The thought of allowing pets in your property may bring a sense of dread. But don’t make any rash decisions. There are two sides to every coin, and although pets may bring their challenges, there are also benefits to allowing tenants to have pets.
We’ve outlined the pros and cons below so that you can make a wise, informed choice:
Welcoming pets into your rental property has more perks than most property owners usually realize. Here are some of the benefits of allowing pets:
– Tenant Pool is Larger
The great thing about allowing tenants to bring their pets along is that it widens your tenant pool. You are able to offer your property not only to potential tenants without pets, but also to those who do have pets.
– Higher Rent
Depending on the neighborhood and how many rentals are available, you may be able to command a higher rental price. Why? If most other landlords don’t allow pets, your pet-friendly property may be in high demand. This additional income may help you take care of some of the cons of allowing pets in your rental property.
– Avoid an Unpleasant Surprise
While most tenants are honest and responsible, there may be the occasional tenant who will try to get past the rules. Tenants may try to sneak in a pet if you won’t allow it, creating an unpleasant situation. If you allow pets, your tenants can be honest about which pets they own and you can prepare to manage potential issues.
By allowing pets in your rental property, you can expect some challenges. While all of these potential problems can be solved, it may take some additional effort and investment on your part.
Pets may cause damages to your property. Whether it’s by chewing up and scratching doors or having accidents on the carpets, this unpleasant side of pets is the reality. In most cases repairs for these sorts of issues can be sorted out with a deposit or special pet deposit.
If one of the pets on your property should bite another tenant or neighbor, you, as the property owner, may be held accountable. While your insurance may cover any damages, be sure to check your policy first. Some policies won’t cover what are considered to be aggressive dog breeds such as pit bulls. You may also consider requiring that your renters purchase renter’s insurance.
– Neighbors disturbed
Barking, mewing or squawking, pets make additional noise that may disturb other tenants or neighbors that live close-by.
Even if you decide to go the “no pets” route, there are some circumstances that may require you to accept a pet. You may need to grant an exception for pets that serve as assistants and aids for those with disabilities. This is based on laws put in place to ensure that you’re not discriminating against your tenant or potential tenant. If in doubt, check with a lawyer.
This tricky decision is an important one to make. Once you do, you’ll have some additional work to do to make sure that you have everything in place to protect yourself and your property. Whether you decide to allow pets or not, you need to make this clear in all contracts signed by tenants. Alternatively, the course of action for what happens if pets are kept on the property when they are not allowed can be explained.
A Creative Property Management is happy to help you with your rental property’s management. Give us a call at (714) 842-8080 today!