You may be hesitant to allow pets in your rental property. After all, they can cause damage to the property or bother the neighbors, which can be discouraging.
But allowing your tenants have pets has many advantages. It vastly expands your pool of potential tenants, generates additional revenue, creates happier tenants, and increases the likelihood of your tenants staying for the long term.
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In this article, we at MN Property Nerds will take you through the advantages you would enjoy, should you decide to use a pet-friendly policy:
An option to create more income from your rental property would be to charge your tenants a pet deposit or a monthly pet fee as part of the rent. There are no rules that govern how much you could charge, but a safe range is between $5 and $25 per month.
Using a pet-specific security deposit can also help protect your property. Depending on the type of animal and local legislation, you can charge as much as $500 in a refundable fee to cover any potential problems the pets may create.
Be advised however that Service Animals may be covered by the Fair Housing Act in your area, so consult a legal professional before charging a pet deposit in this circumstance.
When a tenant finds a pet-friendly rental and moves in, they’re more likely to stay for the long term. They are more likely to renew their leases unless there is a clear cause to do so. Moving around with a pet can sometimes be difficult because they prefer familiar settings.
As a result, if a renter appreciates their rental property and is treated decently, they are likely to become great long-term tenants.
When your rental units are vacant, you are left with operating expenses rather than positive cash flow and profit. Finding ways to keep your rental units occupied is critical to maintaining profitability.
Vacancy rates are lower in pet-friendly rental units, as there are fewer rental properties available that allow pets. Greater applicant interest and a lower tenant turnover rate result in fewer vacancies.
Allowing dogs may be beneficial if you’re having problems finding suitable tenants interested in your property. Having a friendly pet policy will not only significantly widen your possible renter pool, but it may also improve the quality of the applicants.
Pets can help you manage your emotions and relieve stress. When you allow tenants to have pets, you are improving the tenant’s quality of life. Furthermore, satisfied tenants are more likely to stay for a long time. So, providing an environment that makes your tenants happy also makes you happy as a landlord.
If your property doesn’t allow pets, it is still possible your tenants will try and sneak them in. Since you must notify your renters ahead of time, even inspections may not always reveal any concealed pets.
Making your rental space pet-friendly allows all of your tenants to be transparent about their pet ownership and you’ll be able to regulate more parts of damage and other pet-related difficulties.
Allowing pets shows that you have faith in your tenants and believe they will properly care for their pets. The relationship between renters and their landlord is sometimes contentious in a traditional tenancy arrangement when pets are prohibited, so it’s a good idea to improve your social skills as well as consider a pet policy.
On the other hand, allowing pets shows that you have faith in the tenants and believe they will properly care for their pets. Renters will undoubtedly be pleased with a landlord that accommodates rather than restricts their lifestyle.
If your lease agreements prohibit pets, it’s easy for tenants to try to sneak them into an apartment. Of course, even if you don’t know, this creates a stressful atmosphere.
Allowing pets and then establishing a clear policy that sets everyone’s expectations, on the other hand, will allow you to be aware of new arrivals and screen them appropriately.
You can keep an eye out for potentially dangerous, violent animals and determine whether or not to allow them or take safety precautions. You can also use this opportunity to check the animals’ health and ensure they’re up to date on their vaccines. You might also take the initiative and offer some services, such as pre-entry spraying.