The Benefits of Renting to Tenants with Pets
Are you a landlord looking to rent to tenants with pets? In today's world, it's common to encounter people accompanied by their furry friend everywhere you go – whether at the mall, a party, the beach, or a park.
Because of this, businesses everywhere are increasingly catering to this demographic, transforming into pet-friendly establishments, including retail shops, cafes, and hotels.
Given the significant expenses associated with pet care, it's clear that pet owners spare no expense when it comes to their furry companions.
As a landlord, it is a huge opportunity to start serving this market. Since pet ownership continues to grow steadily, it benefits you to transform your rental unit into a pet-friendly accommodation.
Redsail Property Management provides this guide on why it's a good idea to rent to tenants with pets with helpful tips on transforming your rental into a pet-friendly home. Keep reading to learn more!
What are the Pros and Cons of Welcoming Tenants with Pets?
Before deciding to open your rental doors to pet owners, it is good to see each set of benefits and drawbacks.
Pros
More Superior-Quality Renters to Choose From
Since not all rental spaces welcome pets, promoting a pet-friendly property will attract a sizable market.
You will have more options than restricting your rental to non-pet owners only.
Given that fewer rental homes invite pet owners, you will cater to an underserved market increasing your pick of high-quality residents.
Gain More Income Aside From the Typical Rent
As a landlord, you can charge a pet rent, pet deposit, or pet fee.
This increases your cash flow, making it a great choice to serve pet owners.
You can even increase your rental proceeds by creating side businesses that promote pet-related services.
You can offer pet grooming and pet walking, including selling pet food and accessories to increase your income.
Solidify Customer Loyalty
Given the challenge of finding rentals and passing pet screening procedures, pet owners are unlikely to move frequently and will often stay for the long-term to leave their pets comfortable.
As long as you make it convenient for pet owners to stay long-term, they will. This will then translate to a consistent income for you.
Cons:
Potential for Noise Disturbance
Pets can sometimes create noise and this can sometimes be hard to control.
Late-night barking can lead to being reported by other tenants or neighbors.
If you are renting out a multi-family unit, you are responsible for providing your renters with a place for quiet enjoyment.
Loud noises can become an issue but there are ways to resolve this problem.
Possible Property Damage
Pet damage can be a common reason landlords hesitate to accommodate tenants with pets.
Furnishings can get chewed up, doors and furniture can be left with scratches, and pet odors can make a unit smell.
However, you can reduce the likelihood of pet damage and still be a pet-friendly rental space.
Likelihood of Injuries
Landlords also have to keep an eye on pets that can harm other residents.
You will want to prioritize safety. It’s critical to include clauses and firm conditions in your lease agreement.
You can also require renters to keep their pets vaccinated.
Purchasing liability insurance can also be a good option so you can save on medical costs in case injuries caused by pets occur.
How to Manage the Risks of Accommodating Pets?
While it is true that pet-friendly rentals have some disadvantages, it does not discount the amazing advantages it offers. Learning to reduce the risk exposure is the key.
Here are some tips you can apply to limit the risks mentioned above:
Require a High Security Deposit
Since pet owners will want to get a full refund of their security deposits, they will work hard to prevent pet damage.
Incentivizing renters with a high-security deposit placement encourages them to take care of your rental home properly. This method will keep your rental space attractive.
Collect Pet Rent
Since you need to take extra care of your rental and will have additional tasks to prevent risk exposure, charging an additional fee is acceptable.
This method helps you have a budget for any immediate damage pets can cause.
Ensure that the pet rent is reasonable. Also, make sure to review your state laws to determine what type of pet fees can be legally collected.
Perform Pet Screening.
It is often hard to make a judgment call without seeing a pet daily.
Will they behave in a normal daily setting or will they need to be controlled often? You can contact previous landlords to get a reference and run a tenant screening.
You can also hire a third-party service provider to evaluate the pet’s suitability.
Have a Set of Pet Criteria
Know your pet standards, specifically the pet types you can accommodate.
Some breeds can be aggressive compared to others while some shed a lot more fur than other types, which can require frequent cleaning and lead to allergic reactions for some.
You must also decide on the pet size and number of pets you can allow in your rental.
It is best to remain flexible when it comes to breeds since some dogs have a great disposition.
Bottom Line
Although accepting tenants with pets comes with its challenges, it does not take away the benefits.
You can optimize your income, make your tenants happy, and gain long-term renters. With a consistent income, you can plan renovations to create more value or build your property portfolio.
You also have the option of hiring a property management company to oversee a pet-friendly rental space, ensuring that all aspects of leasing to pet owners are handled professionally and efficiently.
Redsail Property Management offers comprehensive services tailored to support landlords in accommodating tenants with pets. From establishing pet policies to managing pet-related inquiries and maintenance issues, Redsail ensures a smooth rental experience for both landlords and tenants.
If you're considering a pet-friendly rental property, contact Redsail Property Management today for expert guidance and support tailored to your needs.