As a landlord, you may be hesitant to rent to tenants with pets due to the wear and tear that they can cause on your property. However, tenants with pets are not only easier to rent to, but they also provide you with many benefits that non-pet owners do not.
By renting to tenants with pets, you'll be able to see higher occupancy rates and increased revenue for your rental property. Take a look at the following reasons why you should rent to tenants with pets today!
Reasons You Should Rent to Pet Owners
When tenants tell you they have pets, your instinct might be to immediately disqualify them as tenants. But you shouldn’t, in fact, there are many benefits to renting to tenants with pets. You should consider the following:
Larger Tenant Pool to Choose From
Many tenants who have pets are more willing to rent your house if you allow pets in your rental. A large number of potential tenants own pets. You’ll have a bigger pool of renters from which to choose, so you have more choice when filling your vacancies.
More Financially Stable Tenants
Research shows that pet owners are typically more financially stable than non-pet owners. This is because people with better financial health can afford to own a pet. Therefore, a tenant who has owned a pet for a few years is likely to be able to pay their rent on time and that's precisely what you want from your tenants.
Preference for Longer Leases
While some landlords may be apprehensive about tenants who own pets, you'll find that these tenants often prefer a longer lease than those without pets. This is because tenants who have pets are simply unwilling to risk being forced into finding a pet-friendly rental all over again. They also don’t want to disrupt their pet's surroundings.
Pet owners are generally more responsible than non-pet owners. It comes in handy when you have tenants that pay their rent on time and take care of your property. The chances of a pet owner failing to pay rent or breaking an agreement are much lower because they want to stay in good standing with a pet-friendly landlord.
Willingness to Pay Higher Rent
Though pets can be a nuisance for landlords, renting to pet owners is more lucrative than most people realize. Pet owners are willing to pay more for a rental home as it's difficult to find rentals with a good pet policy.
So, once pet owners find such a rental, they offer more deposits and rent to the landlords to get the tenancy. That means increased monthly revenue for the landlords.
Fewer Chances of Keeping Pets Secretly
Many pet owners are so in love with their pets that they can’t live without them. They might try sneaking them into your premises if you don’t allow pets. By offering animal-friendly rentals, you prevent renters from hiding their pets.
Moreover, you can implement some pet rules and regulations in advance if you know there are pets on the property.
Some Disadvantages of Renting to Pet Owners
While there are certainly many benefits to renting to tenants with pets, consider these downsides and how they could impact your rental property in the long run:
- Pets ruin carpets and walls, adding another layer of cost for landlords who have to keep up their properties.
- Some pets can make just about everything in your home smell like them. It would be hard to get rid of pet odors from the carpet. Even worse, pet hair is very hard to get off soft surfaces, meaning deep cleaning costs will increase.
- Your tenant's pet can destroy the neighbor's property or bite another person. Also, they can be noisy and disrupt the neighborhood's peace.
How to Decrease Risk When Renting to Pet Owners
Renting out your property to pet owners can be exciting, but it can also lead to issues if you’re not careful about how you screen them and their animals.
Here are some ways to decrease the risk of renting to pet owners:
Follow Fair Housing Law
When accepting tenants, it's crucial to follow Fair Housing laws regarding pets. Make sure your lease doesn't discriminate against potential renters because they have a disability or need assistance animals. Remember that service animals are not classified as pets.
Clearly State Your Expectations
A short clause in the lease agreement stating your expectations can set up parameters for both you and your renter to make everyone happy. It will also give you a reason to end a lease if the pet owner doesn't comply.
Ask for a Pet Resume and References
Consider requiring that prospective renters fill out a pet resume just as you might request information about rental history from would-be tenants. Asking for details about family pets can give insight into the animal's behavior and how responsible the owners are.
Charge an Increased Security Deposit
If you’re worried about pets causing damage to your property, one solution is to charge an increased security deposit and refuse its return at move-out if there is damage to the property. Before increasing the amount for the security deposit be sure to follow the state's laws.
Renting to tenants with pets may seem like more trouble than it's worth, but it can be a great way to make some extra money and secure tenants who are likely to stay put for the long haul. So, don’t lose out on business with your ‘no pet’ policy!
If you would like help managing your properties, screening tenants, and drafting a lease agreement contact the experts at Taylor Street Property Management. Our team will gladly answer any questions you may have!