Should You Allow Pets In Rentals?
As a landlord, owning a rental property comes with a series of responsibilities. Finding reputable tenants that will care for your property can be a process. One of the biggest factors that could make your property a hot commodity on the rental market is allowing pets. If you haven’t considered pet friendly rentals before, continue reading for more information.
Pet Friendly Rentals
Deciding if you should deem your rental property pet-friendly is a big decision. You should understand the logistics of pet deposits, fees, and potential wear and tear on your property.
However, advertising your property as a pet-friendly rental will likely award you with endless rental applications from prospective tenants. Be sure to weigh both pros and cons before advertising your rental property as pet-friendly.
Landlord Advice
If you decide that allowing pets in your rental properties is something you are interested in, you should consider a few things.
Conduct a thorough screening process for prospective tenants. Ask questions such as the following:
- How long has this applicant owned their pet?
- Is their pet housebroken?
- Will their pet be a noise problem or cause reason for concern with behavioral issues?
A few other key aspects to remember as landlord advice include:
- Increased risk of damage
- Pet odors
- Potential neighborhood noise disturbances
Also, it is essential as a landlord that you remember to follow fair housing laws regarding pets. Be sure to request references from prospective tenants.
A pet resume is a brilliant strategy to weed out any undesirable applicants. Ultimately if a person is willing to take the time to collect references and generate a pet resume, they will likely make a star tenant.
Property Management
From a property management perspective, the market for pet-friendly rentals is huge. This will generate additional income opportunities. Your tenants will likely be willing to pay more monthly in rent for the advantage of a pet-friendly home.
It is also important to remember that most long-term renters will likely want to become pet owners. Pet-friendly rentals can be hard to come by for tenants. This will allow you as the landlord to maintain a long-term tenancy.
Approximately 70% of renters are pet owners. Considering the large need for pet-friendly rental properties, the applicant list will drastically decrease if you elect to enforce a no-pet policy.
One way of benefiting from becoming a pet-friendly establishment in property management is to highlight this feature. Consider making pet-friendly rentals a feature on which you can capitalize.
Regardless of which option you choose, there are benefits and disadvantages to becoming a pet-friendly rental. Consider all of your options and determine what target audience you wish to appeal to before throwing up the “For Rent” sign.
Contact Us Today
At eFind agent, finding the perfect real estate agent to assist you with pet-friendly rentals is easy with a simple click of the mouse.
Contact us today. We’re here to help you find your new home.
