Renting to tenants with pets can provide a range of benefits for the landlord. That said, landlords should ensure they’re prepared for this type of tenancy by familiarizing themselves with pet-related laws and regulations.
Additionally, landlords should consider implementing a pet policy that outlines the responsibilities of the tenant to ensure the property is taken care of. Overall, renting to tenants with pets can benefit all involved when appropriately managed.
This article offers facts to take into account when determining whether to allow renters with pets in your rental property.
5 Benefits of Being a Pet-Friendly Rental
Renting to tenants with pets can offer a range of benefits for the renter and landlord. Let’s have look at 5 reasons why you should allow tenants with pets on your property:
1. Pet Owners Tend to Stay Long-Term
Pet owners tend to stay longer in a rental unit since they have already established their pet's comfort and routine in the community. This is, therefore, beneficial for landlords who are looking for long-term tenants as it reduces vacancy and turnover rates for landlords.
Renting to tenants with pets can help secure consistent rental income over time. It also gives you a chance to build a long-term relationship with your tenants while saving time and money on screening new candidates.
2. Generate More Interest from Prospects
Rentals that accommodate pets often generate more interest from prospects as fewer pet-friendly rental units are available in the market. Allowing pets in your rental unit can make filling vacancies easier than having a no-pet policy.
3. Protect Your Property with A Pet Deposit
Landlords can protect their property by charging a pet deposit or fee to compensate for additional wear and tear associated with pets. This can also provide you with an opportunity to gain more income.
4. Attract More Responsible Renters
Pets can also be beneficial in helping landlords find more responsible tenants. Pet owners tend to take better care of their rental units, as they have an added incentive to do so.
By requiring a pet deposit or implementing additional rules such as prohibiting certain breeds, you can be sure that pet owners follow responsible rental practices and take care of your property. These regulations can also give you peace of mind that the tenant will be held accountable for any potential damages caused by their pet.
Pet-friendly rental units provide tenants and their pets with a safe place to live while giving landlords better security with long-term leases. Renting to tenants with pets can provide an excellent opportunity for landlords to maximize revenue and find reliable tenants.
5. Happier Tenants
Tenants with pets are happier and more content (https://www.sunpro.realty/keep-tenants-happy), leading to lower stress levels for everyone on the property. Ultimately, pet-friendly rentals tend to be a win-win situation for landlords and tenants.
Risks of Having a Pet-Friendly Rental
Before making such a decision, one must understand the risks associated with having a pet-friendly rental property. Landlords should set clear rules, regulations, and pet screening procedures for pet owners to follow to protect other tenants and the property from unexpected issues. Consider the following issues:
Property Damage
You should be aware of the risks associated with allowing pets in your rental property. Pets can cause damage to carpets and walls, as well as chew on furniture or drapery. In some cases, pet owners may not have the means to pay for repairs due to damages caused by their pets. This is why it’s good to have a pet deposit in place to serve as an added financial cushion.
Potential Disputes with Neighbours
Pets can also create disturbances in your neighborhood. Barking dogs or cats meowing late at night will disrupt the peace of other tenants or neighbors resulting in an increase in noise complaints.
Risk of Injuries
You may be held liable for any injuries sustained if a pet causes a tenant to trip or fall. You should always ensure that your tenants take the necessary precautions to keep their pets under control and away from areas where they may cause harm to others.
Pet Odors
Pets can also leave behind unpleasant odors. You should be aware of this and take the proper steps to remedy the issue if it arises.
Other Important Things to Remember
There are several other things landlords should take into account when deciding whether or not to rent to tenants with pets.
Insurance Reporting
In addition to familiarizing themselves with the Fair Housing laws, landlords should review their insurance coverage for any potential accidents or damages a tenant's pet may cause. This is especially important if you have breed restrictions. It's also advisable to have tenants sign a pet agreement outlining rules and penalties around having a pet on the premises.
The Fair Housing Laws
When renting to tenants with pets, it's important to remember that the Fair Housing Act prohibits discrimination based on disabilities. This means landlords may not deny or restrict housing for tenants who own service animals and emotional support animals, even if there is a no-pet policy.
Pet Policy in A Leasing Agreement
Finally, attaching your pet policy to the leasing agreement is essential when renting to tenants with pets. This will ensure an understanding of responsibilities between both parties should any damage or injuries occur. All pet policies should be clear, concise, and in compliance with the Fair Housing Laws.
Bottom Line
You may hesitate to allow tenants with pets into your property. However, there are many benefits to doing so. Pet owners tend to stay long-term and protect the property with a pet deposit. Fewer rental vacancies, happier tenants, and responsible renters are all additional reasons you should consider renting to tenants with pets.
If you would like help managing your rentals, consider partnering with the experts at Sun-Pro Realty & Management. Contact us today to learn about our property management services!