Did you know that 68% percent of Americans have at least one pet in their home?
It can hard for people with animals to find rental properties that are pet friendly. If you're a property owner you may want to consider allowing pets in a rental property.
There are pros and cons and we are going to tell you about both. Keep reading to find out if pets in your property are the best option for you.
There are specific laws that protect people who have service animals. You as a landlord can't refuse a tenant because they have a disability and have a service animal. However, you aren't required to host emotional support animals.
Benefits of Allowing Pets
As a property investor, there are some benefits to allowing pets in a rental property. Allowing pets into your property, whether it be a short-term or long-term rental, will create a larger selection of tenants.
Many vacationers don't want to board their pets and it can be challenging to find rentals that have pets. This will help decrease your vacancy rates and increase your profits.
You'll also be able to charge more too. You'll be able to charge a larger deposit and/or pet fee. Typically tenants who own pets are more responsible and will take care of your property.
Another great reason to allow pets is that tenants will likely renew their lease. This will reduce your stress as you won't have to scramble to find new tenants.
There are some downsides to having pets in rented properties. Pets could damage your property and while you'll be able to keep the pet deposit it's still a hassle to have the damages fixed.
If you own a condo or live in an HOA community you'll need to be sure they allow dogs and if they have size restrictions. You'll also need to consider that some animals such as dogs can make a lot of noise which can be disturbing to the neighbors. You can reach out to your renter's previous landlords to ask if noise was an issue.
If you own a short-term rental you need to keep in mind that some of your renters may have allergies and you're property will require extra cleaning. Hiring a property management team will help you will the maintenance and cleaning process.
If you decide you want to rent to tenants with pets you'll want to discuss pet restrictions with your property managers. You might want to put a limit on the size, breed, or even animal that is allowed in the home. You can also conduct an interview and meet the pet or pets beforehand.
Pets in Rental Property
There isn't a right or wrong answer when it comes to allowing pets in a rental property. You have to make a decision that is best for you and contacting a property management company can help. Contact us if you want more information or resources.