Did you know that the US is one of the countries with the highest pet ownership? A survey showed that up to 70% of households in the US have a pet.
If you are a landlord, you might risk having an empty apartment if you do not allow pets in a rental property. So are you concerned about the risks and benefits?
Keep reading, and we will help you make a decision!
Pets in a Rental Property: The Benefits
There are some real benefits of allowing pets in rentals. The first benefit is the obvious one. As mentioned briefly above, a large percentage of the population are pet owners.
This number has only increased during COVID, as many employees started working from home. As a result, you will notice fewer potential tenants interested in your property.
Additionally, because of the risks, you can increase your rent. You can do this by charging pet rent, a pet deposit, or simply increasing the regular rent price.
Finally, pet owners are likely renting to stay. Pets don't like change, and moving with a pet can bring many problems. This means that as the landlord, you need to worry less about turnovers.
Pets in a Rental Property: The Risks
While most pets are house-trained, they can still wreak quite a bit of havoc. Of course, this depends on the pet itself. A fish won't cause much damage on its own, but a cat or a dog can leave odors, scratches, or chew marks.
Pets are also quite noisy. Especially if they are left alone, dogs especially can suffer from separation anxiety, loneliness, and restlessness when they are home alone.
Noteworthy Laws: Animals in Rentals
Regardless of your decision, you need to understand pets and rental laws.
First, if you wish to have a "no pet" policy, you must state this in your contract. This needs to be clearly stated. However, you can also allow specific pets or limit the number of pets allowed on the property.
For example, you can allow cats in an apartment building, as they are often quieter than dogs. Additionally, you can limit the number of pets to just 1 or 2.
Finally, it is essential to note that support animals do not count under the "no pet" policy, as support animals are not pets, as they are essential to the well-being of the potential tenant.
Before you draw up a lease, make sure to allow a clause in case a specific pet proves to cause trouble. However, you can screen your tenants and their pets before proceeding with a contract.
Should You Allow Pets in Your Rental Properties?
Each case is different, so don't be afraid to treat each property as a new scenario. For example, some places may do well with pets, while others are just not a good fit for animals.
Do the pros outweigh the cons? Only you can decide to allow pets in a rental property.
Do you need help managing your rentals? Contact us today and see how we can help you!
