One of the many important decisions required of a landlord is whether pets will be allowed on the rental property.
Creating a pet policy will either establish that pets are not allowed or establish clear rules about what types of animals are allowed, what fees are required of pet-owning tenants, and rules all pet-owners must follow during tenancy. Speak with your Property Manager about your pet policy and it should be included in the tenant’s lease agreement.

Are you worried about pets causing damage? Well, there may be more benefits that outweigh that possibility!
Here’s a look at the top 5 reasons landlords should create a pet-friendly policy for their rental properties.

 

Widen Your Tenant Pool
By allowing pets at a rental property, landlords have the opportunity to expand the number of potential tenants, increasing their odds in finding the best quality renters. More than 75% of renters own a furry friend!

 

Increase Renewals
Vacancy rates are decreasing nationwide, creating a highly competitive market for renters looking to move. Add to the fact, the scarcity of pet-friendly rentals and you have a property that your pet-owning tenant won’t want to let go of. Tenant turnover and vacancy can quickly turn a profitable investment into a sinkhole. Pet-friendly properties will lower your vacancy rate and increase your renewals.

 

Make More Money
We also will charge a monthly pet fee per pet. This is different than a pet-deposit, which can only be used to repair damage caused by the pet. Instead of a pet deposit, landlords can ask their tenants to pay a monthly fee or pet-rent if they choose to keep a pet on your property. Pet fees are non-refundable and become income off of your investment

Protect Your Property
When you allow pets on your property, your pet policy provides protections against pet damage in the way of a pet deposit, liability coverage through renter’s insurance, and established rules and expectations regarding pet behavior. If you do not allow pets at your property you run the risk of the tenants sneaking in an unauthorized pet. Unauthorized pets will cause damage and have the potential to hurt people on your property, all of which the property owner will be responsible for if the tenant leaves. Additionally, when you collect a significant pet deposit from your tenants ($200+) they will be more likely to prevent pet damage because they have money on the line. If you simply collect a non-refundable pet fee, the tenants have no monetary incentive to prevent pet damage.

 

Improve Your Reputation
Pet-friendly properties gain the traffic on the market. This means your properties will lease up faster

 

While it is up to every property owner to make their own decision as to the reason, they want to allow pets or not, we have to pay attention to the positive effect a landlord can have in offering homes to pet-owning renters and their pets.