As a property owner, there are a variety of decisions you’ll need to make before renting your property. One of the biggest decisions in regards to rental properties is whether or not to allow pets in your properties.
When deciding if you should allow pets at your rental, there are several questions you should ask yourself. These five questions will help you to determine if having pets in your rentals is right for you.
What are the Cons of Allowing Pets?
Starting out by listing the problems pets can cause can help you decide if these cons are worth overlooking to attract a larger pool of potential renters. First of all, pets can cause damage to your property. From scratching the floors to leaving odors from accidents, this damage can cost property owners a lot of money in repairs and clean-up when the residents move out.
Another issue to consider is the problems pets could cause for your other residents. Loud pets, like barking dogs or squawking birds, can easily disturb neighbors who don’t have pets. Property owners also run the risk of liability issues if a tenant’s pet bites or hurts another resident.
What are the Benefits of Allowing Pets?
While the cons of allowing pets in your property are apparent, there are a variety of benefits to allowing pets, as well. First off, you’ll be expanding your pool of possible tenants. That means you’ll have more viable applicants to choose from and a smaller likelihood of vacant properties while you wait to find a tenant for your rental.
Additionally, properties that allow pets can charge a higher rent price and ask for a pet deposit. The pet deposit can offset any additional expenses you may incur from damage caused by a tenant or a tenant’s pet.
Pro Tip: If you do decide to allow pets at your property, consider certain restrictions. Allow breeds that have minimal shedding and docile demeanors.
How Do I Create a Pet Policy?
A pet policy is essential if you decide to allow pets on your rental property. Start by determining if you need a size restriction on dogs. Owners of smaller homes, apartments, or condos may consider limiting the size of dog residents can have due to size restrictions of the home they are renting.
Another limit to consider when constructing your pet policy is the number of pets your residents can have. Other essential requirements to include in your pet policy are:
- Proof of vaccinations and licensing records
- Proof that the pet has been spayed or neutered
- Penalties for not cleaning up after pets
- Penalties if a tenant’s pet becomes a nuisance to other residents
How Do I Enforce My Policy?
Whether you decide to allow pets in your rental or not, you should always include a pet policy in your lease. Be sure the policy clearly states whether or not you allow pets in your property, in addition to the penalties involved if the policy is violated.
If you do allow pets, include rules regarding pet activity and tenant expectations within the pet policy section of your lease. Finally, be sure that your tenants know that by signing the lease, they are agreeing to the terms laid out within the contract.
How Can I Make My Property Pet-Friendly?
Taking a few steps to pet-proof your rental property is a simple way to reduce the amount of damage your renter’s pets could cause and make the property more appealing to pet owners. Start by replacing carpeting with more durable flooring options, like vinyl or laminate flooring. In addition to being easier to clean, this type of flooring has a longer life-span for pet owners. It’s also a good idea to create an enclosed green space for your tenant’s pets. Installing a fence around the property can make the area safer for both pets and residents.
With a wider pool of potential applicants and the possibility of increased revenue, allowing pets in your rental property is feasible. After taking the proper precautions and putting the right rules in place, allowing pets in your rental property can be a beneficial business decision for any savvy property owner.