Allowing pets in your rental property can help you attract more tenants and increase your rental income, but it’s also not something to take lightly. They come with additional risks, and you have to carefully weigh the advantages and disadvantages to determine whether it’s worth being a pet-friendly rental property.
Key Highlights:
- Pet-friendly rentals attract more tenants and reduce vacancies by appealing to the large number of renters with pets, helping keep your Jackson rental occupied.
- Allowing pets can boost your rental income through pet deposits, non-refundable pet fees, and monthly pet rent while giving your listing a competitive edge.
- Pet owners often stay longer, leading to better tenant retention and lower turnover costs since pet-friendly housing can be difficult to find.
- There are potential drawbacks, including property damage, noise complaints, liability risks, and increased maintenance that landlords should be prepared to manage.
- A clear pet policy minimizes risks by establishing rules for pet size, breed restrictions, vaccinations, waste cleanup, noise, and additional pet fees to protect your investment.
Pros of Having a Pet-Friendly Rental Property
There’s a reason why many rental options accept pets, and here are a few of them:
1. Larger Pool of Potential Tenants
Did you know that, according to a survey conducted, about 90 percent of renters said they have a pet? That’s a significant percentage that’s hard to ignore. Allowing pets means you have access to that large tenant pool. You can still set restrictions to avoid certain risks, but that beats missing out on all renters who won’t give up their pets for a rental.
2. Lower Vacancy Rate
Restricting pets from your property means not accepting a huge pool of renters, and that can seriously hurt your occupancy rate. Pet-friendly rental properties are hard to find, and opening your doors to furry friends can mean tapping into a renter base that has fewer housing options.
3. Higher Rental Income
With certain risks you have to take on, you can charge additional fees to cover potential damages, such as pet deposits, non-refundable pet fees, and monthly pet rent. The charges can increase your property’s overall profitability while still offsetting potential wear and tear from the pets.
4. Better Tenant Retention
Moving with pets can be difficult and expensive. Even pet owners prefer not to cause their pets additional stress by placing them in unfamiliar environments. Furthermore, it’s difficult to find rental properties that are pet-friendly.
5. More Competitive Listing
Being a pet-friendly rental can make your listing stand out in a competitive rental market, especially if similar properties nearby have strict no-pet policies. Despite the high demand for pet-friendly properties, many landlords still prefer not to have pets in their investment properties. That provides you with a great opportunity to enter a market with fewer competitors.
Cons of Having a Pet-Friendly Rental Property
Now that you know the advantages, it’s just as important to learn the risks, enabling you to make an informed decision.
1. Increased Property Damage
Although you collect pet deposits and other fees to cover damages from pets, you will still have to address issues eventually, such as scratched floors, chewed woodwork, stained carpets, damaged landscaping, odors, and more. Repair costs can exceed any pet fees you collect, and you will have to coordinate with your tenants to cover damages.
2. Noise Complaints
Some pets won’t make much noise that can disrupt the living environment for others, but the most common pets, like dogs or cats, can. Excessive barking and other pet noises can disturb neighbors, which can lead to complaints and disputes among tenants. It can even lead to you losing other tenants, which defeats the purpose of tapping into a larger tenant pool.
3. Liability Risks
Even with a thorough pet screening process, you can never completely predict what a pet might do in certain situations. You can be exposed to liability risks when pet bites or other pet-caused injuries happen on your property. This can put a strain on tenant relations and cause insurance complications.
4. Additional Maintenance
With pets on your property, you might be required to conduct regular maintenance more frequently to prevent property deterioration, such as deep cleaning, flea or pest treatments, carpet replacements, and additional inspections between tenants. While these costs are often covered by additional pet fees, it can mean more work for you.
5. More Amenities to Consider
Once you accept pets in your property, you have to consider certain amenities that pet owners could need, such as dog parks, pet washing stations, or other dedicated spaces for them. That can mean higher upfront costs just to accommodate pet ownership and make your rental property more appealing.
How You Can Reduce Risks
If you choose to allow pets, there are measures you can take to benefit from the advantages and minimize the risks.
- Create pet policies that place restrictions on pet size, breed, or the number of pets. Some rental properties prohibit dog breeds that are known to be aggressive.
- Require vaccinations for pets to prevent the spread of infectious diseases to other pets on your property.
- Establish noise and nuisance rules, and clearly explain the consequences of failing to follow these rules.
- Outline a tenant’s waste cleanup responsibilities to prevent cleanliness issues.
- Charge additional fees like pet deposits, pet fees, or pet rent to cover potential damages that pets may cause.
Pet-Friendly Rental Property FAQs
Is allowing pets in a rental property a good idea?
- Allowing pets can be beneficial if you have clear policies in place. Pet-friendly rentals often attract more applicants, reduce vacancy periods, and encourage longer tenant stays. However, landlords should also be prepared for potential property damage and increased maintenance.
Can landlords charge extra fees for pets?
- Yes. Depending on state and local laws, landlords may charge pet deposits, non-refundable pet fees, or monthly pet rent to help cover the additional costs associated with allowing pets.
How can I reduce the risks of renting to pet owners?
- Create a comprehensive pet policy that outlines acceptable pet types, breed or size restrictions, vaccination requirements, waste cleanup responsibilities, noise expectations, and any applicable pet fees. Screening both the tenant and their pet can also help minimize risks.
Partner with a Professional to Protect Your Investment
Allowing pets in your rental property offers valuable benefits, but if you cannot manage the risks properly, the downsides can outweigh the advantages. You will have additional responsibilities like implementing pet policies, enforcing pet rules, and conducting additional maintenance.
Working with experienced professionals like Lucroy Residential can help you enjoy the perks of having a pet-friendly property without the headaches that come with it. You won’t have to worry about keeping your property well-maintained and profitable.
Reach out to us and discover what our services can do for you.
