For many people, their pets are their children, yet it is increasingly difficult to find places that allow pets in a rental property. As a landlord, one of the decisions you will have to make is whether you should allow pets in your rental. Before you shout out a resolute “no,” there are actually several ways that renting to tenants with pets can benefit you. Don’t believe it? Read on, and become a believer.
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#1 Pet rent, fees, and deposits can more than cover the cost of potential damage.
If your tenant has a pet, you can charge pet rent. Rent per pet can vary anywhere from $10 to $100 a month depending on the size and breed of the animal. In addition to pet rent, landlords are entitled to a non-refundable pet fee as well as a pet deposit. So besides the typical security deposit, you have the pet fee, pet deposit, and pet rent to cover the cost of any damages.
Even if the pets in your rental property do a little damage, you will likely have more than enough money stashed away from all these pet fees to make the repairs. Just be sure to check the laws in your state because some states don’t allow you to use security deposit funds to cover pet damages if you’ve also charged your tenants a pet deposit.
#2 Pet owners are likely to be long-term tenants.
If you’re renting to tenants with pets, chances are that they will prefer a longer tenancy. Why? It’s kind of difficult to find a place that allows pets in a rental property. Once your pet-owning renter settles in, it’s likely that they will want to stay put for a while. For a landlord, that means lowered vacancy rates and fewer expenses that you incur before a new tenant moves in, like cleaning carpets or painting walls.
#3 Being a pet-friendly rental means you’ll have more applicants.
68 percent of Americans own pets, yet it’s not too common to stumble upon a pet-friendly rental. By allowing pets in a rental property, you open up your customer base exponentially. Now, if you’re in a city with a shortage of rental properties, you don’t need more applicants, but if you’re in a small town with lots of rental vacancies, it might behoove you to rent to tenants with pets.
#4 Protect your property from unauthorized pets.
Even if you have a strict no-pet policy, you are bound to have a rebellious tenant or two who bring their pet anyway. By allowing pets in a rental property under certain conditions and guidelines outlined in the lease and pet policy, you reduce the likelihood of unauthorized pets.
By being a pet-friendly rental, you will have the financial safeguards in place (i.e. pet deposit, pet fees, pet rent) to repair any pet-related damages. Furthermore, if a tenant has money on the line (i.e. refundable pet deposit), they are more apt to ensure that their pet does not damage the property. However, if you’re not pet-friendly and a tenant’s unauthorized pet causes damage, you only have the security deposit to work with to make any repairs.
#5 Pet owners tend to be more responsible.
Though not true in all instances, pet owners tend to be more responsible than non-pet owners. I mean, they’ve willingly chosen to take on the responsibility of caring for an animal that can’t fend for itself. With a responsible tenant occupying your property, you probably won’t have to worry about late rent and noise complaints (besides maybe the occasional bark).
#6 Pet owners are happier than non-pet owners.
Everyone likes a happy person, and numerous studies have found that pet owners are happier than non-pet owners. As a landlord, it’s far easier to do business with a happy, laid back, friendly person than an angry, anxious, and nervous grump. Happy people are happy tenants, and happy tenants make for a happy landlord.
Many landlords are skeptical about allowing pets in a rental property, and the skepticism is totally understandable. Pets can damage your rental property. Sometimes they smell, and even the friendliest pup barks on occasion. Nevertheless, from a business standpoint, becoming a pet-friendly rental might be a wise move for many landlords. Think it over.
Author’s Bio:
Darlene Mase lives in Newnan, Georgia with her husband and daughter. She is a stay-at-home mom and works as a freelance writer for Zumper.com and other popular sites. During her free time, Darlene enjoys traveling, hiking, camping, cycling, gardening, caving, kayaking, or anything else outdoors.
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