Pet ownership in the U.S. has increased a lot in the past years. This has impacted the real estate rental business with landlords needing to consider the idea of renting their units to pet owners. There are a lot of factors to be considered so it’s important to weigh the benefits and risks.

Benefits

Your units can attract more tenants. If you allow pets in your rental units, your access to potential tenants increases greatly because the majority of home-seekers are pet owners.

You’ll earn more from pet rent. You can increase the rent because a pet will be considered as another resident. The average pet rent is $15-35 per month. On top of that, you can also charge a pet fee at the beginning of the lease and you can justify charging a higher security deposit since pets are additional liabilities.

Pet owners are responsible tenants. If they can manage the responsibility of caring for a pet, they are likely responsible enough to maintain your unit.

Tenant with pets tend to stay longer. Pet parents don’t like to constantly change homes since it’s difficult for their fur babies to adjust to new environments. They’ll most likely try harder to be good tenants.

Risks

Pets can damage your property. Animals behave differently than humans. Some would chew on furniture, cables, and wood and they might leave an unpleasant smell.

A tenant’s pet could upset other tenants. Other tenants might be allergic to pet fur and dogs can make a lot of disruptive noise.

Animals can be aggressive towards other tenants. Although one survey revealed only 7% of landlords have encountered dog bite incidents in their unit, an animal that would cause harm to others is still a liability.

ALLOWING PETS

If you think the pros outweigh the cons, that’s the time you decide to allow pets. However, since there are legal conflicts and consequences that could arise, it’s best to conduct the following:

Insurance check

Find out if your homeowner’s insurance policy covers physical injuries caused by pets. Familiarize yourself with the animal breeds covered by the insurance because some dog breeds, for instance, are considered dangerous. You could also require renter’s insurance from your tenants since they usually cover such pet-inflicted injuries.

Set Parameters

Make sure to set limits. Since some breeds are not covered by insurance, it’s best to set parameters on what kind of animals and breeds your tenants can have. Also be clear on the number of pets you allow and if you have size restrictions.

Careful Screening

After knowing the breed and size of your potential tenant’s pet, you need to check the behavior and temperament of their furry friend. Personally observe the pet and find out if they have a history of violent behavior, received all vaccines, and if they interact well with children and strangers.

Know the Law

The U.S. has laws related to pet ownership in rental properties and you must adhere to these laws. Have a lawyer check that the pet policy on your rental agreement is clear and that all your stipulations are included.

After taking all of these into consideration, when you post your property listings on property management platforms like Padleads.com, include your terms and conditions for allowing pets in your units so that it’s clear to your potential tenants.

In conclusion, you can enjoy the financial benefits of allowing pets in your rental units as long as you make sure that it wouldn’t cause more harm than good to your business.