That said, landlords can still mitigate the risks with the right solutions in place.
Some of the situations you will navigate in a pet-friendly rental unit are:
1. Property Damage
Some pets can lack discipline and cause damage to furniture by chewing, scratching, or breaking them. This can increase damage in your rental and may require repairs or replacement.
2. Noise Disturbances
Pets can also become a noise nuisance from endless barking, howling, or screeching. You are bound to receive tenant complaints when this occurs. You can avoid this through soundproof walls and accepting only tenants with disciplined pets.
3. Incidents Leading to Injuries
Some animals can become aggressive in certain situations, either by reacting to new people or other animals. This can result in injuries and landlords must prepare themselves ahead of this by requiring pet owners to have their pets undergo training for better control.
You should also check the coverage of your insurance policy to limit absorbing medical costs in case injuries happen.
Comply With Fair Housing Laws
Some landlords may think they can avoid animals entering their rental spaces, however, under the Fair Housing Act, you cannot discriminate against people with disabilities.
Disabled tenants can bring in service animals that can assist them in their daily routines. These animals are not considered pets.
Check Your Insurance Policy
When turning your rental unit into a pet-friendly accommodation, we recommend reviewing your liability coverage to learn about the level of protection you get from your insurance provider.
It is best to be prepared ahead of time and know what incidents are covered and not covered, especially when a pet-related injury takes place in your vicinity. Read through the fine print and see if they also set rules over pet breed. Otherwise, you can end up paying hefty out-of-pocket medical costs.
Include a Pet Addendum in the Lease
Your pet policy must be specific and clear to avoid confusion among tenants with pets. Make sure that you include pet policies in your lease to reduce potential conflicts. Renters should also know what consequences or penalties they will face when they break a rule.
Bottom Line
Allowing tenants with pets in your rental unit both have benefits and risks but if you mitigate the risks, you can enjoy the upsides that a pet-friendly rental brings. Most important of all, you can bring in more earnings from your property investment if you serve this market.
Are you seeking a trusted property manager to guide you in welcoming pets to your property and provide excellent property management services? If yes, contact Reside Rentals today! We have the experience and expertise to help you in all matters related to property management.