The Benefits of Renting to Tenants with Pets

Pet ownership has remained popular over the years and is even increasing. Open any social media app, and you’re bound to come across a pet photo in moments, if not right away!

It’s not surprising that pet owners make up the majority of the population in America. Most people value the companionship that pets bring. As such, many tenants look for rental properties that allow them to bring along their pets.

Southern Realm Property Management has outlined the benefits of allowing tenants with pets to rent your property!

Advantages of Welcoming Pets in Your Rentals

Landlords can benefit from the rising trend of pet ownership. Being flexible with the pet policy ultimately has more positives. Before completely shutting down the idea of accommodating tenants with pets in your property, study the benefits it offers to your rental business.

Here are excellent reasons to be a pet-friendly landlord:

Opens the Door to More Potential Tenants

As mentioned earlier, the pet ownership trend isn’t going to decline anytime soon. You’ll want to maximize this opportunity. Some rentals have an absolute no-pet policy so there’s less competition for you.

A lot of tenants with pets are looking for pet-friendly rental units, so you stand a higher chance of reducing your rental vacancy with a pet-friendly policy.

More Income Opportunities When Accommodating Tenants with Pets

Most pet owners have financial stability in order to have pets. Consider the vaccination expenses, extra insurance, vet visits, special pet food, and other costs in maintaining pets. This translates to pet owners having more disposable income to spend and being secure.

increase income with pets

One can conclude that pet owners would have an easier time meeting rental payment dues and are more likely not to be short on cash.

Greater Possibility of Having Long-Term Renters

Given the landscape of rentals being selective when it comes to accepting tenants with pets, pet owners have a higher chance of renewing their leases.

Aside from prioritizing the comfort of their pets and sticking with a familiar environment, adjusting takes time. It’s also tedious to go through another pet screening process and accomplish several requirements for referrals and vaccines for their pets. Landlords who have an open pet policy benefit from having loyal tenants.

Tenants with Pets Display More Responsibility

Tenants are expected to fulfill their end of responsibilities under the landlord-tenant laws. It can be observed that pet owners have a high degree of responsibility.

It takes a lot of effort to care for pets. They have to schedule visits to the vet, feed their pets on a set schedule, provide them with daily exercise, and clean up after their pets. It goes to show that pet owners are experts at time management and performing their duties.

A Higher Rent Isn’t a Deterrent for Tenants with Pets

To tenants with pets, a higher rent comes with the privilege of bringing their beloved pets to the property. They willingly pay extra just for the chance of having their pets with them. Landlords can gain more income by collecting pet fees, pet rent, or pet deposits.

This, of course, does not apply to service animals, which are exempt from extra fees and from being barred from any rental unit.

higher rent for pets

Owning a pet has associated costs and part of the expense is paying extra for a rental. This is acceptable to pet owners.

Avoids the Trouble of Dealing with Tenants that Sneak in Pets

Even though you stipulate a strict no-pet policy, you can still be tricked by tenants who sneak in their pets. It might start with temporary fostering of a pet or looking after a friend’s pet who’s on a short trip.

No matter how tight your restriction, secrecy can still occur. You may end up renting to a tenant with a pet for free. It’s much better to be open to welcoming pets in your rental.

Pets Are Helpful for Mental Health

Tenants who have pets are generally more calm and tend to be happier. This makes it easy to deal with them when running your rental business. If you have tenants that are generally happy, it will also have a good effect on you as a landlord. There are less conflicts to manage. You also contribute to the happiness of your renters by welcoming their pets in your premises.

Risks Faced by Landlords When Accommodating Pets

To be fair, there are certain risks that landlords are exposed to when accommodating pets. There’s potential property damage, noise disturbance issues, pet odors and the presence of allergens.

pet risks rental unit

However, this shouldn’t discourage landlords from closing their minds to pet owners as tenants. There are a variety of ways to mitigate these risks and lower them.

Ways to Counter the Risks of Accommodating Pets

If you only see the negative side of the equation, you lose out on the benefits of accommodating tenants with pets. With the right process, you can create a win-win approach.

Create a Pet Clause in the Lease

Instead of refusing pet owners, you can include a pet addendum that details your pet restrictions. You can list down the breed, pet size, and the number of pets allowed in your property. You can also craft pet policies that will help limit property damages.

Ask for Pet Referrals

During the pet screening, you can interview previous landlords to determine that the pet hasn’t caused problems in their rental. You can also ask for recommendations from the vet. This way, you have a clear idea on how manageable and disciplined a pet is.

Collect a Higher Security Deposit

Requesting a higher security deposit helps you financially cushion for property damages caused by pets. It ensures no income losses will happen. Repairs will be easy, given the available funds on-hand should incidents happen. However, be sure to follow legal requirements for the maximum amount you can charge.

Bottom Line

When weighing your decision to have a pet-friendly rental, opt for the choice that brings in the most benefits. You’ll be glad you took the plunge rather than facing longer property vacancies!

If you need help with how to approach accepting tenants with pets or for any other aspect of property management, contact Southern Realm Property Management today!

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