Pets in a rental property can be a hotly debated topic among landlords. With 87 million households in the US having at least one pet, the demand for pet-friendly rental options is high. But is allowing pets worth the potential risks and added responsibilities?
Follow along as we explore the pros and cons of implementing a pet policy at your rental property.
The Pros of Pets in a Rental Property
As mentioned, at least 87 million households in the US own at least one pet. So, having pets in a rental property can be great if you struggle to attract consistent, long-term tenants.
One benefit of allowing your tenants to have furry friends is that pet-friendly properties are in high demand, so you'll have more potential tenants to choose from.
Additionally, tenants with pets are more likely to stay in a property longer, which means less turnover and consistent rental income for you. In most cases, pet owners are also willing to pay more for rent to ensure their pets are allowed in the rental property.
And finally, pet owners tend to be responsible renters who take care of their belongings and the property they're living in.
Overall, the benefits are usually worth it if you're willing to take on the responsibility of allowing pets in your rental property.
The Cons of Pets in a Rental Property
While allowing pets in rental properties can be a good idea, there are some cons to consider. Here are a few reasons why landlords may hesitate to welcome furry friends:
- Pets can scratch floors, chew furniture, or leave stains that may require costly repairs
- Dogs can bark excessively, disturb neighbors, and make tenants unhappy
- Landlords can face legal action if pets injure tenants or visitors on the property
- Pets can bring fleas, ticks, and other pests that may invade the rented space and harm the next tenants
While not ideal, the best way to prevent these issues from occurring in the first place is to implement a strong pet policy.
Tips for Implementing a Pet Policy
So, you've decided to allow pets in your rental property? Great! Here is some great landlord advice to make sure everyone has a paw-some experience.
Pet Deposits and Rent
Consider charging a pet deposit or additional pet rent. This will help cover any damages that the pet may cause. Be sure to clearly communicate these fees to tenants before they sign the lease.
Pet Screening
Screen potential tenants' pets or implement restrictions regarding certain breeds or pets over a certain weight limit. You can do this as part of routine tenant screening.
Ask for vaccination records and information about the pet's behavior. This will help you identify any pets that may not be a good fit for your property.
Pet Rules
Establish clear rules for pet owners. For example, require dogs to be on a leash or limit the number of pets allowed per unit. Then, ensure these rules are included in the lease and are enforced consistently.
Get Tenant Management Services
Ultimately, it's up to you to decide if allowing pets in a rental property is a good decision.
If you do decide to allow pets, contact PMI Denver West today for professional and hassle-free pet-friendly rental property management services.
