Have you been wondering if you should allow pets in your rental porperty? Well, a recent study found that nearly seventy percent of Americans are pet-owners. That’s a lot of furry or possibly scaley…. friends! Another study found that there are more people choosing to rent properties than ever before. This means that the majority of renters will most likely have pets and as a landlord, you will have to decide if allowing pets is something you want to do.
The upside:
The benefit of allowing pets is that because there are currently a lot of landlords who do not allow pets, it could attract more renters to your property who would not be able to find a place otherwise, which could bring in more money.
The downside:
However, you could also potentially damage a property causing you to lose money having to fix those damages. It could also cost you renters who do not want to move into a property that has previously been inhabited by a furry creature or have one as a neighbor.
There are many ways to avoid the downfalls of allowing pets while still allowing your residents to have them:
The lease is there for a reason! Include a clause in the lease that holds your renter responsible for their pet’s actions. Be sure to note the current state of flooring and landscaping on the property. This will allow you to determin later what damage has occured.
In addition, you can charge tenants a “pet deposit” or raise their initial security deposit to cover any damages that could be made to the property by a pet.
All in all, if you choose to allow pets in your rental it may not be the worst idea, as it can create more potential business for you, as more and more people are chosing to rent.
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Dave is a seasoned real estate investor with over 12 years of experience in the industry. Specializing in single-family residential real estate, David’s strategic approach combines market analysis, financial acumen, and a deep understanding of urban development trends to maximize investment returns.
