Pets are said to provide many health benefits to their owners and family members. They promote a more active lifestyle since you have to regularly walk or play with them. Having a friendly animal in the house also reduces overall stress.
Whether or not to allow pets in a rental property is something to consider as a landlord. Allowing pets means opening up your property to all kinds of potential damage and smells. However, renters with pets may be happier overall and prove themselves to be better tenants in the long run.
Here are some of the pros and cons of allowing your renters to have pets.
Pros of Pets in a Rental Property
Why would you let a renter bring a pet into your rental property?
First of all, most landlords charge extra for pets. This is usually tacked on as an additional "pet fee", just in case it causes any kind of damage that needs to be repaired later on.
Secondly, pet owners often rent for longer periods of time. It's more difficult for them to relocate with an animal, so you can expect them to renew their lease.
Finally, allowing pets means opening up your tenant pool. It's never a bad thing to give yourself more options.
Cons of Pets in a Rental Property
The biggest issue with pets on your property is that they tend to leave their mark. Dogs like to dig up holes, chew up furniture, and can leave all kinds of odors throughout the apartment or house. Not every pet owner is responsible, so it's possible that they leave you with a lot of due repairs.
In addition, pet hair can get everywhere. It's not uncommon to find dander and such in your air vents, underneath furnishings, and along windowsills.
If you're not a fan of pets, then you may want to write specific rules in your landlord-tenant agreement. You can also choose to allow only certain pets such as turtles, fish, or reptiles.
Any landlord that wants to take advantage of tenants with pets should add the cost of potential repairs to their security deposit. This deposit is meant to protect you against unruly tenants who leave you with damages or unpaid rent. It can similarly be applied to any issues caused by their pets.
Always make sure to screen tenants with pets and get some references. It could be that they had issues with their last landlord that you should know about. Their pet may have also caused problems that went unresolved.
Accepting Your New Furry Tenants
Pets in a rental property don't have to be a non-starter. You can allow residents to bring in their furry family members as long as they agree to pay for any damages or cleaning services themselves. They can save money by being a responsible owner, and you don't have to worry about cleaning up after them.
Residential Equity Management can help you with your investment properties and handling tenant needs. Contact us to learn more about our services and homes for rent in your area.