Pet owners make up the majority of Americans. Giving both pet owners and non-pet owners the greatest possible experience is important when you choose to rent out your properties to pet owners. According to Statista.com, in 2023, roughly 66% of American households own pets and every year, the figure continues to rise. As a result, landlords can make a lot of money by renting to people with pets as there is a high demand for pet-friendly rentals because they are not readily available.
Renting a property that allows pets has several advantages. You can earn more by collecting pet deposits, fees, or rent while appealing to a wider group of potential tenants. In light of this, read along as this post discusses all you need to know about renting to pet owners.
How to Effectively Screen Tenants with Pets
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Create a Clear Pet Policy
As a landlord, having a clear pet policy before starting the screening process is important. Create a well-drafted pet policy in your lease agreement to avoid potential miscommunication with your tenants. This policy outlines the guidelines for what kinds of pets are allowed on your property, how long they can stay there, and any applicable costs or restrictions. However, you may choose to include small caged animals like hamsters or birds, or you may decide only to allow cats and dogs in your rental. You can restrict specific breeds or set weight limits for dogs if size is an issue. A refundable pet deposit, monthly pet rent, or both should be covered in your pet policy, along with the maximum number of animals your renter may bring.
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Gathering Detailed Pet Information
When a renter says they want to rent with a pet, it’s time to gather specific information. This way, you can make a better decision if you know as much as you can about the pet. Prepare to ask pet-related questions such as the pet’s name, breed, size, and age to start your pet screening. It’s also helpful to find out if the tenant along with the pet previously lived in a rental home before applying to your property. Ask for a reference from the previous landlord about the pet’s conduct during the lease for extra details.
You should inquire about the behavior and training of the pet. Is it a litter box or house-trained? Has it been trained in obedience? Find out if there is a history of excessive noise, barking, or aggression. Health records are also vital; ensure the pet has received all recommended vaccinations and has been spayed or neutered, if necessary.
Pros of Allowing Pets in a Rental
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Larger Tenant Pool
According to data, almost half of all renters own at least one pet. A younger demographic is also more likely to own a pet if your rental property is marketed to them. As a result, you will have a smaller pool of potential owners if you restrict your homes to non-pet owners. Your property will either fail to rent or remain on the market for much longer. Allowing pets in your rental home expands your pool of potential tenants. You should also research what unusual pets your potential tenants can legally own. At the end of the day, the bigger the pool, the more likely it is for you to find a suitable tenant.
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Higher Rents
Market value dictates how much you can charge for rent. Remodeling is one way to raise the value of your rental property. Allowing pets is another simpler choice, but it will increase the cost of your rental. This is particularly true if your neighborhood hasn’t many pet-friendly homes. If one has to choose between your house and a comparable one that doesn’t allow dogs, this could at least give you a competitive edge.
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Lower Tenant Turnover
As a landlord, you know the benefits of leasing to long-term tenants rather than dealing with tenant turnover. Since tenant turnovers are often expensive, long-term tenancy means you can keep more of your income. Since finding a rental that allows pets is hard, pet owners typically stay longer. Because pets reduce stress, your tenants will be more easily and happy. Also, renters are less likely to bring in pets that you haven’t approved if you allow pets. Pets like dogs can also add extra security to your rental.
Cons of Allowing Pets in a Rental
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Property Damage
Pets can be cute little chaos machines, let’s face it. Even the best-behaved pets can cause some damage, from chewed-up door frames to scratched floors. Carpets and hardwood floors frequently take the brunt of mishaps. Then there is fur, which seems to sneak into every crevice and defy the laws of cleaning physics. It may even be difficult to rent out the apartment in the future if certain pets leave behind lingering smells. Although many pet owners bear some blame, landlords should consider property damage before allowing pets.
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Allergens
While having a pet can be very enjoyable, there may be disadvantages, particularly concerning allergies. Even after thorough cleaning, residual dander from pets from a previous renter’s dog or cat can cause severe allergic reactions for certain tenants.
If you and your current tenants don’t have any pet allergies, you might assume this isn’t a big deal, which isn’t right. Allergens tend to enter air ducts and carpets and remain there long. As a result, if your prospective tenants have a pet allergy, they will probably have a typical allergic reaction on your property. That might make them decide not to rent from you in the first place or to leave.
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Odor
Pets occasionally leave behind odors that aren’t particularly “homey.” Odors can persist long after the tenant (and their pet) leaves, whether from an overused litter box or a dog’s wet fur after a rainy walk. These odors frequently permeate walls, carpets, and curtains, making cleanup more difficult and costly. Not everyone is meticulous about cleaning, even though responsible pet owners do. To make the space feel new again, you may need to spend more time and money replacing items or thoroughly cleaning.
Best Practices for Charging Pet Fees
The key to charging pet fees as a landlord is balancing protecting your property and being fair with your tenants. Include your policy on pet fees in the lease, explaining why you charge the fees-for example, possible wear and tear. You can pay monthly pet rent, a one-time pet deposit, or both. A pet rent fee is the nominal amount that a tenant pays every month for having a pet on the property, while a pet deposit is refundable and covers any damages the pet would cause. Be transparent about calculating these costs, using size, breed, and number of pets as guides to keep your prices fair as you would not want to price yourself our of the good tenants. Lastly, follow the local regulations, and remember that service animals are exempt from pet fees.
Conclusion
When done cautiously, renting to pet owners can be satisfying to landlords. You can develop a fantastic plan that works for everyone by setting pet policies, screening prospective tenants well, and knowing the advantages and disadvantages of pet ownership.
The benefits of having pets, such as drawing more tenants, having lower turnover, and perhaps increasing income, usually outweigh the disadvantages, which may include odors or property damage. Well-balanced budgets, such as reasonable pet fees and pure communication, will help build long-term, healthy relationships with renters and their furry friends and make your rental place a great location for pet owners.
