Landlords often avoid allowing tenants with pets to occupy their rental properties. Pets have a reputation for being a nuisance and causing a landlord additional stress. The ultimate decision about allowing pets on a rental property is that of the landlord alone.
There are advantages and disadvantages for owners of rental properties who choose to follow the pet-friendly route. Understanding them and making a critical evaluation of the potential rewards vs. risks should act as a guideline for any landlord who is still on the fence.
Tight controls
Agents at Affordable Property Management (APM), a California-based company, believe that successfully managing the relationship between tenants with pets and their landlords is possible. However, a clear understanding of what is permitted is essential from the outset. Be clear on what pets will be allowed when setting out your listing of the property.
As a landlord, you cannot change the rules about pets reactively after an incident. Instead, have clear ground rules set out from the beginning of the rental relationship.
The rental agreement between landlord and tenant should be watertight in all aspects, including pet ownership. As a landlord, you can dictate what pets are acceptable and how many a tenant may have. Once the renter signs the contract, they are bound by its prescripts and can be evicted if found in violation.
Increased risk of damage to property
The downside of renting to tenants with pets is a greater chance of damage to your property. In some instances, pets can cause significant damage to your property, including damaging floors, carpeting, walls, and blinds. When owners do not take care of their pets’ hygiene, you might be left with some nasty odors after they move out.
To compensate for this, a landlord may opt to charge tenants more money. This comes in two primary forms: deposit and rent. A pet deposit will ensure that you have sufficient funds to repair damages caused by animals after tenants leave. You can also charge a monthly pet rent fee.
Wider pool of applicants
Nearly half of renters have pets and are unwilling to move into a new house without their beloved pets. Dogs account for about 30% of pets, with cats coming in at around 20%. Other pets, including fish, rabbits, birds, and reptiles, often form part of a family unit looking to rent a home.
When you dismiss the idea of renters with pets out of hand, you automatically reduce your pool of potential renters. It might take a little longer to find a tenant who does not have pets.
HOA rules
If your rental property is in an area or building governed by a homeowners’ association (HOA), rules regarding pets may be out of your hands. If an HOA allows residents to keep pets, the landlord does not need to do so as it remains their choice whether they want pets on the rental property.
Some HOAs do not allow pets at all, and you would be expected to comply with this regulation when taking on new tenants. Getting on the wrong side of the HOA due to a tenant owning pets is not worth the aggravation.
Tenants stay longer
Since many renters run into red tape regarding moving onto a property with pets, they tend to stay put once they find somewhere that does allow it. Therefore, allowing pets might help maintain a long-term rental relationship with a tenant.
Rental property owners prefer long-term tenants as they are more inclined to take care of the property and not cause problems. If allowing pets improves your chances of having a renter like this, you should consider it.