If you own a rental property, it’s important to know what amenities to provide to your tenants. Amenities can help you attract a wide pool of renters, and they can also increase the value of your rental property. In most cases, landlords who offer more amenities can charge higher rental rates compared to those who don’t offer the same amenities.
One of the most essential amenities you can provide to tenants is making your rental home pet-friendly. Not all rental property owners accept tenants with pets. In fact, many pet owners are having difficulties in finding a rental property that allows pets. It’s important to note, however, that opening your rental home to renters who own pets can have benefits and risks.
Before you decide to allow pets into your rental home, make sure to weigh all possible risks and determine whether making your rental property pet-friendly is right for you. If you decide to accommodate tenants with pets, make sure to include a pet policy in your rental agreement for your own protection.
Benefits of Opening Your Rental Home to Tenants With Pets
As mentioned, accepting tenants who own pets can have many advantages for your business, such as the following:
1. You can attract a wider selection of renters.
Pet ownership is popular. In fact, most people own pets nowadays. This is the reason why a large portion of renters is in need of pet-friendly rental properties. However, most rental properties do not allow pets, making this a serious problem among pet owners who do not have their own homes. Having a pet-friendly property is a large asset when advertising your property .
If you own a rental home and open it to pet owners, your rental property will most likely attract a large pool of prospective tenants. You will not only limit your market to those who do not own pets.
2. You can raise your rent and increase your income.
One reason why landlords can charge a higher rental rate if they allow pets into their rental property is that there’s a scarcity of pet-friendly rental homes. Because of this, tenants who own pets are more than willing to pay extra rent for their pets. This means you can require tenants to pay pet deposits, additional pet rent, or other pet fees.
Welcoming pets into your rental home allows you to earn additional income. Just make sure that whatever charges you require from your tenants are in compliance with the landlord-tenant law in your state, as well as the Fair Housing Act.
3. You can attract tenants who are more likely to stay for the long term.
Because of the scarcity of pet-friendly rental homes, tenants who find one will more likely stay in the same place for the long term. Tenants will also value the familiarity of the location for the sake of their pets’ convenience.
As a rental property owner, having long-term tenants is advantageous to your business because it means you can receive steady cash flows and income. You also don’t need to have to deal with constant vacancies and having to market your property because tenants with pets are more likely to renew their lease when it expires.
4. You can gain happier and more responsible tenants.
Since it is difficult for tenants to find a pet-friendly rental property, tenants with pets will be happy and thankful if they found one. Happier tenants are usually more responsible because they want to build a good relationship with the landlord and stay in the property for the long term.
If your tenants are happy, they will pay their rent on time on a regular basis because they want to maintain good credibility with the landlord. They will also take care of the property and ensure that their landlords are satisfied with them as well.
5. It sets you apart from the competition.
If your rental property is located in a place where the competition is tough, one way to stand out is to make your rental home open to pet owners. This way, tenants with pets will definitely choose your property over the rest especially if others don’t offer the same amenity. Being a pet-friendly rental property is a great way to become prominent in the rental market .
Risks Involved in Making Your Rental Home Pet-Friendly
While being a pet-friendly rental can have a lot of benefits, there are also risks that you need to be aware of. Before you open your rental home to pet owners, make you that you are aware of the following:
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Pets can cause damage to the property: No matter how disciplined pets can be, they can cause damage to the property. Pets can scratch surfaces, such as doors and flooring, and can chew on carpets and other furniture. To protect yourself, make sure that your rental agreement is clear that any damage caused by the tenants’ pets should be covered by the renters.
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Pets can cause issues and complaints from the neighbors: Pets can make noises and create some disturbance. If you open your rental home to pet owners, make sure that you are prepared to deal with neighbor complaints. Talk to your tenants to ensure that they can handle their pets’ behavior well before you accept them.
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Pets can cause certain odors and dirt: If there are common areas in your rental that are shared with other tenants, make sure that the pet owners are responsible enough for cleaning these areas if their pets leave a mess.
Bottom Line
Opening your rental home to pet owners can be beneficial to your rental business. Make sure that you also understand the risks associated with it to avoid problems in the future.
Rollingwood Management Inc. can help ensure your rental property is successful, and will advise what measures to take to achieve this. We will create a comprehensive lease agreement to ensure you and your property are protected. Get in touch with us today to learn how we can serve you!