Did you know that nearly 3 out of 4 renters own a pet? As a landlord, you could dramatically increase your number of potential renters if you allow pets.
Many landlords are concerned about allowing pets in a rental property. Read on to get the information you need to make the best decision for your investment property.
Pros and Cons of Pets in a Rental Property
As a landlord, there are many choices you must make, not the least of which is whether or not to allow pets. Pet owners see their pets as family members. But many must choose to leave pets in previous homes or give them away because of the lack of rental properties that allow pets.
When you screen tenants with pets, remember you're not just screening the owners but the pets as well. You can require potential renters to introduce you to their pets so you can judge for yourself if they're more than you want in your home. Establish a pet limit including the number of pets allowed as well as the size of each pet.
Some landlords will decide that the benefits outweigh the potential risks or vice versa. But you can decide for yourself and make the best decision for your investment.
Pros
If you complete a proper screening of potential renters, many times you'll find that pet owners are more reliable, more responsible, and overall happier renters. Many times happy pet owners will renew their leases year after year due to a lack of competition and difficulty in finding a new place to rent that also allows pets.
As a landlord who allows pets, you'll increase the potential number of prospective renters, as there are a lot of renters who are pet owners. Landlords who allow pets can also ask for a higher rent each month. Additionally, you can charge an extra pet deposit at move-in and monthly pet fees.
Cons
Even though you can charge extra monthly pet fees, you must ensure that any damage done to your property doesn't exceed the amount you're collecting. You'll also need to stay diligent to save the extra pet rent while your tenant rents from you.
Set aside the additional pet deposits and monthly fees so you're prepared financially when they move out. You'll need it to replace the carpet and deal with other pet-related property damage incurred while they're renting from you. You need to protect and maintain your investment, and you can do that by saving the extra fees collected from pet-owning renters.
Make the Best Decision for Your Investment
Allowing pets in a rental property doesn't have to be scary. When done right, you can enjoy the many perks of renting to pet owners while diminishing the downside.
The key is to properly screen tenants and their pets so you aren't stuck with major renovations after they move. Here at PMI American River, we are locally owned and part of a company that's been in property management for over 20 years. If you need help with screening and monitoring potential renters with pets, reach out to us today.
