by Justin Cory
on Wednesday, November 24th, 2021 at 1:17pm.
Pet owners adore their pets and offer them the same care and love that they would a family member. These owners will be seeking to rent a unit in your investment property. As the landlord, it's natural that you might feel a bit skeptical about it, considering the potential for property damage caused by the furry friends.
Do you rent your property to a tenant with a pet? Are there any benefits to such a scenario? This post will cover the benefits of renting to pet owners and provide advice on how to mitigate damages.
The ‘Pets’ Issue
Having pets on a property increases the risk of damage to the property. Pets can scratch up your beautiful wooden floor or leave stains and smell on your carpet. Your curtains and blinds might also be in danger of being chewed or scratched up. In addition to the risk of damages, there is also the issue of noise like barking and allergens being left in the air.
Despite these risks, there are positives to renting to people how own pets. Let’s break down the benefits and drawbacks before making any final decisions.
The Pros of Having Tenants with Pets
Most landlords would argue that there are no benefits to having tenants with pets. However, this isn't the case. The benefits compiled below might change your stand on ‘tenants with pets’ once and for all.
Larger Tenant Pool to Choose From
The number of locals who own pets is significantly high. By setting a ‘no pets’ policy on your property, you are chasing away a considerable percentage of potential renters. By being more flexible on the issue, you can select from a larger pool of prospective tenants. You’ll be making your property more competitive on the market as well.
Because many landlords are hesitant to rent to people with pets, pet owners have very few options when it comes to available rentals in an area. When they qualify to live in a space, they tend to commit to the space long-term. What’s more, most pet owners tend to renew their lease upon expiry because they don't want to move around too much and disrupt their pet's routine.
A stable flow of income is crucial to the viability of your investment in real estate. And for that, you need to have long-term tenants in your rentals. If you rent to a pet owner, you have a strong chance of seeing them renew their lease.
Tenants with Pets are More Responsible
The four-legged creatures often need constant attention and affection. As a rule, the pet owner needs to be responsible and dependable in order to care for their animals. As such, you can rely on a responsible and dependable tenant to take care of their animal and also of your property.
These are also all the attributes of a long-term and quality tenant.
Pet Owners Tend to have Higher Earnings
According to recent statistics, pet owners tend to earn more than people without pets. This could be because having a pet is a major financial commitment. They must be fed, cared for, and taken to the veterinarian all of which come if a hefty price tag. In order to be able to afford to have a pet in the first place, you need to be more financially stable and responsible.
As a landlord, you are concerned about the flow of rental income to your property. If you know you’re renting to someone how has a stable income and is responsible then you’ll feel more at ease.
Willing to Pay Higher Rent
Pet owners are not oblivious to the higher risk that property owners take on when they lease space to them. That’s why they are more willing and ready to pay higher rent. In some cases, landlords will set a pet rent or pet security deposit, depending on which model they see fit for their property. This provides the owner will added protection in the event of property damage.
The Drawbacks of Having Tenants with Pets
Mentioned briefly above, there was the issue of pet damage. With pets on the property, the rate of wear and tear on your rental property increases significantly.
Allergens can get trapped in carpets, curtains, and air ducts. The issue with allergens is their longevity. They have a habit of sticking to the surface for a long time. You might need to call upon the services of a professional cleaning company to remove the allergens from your space once the tenant moves out.
From what has been mentioned above, you can agree that there are certain benefits that you can enjoy by leasing space to tenants with pets. However, this comes with its own set of risks and challenges.
You can try implementing the following measures to protect your real estate investment should you choose to rent to people with pets:
Include the addition of a pet clause to your lease agreement
Request pet references from prior landlords to get a better idea of how well-behaved the animal is and what the tenant is like as an owner.
Ask for pet rent or a security deposit to help offset repairs that result in pet damages.
Re-read your insurance coverage on ‘liability for animals’
Ensure that you’re always adhering to Fair Housing Law before rejecting applications. Note that service and emotional support animals are not considered pets.
Although there are risks to renting to tenants with pets there are also plenty of benefits that can help you increase your ROI. If you properly screen tenants and implement some pet policies you may find that renting to tenants with pets isn’t as stressful as you thought it would be.
Does the above still seem daunting? Considering hiring the services of a property manager. Cory Real Estate Services is a full-service property management company, offering quality residential management services.
We have the capacity, experience, and tools to handle the needs of your rental property. As a Clarksville rental property owner, you can rest easy knowing that your investment is in safe hands!