Have you ever owned a pet? If you have, then you may understand why pets are so important to their owners. It's almost unimaginable to convince a pet owner to give up on their four-legged family member.
However, as a property owner, you may have heard that renting to tenants with pets poses some risks.
In today's article, we'll go over the pros and cons of allowing pets into your rental property. Knowing this will help you weigh your options on whether you should accept tenants with pets, or whether you should deny them.
Pros of Renting to Tenants with Pets
1. You'll have a large pool of prospective tenants to work with.
Did you know that, according to the National Pet Owners Survey, about 70% of U.S households own a pet?
This means that the majority of tenants are pet owners. By allowing pets in your rental, you'll effectively be making your rental property desirable to a large prospective tenant group.
This means you'll have an easier time renting out your property quickly.
2. You may be able to attract a quality tenant.
When you attract a large prospective tenant group, you'll have lots of prospects to choose from. And through your tenant screening criteria, you may be able to find your dream tenant.
3. Pet owners are likely to rent long-term.
Pet owners tend to have a hard time finding properties that will accept their furry friends.
For this reason, when pet owners find a rental that accepts them, they don't usually move. This means they will continue to renew their lease and become long-term tenants. This is great news for you!
4. Pet owners are typically more responsible.
Making a decision to care for a pet isn't easy. Pet owners have many responsibilities, such as feeding their pets, taking them for a walk and keeping them clean.
Therefore, generally, pet owners tend to be responsible and trustworthy individuals. As a landlord, these are traits you want in a tenant.
5. Majority of pet owners don't have a problem paying higher rents.
In many instances, a tenant with a pet will agree to pay more rent than one without a pet - and understandably so. Only a fraction of landlords accept pets. The limited options force a pet owner to pay more than the typical tenant would.
It is also not uncommon for landlords to charge other fees, as well, such as pet deposits, pet rents, and pet fees.
6. Tenants with pets tend to be happier.
Pets provide some emotional therapy and stress relief to those they live with. And, as a landlord, you want a tenant who is happy.
A happy tenant is more likely to take good care of your property, and is more likely to respect you and foster a good landlord-tenant relationship.
Cons of Renting to Tenants with Pets
1. There is heightened risk of rental damage.
Allowing pets into your rental property poses some potential risk of property damage. Pets can cause all kinds of damage, such as chewing on wood, peeing on carpets and damaging the drywall and subfloors.
2. Renters with pets are more likely to cause noise disruptions.
No matter how mature and caring a tenant is, and no matter how innocent or well-behaved their four-legged friends can be, problems will still occur.
A dog, for instance, may bark at all hours of the day and night – and that can cause many problems with neighboring tenants.
3. Allergens will get into carpets and air ducts.
Allergens can get stuck in carpets and air ducts. This can cause allergic reactions to occur in the future.
This means that, even if your current tenant isn't allergic to pets, any future tenants who have allergies to pets can be at risk of an allergic reaction.
Consequently, they may choose to move out of your rental for health reasons.
Now that you know the pros and cons of allowing pets into your rental property, it's up to you to decide if you would like to accept them!
As an overview, here are the advantages of renting to tenants with pets:
- Large pool of prospective tenants
- Good chance of finding a quality tenant
- Long-term renters
- Responsible and happier tenants
- Increased income
As an overview, here are the disadvantages of renting to tenants with pets:
- Increased risk of property damage
- Chance of noise complaints
- Risk of allergic reactions for future tenants
Also note that, if you choose to rent to pet-owners, there are ways of mitigating the risks, such as charging pet fees and having a pet policy.
If you're looking for more information or want help managing your rental property, feel free to contact TE Johnson & Sons today!