If you’ve noticed the presence of pets everywhere, you know that pet ownership has risen in popularity. A lot of Americans own pets and spend billions of dollars on them each year, topping lists worldwide.
If you choose to avoid leasing to renters with pets, you can lose out on earning a higher income, landing long-term renters, and finding high-quality prospective tenants! However, before you open your doors to tenants with pets, first consider the benefits and manage any risks with contingency plans.
The Popularity of Owning Pets
It looks like the trend of pet ownership isn’t going away anytime soon. As a landlord, this offers you a great opportunity to serve this market.
This article will discuss the advantages and risks of welcoming tenants with pets to your rental.
Benefits of Renting to Pet Owners
You can collect pet rent, fees and deposits from pet owners. Tenants see the logic in paying additional fees and have disposable income to meet the additional payment requirements. Thus, a landlord can generate a higher income by allowing pet owners to occupy their rentals. Before you add any fees to your lease agreement, make sure they align with current state laws.
Land Happy Tenants
When your rental feels like home, tenants will be glad to stay for the long term!
Find More Potential Tenants
Not all rental spaces are open to tenants with pets. Allowing pets in your unit leads to gaining more prospective tenants, giving you more candidates to choose from. It also makes your rental unit more attractive, so it’s easier to advertise your property. Pet ownership, being continuously popular, provides you with a larger market!
End up With Long-Term Tenants
Since pet-friendly rentals can take time to find, tenants with pets stay longer in rentals that welcome them. Knowing that pets like being in familiar places, renters are wary of moving from one rental to another frequently. Having tenants that stay for the long haul greatly benefits landlords in gaining steady rental earnings.
Gain Responsible Renters
It takes a full-time commitment to own pets since they have to schedule feeding and vet visits. Having a tenant with a pet shows that the renter can manage responsibility. They’re also used to performing routine duties and balancing commitments.
Risks Faced by Pet-Friendly Rentals
Like all things, welcoming pets also means being exposed to some risks. But, there are ways to mitigate them! Here are situations you may face when dealing with renters who own pets.
Damage can occur when pets are around. They may chew up furnishings, pee on the carpet or scratch the floors and wooden furniture. You must be prepared to handle this scenario, especially with more playful puppies.
Animals can create a variety of noises, from barking dogs and screeching cats to squawking birds.
These noises can lead to complaints from your neighbors. If you own an apartment complex, you may have to manage increased complaints from tenants if there is a loud pet in the building.
If owners don’t properly train their pets, there is a risk their pets may lash out at people or other animals. Running a thorough pet screening can let you avoid this issue.
Pets can be associated with unpleasant odors, so pet owners must clean up after them. If your rental unit has common areas, some renters may find an issue with smells caused by pets. Maintain these areas regularly to avoid receiving complaints.
Adhering to Fair Housing Laws
Even if you have no plans to rent to tenants with pets, Fair Housing Laws still mandate that people with disabilities can have a service animal. As a landlord, you can’t reject these renters and their service animals regardless of whether you prefer not to have pets in your rental home.
Checking Your Insurance Coverage
If you plan to open your rental to pet owners, look at your insurance policy’s liability coverage. Knowing the limitations beforehand allows you to determine and prepare your finances in case pets’ injuries occur.
Know what strict policies insurance firms have over pet breeds. If you’re unaware, you can be liable for high medical costs if injuries caused by pets happen in your rental home.
Including a Pet Policy in a Lease
Create a clear and specific rental agreement, especially concerning pets. You can consider adding a pet addendum that gives a clear policy on welcoming pets or not. Include any fees or consequences, so the renters know what will happen should they violate the lease.
Pet ownership is a trend that’s not waning anytime soon, so you can maximize your rental income and maintain good landlord-tenant relationships by renting to responsible pet owners!
Are you looking for a trusted property management company to oversee your rental unit and provide more effective services and efficient systems? If yes, contact SCUDO Real Estate & Property Management today!