One big deciding factor for homeowners when they go to rent their properties is “should pets be allowed”? It is a very great question to ask yourself because there are risks that run with the choice to allow pets. Although there may be some cons, recent research has shown that there may also be pros to saying yes.
According to a recent study by the AVMA, around 67% of Americans own a pet! A new trend in millennials has also shown that having pets may be a first priority over having kids.
If you are on the fence about your decision on pets, here are a few considerations you may want to give before finalizing:
1. Can Attract More Residents
With almost a quarter of the country owning pets, you may sell yourself short with your tenant pool by not allowing pets. You may even stand out from the crowd and have a competitive advantage over competitors by allowing pets. If you promote yourself as pet-friendly, you most likely will be one of the first places residents commit to.
2. Bring in Additional Money
Pet owners realize the liability that their pet brings. If you are pet-friendly and offer a reasonable pet fee, then more than likely tenants would be happy to pay. Usually, an extra $50 a month is reasonable, but in areas where pets aren’t usually allowed, you may be able to charge more.
3. Increase Renewals
With the ability for owners to rent a stable home for their family and pets, they are more likely to return. After all, finding pet-friendly homes can be difficult so being able to stick with one reliable one is a lot less effort on their part. It also helps you in the long run because you aren’t having so much turnover and spending time finding new tenants each time the lease is up.
4. Meet Pets Before they Move-in
You can make the decision to have pets on your property by having the chance to meet them first. You can learn more about their behavior and nature before deciding to make the decision or not. You may also want to have a list of questions for the pet owner as well. Some good ones include; “How long have you had the pet”, “Has the pet ever hurt a person or another dog”, “How was your dog at your other property”.
5. Protect your Home
By allowing pets on your property, you can be covered by a pet policy agreement. This can be put in the lease to ensure that any damages done by the animals are covered by the tenants. Many times tenants will sneak in pets that you don’t know about. Then when there are damages done, you have no way of proving liability on their behalf.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.