Pet Friendly Rentals, Pros and Cons

Some landlords are dead set against allowing pets in their rentals. 

They don’t want the hassle of extra cleaning or repairs that may be needed as a result. While these are real Issues to keep In mind, there are plenty of benefits to allowing your tenants to move in with their pet. If you’ve been teetering over whether to make all or some of your properties pet-friendly, take a look at why it may be in your best interests.

Advantages:

1. Allowing pets increases your pool of prospective tenants. A significant portion of renters are pet owners, and yet, not all properties are pet-friendly.With limited options available to them, you increase your chances of snagging long-term tenants. Even if it’s not the perfect home for them, being able to live with their four-legged friend will make all the difference.


2. Many pet owners tend to be more responsible tenants. To the landlord, that means they are usually more honest, respectful, and they take better care of the property.

3. You can charge higher rents. Beyond the security deposit, you can charge a non-refundable pet fee and/or add a premium to the monthly rent to cover additional expenses.


4. Tenants who own pets are more apt to have higher incomes. Pets aren’t cheap, heck, they can be downright expensive. Translation: pet owners have steadier jobs with better pay, and you’re less likely to have to chase them down for rent every month.

5. Tenants will be more inclined to renew their lease. Since many properties have a no-pet policy, moving and finding another place is more complicated. Once they’ve settled in, they are less likely to move.

4. Pet owners are often happier people in general; happy tenants make for a happy landlord.

Disadvantages:

1. Animal make messes, scratch flooring, and chew or increase wear to carpeting, luckily, these are all things you can charge for. Accidents happen, issues that only require a bucket of water or a pooper scooper should be the least of your problems.

2. Animals can be noisy. This is more an issue in multi-unit housing, but you need to be sensitive to how it affects your other tenants.


3. You’ll need to do an extra deep clean between tenants. However, you could include a clause in your lease that would require the tenant to pay for a professional cleaning service.

4. Not all pet owners should be pet owners. Hopefully, your screening will filter these types of tenants out, but some may still slip through and their pets seriously damage your property. 

As a property owner, you have the right to set pet policies on your property. One way to mitigate your concerns is to use a pet-screening service. Professional pet screeners use tools and variables to evaluate not only the animal but the pet owner as well. Much like a credit score, you’re are given access to the report which provides some sort of “doggie score.” Based on that information, you’re able to make a better determination of whether to allow their pet. The fees associated with screening fall on the applicant, not the landlord. The tenant owns the report and can present it to future landlords.

If you’re still hesitant on whether you should allow pets on your property, you should thoroughly think it through. Sure there are some inconveniences associated with pets, mostly a bit of extra cleaning, but the advantages far outweigh the negatives. Forcing a potential tenant to choose between their pet and your property, no matter how awesome, is an effort in futility -- you will lose the renters nearly 100% of the time. As competitive as the rental market can be, don’t make the mistake of shunning a whole segment of potential tenants. Before making a final decision, take into account the type of property and its location and whether on or not you could benefit from offering pet-friendly properties.