Pet ownership is a popular trend, and as a landlord, you might wonder how to cater to this demographic. Before deciding to accept tenants with pets, it’s essential to research the pros and cons to be prepared for managing this type of renter. If you decide to welcome pet owners, ensure your lease contract includes specific terms and conditions.

Benefits of Welcoming Residents with Pets

When considering a pet-friendly rental policy, you might worry about potential damage. However, accommodating renters with pets offers various opportunities that can outweigh these concerns. Here are some of the best reasons to accept tenants with pets:

Increase Your Income

Pet owners often spend generously on their pets and are willing to pay additional fees, such as a pet deposit and pet rent, to have their furry companions by their side. Landlords can collect more income from tenants with pets and offer pet-related services like grooming and pet sitting for extra revenue. 

However, before charging pet fees, review your state and local laws to understand any limits and restrictions.

Make Tenants Happy

Having pets around can significantly improve people’s moods. Tenants often become happier when they can take care of their animals, considering them family members. Allowing pets can make your apartment feel more homey and cozy. 

Since not all rentals welcome pets, offering a pet-friendly unit gives you a competitive advantage, encouraging renters to stay longer.

Broaden Tenant Selection

Limiting yourself to non-pet owners can exclude a large demographic of potential residents. Welcoming tenants with pets increases your tenant pool and helps you find renters that are suitable during tenant screening. If you decide to allow pets in your rental property, conduct pet screening to check for suitability as well.

Draw More Loyal Tenants

Finding reliable tenants takes time and effort. When a pet owner finds a pet-friendly rental they love, they’re less likely to want to move again. This translates to less vacancy time for the property owner and a steady stream of rental income.

In some areas, pet-friendly rentals can command slightly higher rents compared to non-pet-friendly ones. This can be a great way for landlords to offset any potential wear and tear caused by pets, while still attracting responsible tenants. 

Attract Compliant Renters

Pet owners are often more responsible and adhere to property policies. They are accustomed to caring for their pets, scheduling vet visits, and maintaining routines. Many responsible pet owners view their furry companions as family members. 

This often translates to a greater sense of responsibility towards the property they live in. They’re more likely to take good care of the space, knowing it’s where their pet feels comfortable and secure.

Assign a Higher Rental Rate

While pets can bring joy and companionship to a living space, they can also pose a potential risk for increased wear and tear on a property.

Due to the increased risk of pet damage, landlords can collect a higher security deposit to account for potential issues. Many pet owners are accustomed to this practice and are willing to pay more.

Tips for Landlords that Rent to Tenants with Pets

Renting to tenants with pets can be both rewarding and challenging. Here are some practical tips for landlords to successfully manage pet-friendly rental properties:

Screen Tenants and Their Pets Thoroughly

Conduct a comprehensive screening process for both tenants and their pets. Request references from previous landlords, vet records, and conduct an interview to understand the pet’s behavior and history.

Thorough tenant and pet screening can be a game-changer for landlords, helping to create a more stable and positive rental experience.

Remain Compliant with Fair Housing Laws

Landlords must understand Fair Housing laws to avoid potential problems. People with disabilities may bring support animals to your rental space, which are categorized as service animals, not pets. Even if you designate your apartment as pet-free, you must welcome residents with service dogs.

Review Your Insurance Policy

Landlord insurance with additional coverage provides maximum protection for your property and tenants. Ensure you have liability coverage to avoid high medical expenses in case of injuries. Check your insurance policy details, as some have stringent restrictions on pet breeds.

Attach a Pet Addendum to the Lease Agreement

Your lease agreement serves as evidence in court, so ensure the terms and clauses are clear and detailed. Include your pet policy in the contract. Verbal agreements are hard to defend in court, so make sure all pet-related conditions are documented to avoid misunderstandings.

Set Clear Boundaries and Rules

Establish rules regarding where pets can and cannot go within the property. For example, designate pet-free zones or restrict certain areas to maintain cleanliness and order.

Bottom Line

Renting to tenants with pets offers both advantages and disadvantages. By mitigating the risks involved, you can maximize the benefits of a pet-friendly apartment. Otherwise, you may miss out on considerable income by only welcoming non-pet owners.

Are you seeking a dependable property manager to handle your property and manage the concerns of tenants with pets? Contact B&R Property Management today!