Many people view their pets as part of their family. When they move, their pets go with them!
Advantages of Letting Pets In Your Rental Properties
Despite the potential for more cat or dog fur in the home, there are many advantages to investors who choose to allow pets in their rentals. If you can put up with some of the minor issues that come with good pets, your bottom line will thank you!
When you let pets in your property, especially in areas where most landlords have restrictions on pet ownership, you can command higher rent from your residents with pets. In many cases, renters understand that they'll need to pay a higher rent amount to bring their beloved animal along with them—and it's a small price to pay instead of rehoming their pet when they can't find a pet-friendly rental home.
Be careful not to price gouge pet owners. Your property should still advertise a competitive rental price. However, it's reasonable to bump monthly the rate a bit when offering rental homes that allow pets. You might also be able to collect a pet deposit or require legal pet fees to cover potential pet-related damage (separate from the security deposit).
Better Renter Retention
Pet owners often have a hard time finding properties that will allow them to stay together with their pets. When renters find your pet-friendly property and feel safe and comfortable in the home, they're more likely to renew the lease for multiple terms!
Allowing pets is one of the best ways to attract quality residents and improve retention. When investors don't have to find a new renter at the end of every lease, they experience better ROIs.
More Quality Applicants
Property owners that don't welcome pets lose access to a significant number of prospective tenants. Most pet owners make excellent residents! They are responsible, take good care of their rental homes, and pick up after their animals.
Being flexible about pets for your property can deliver a larger pool of quality renter applicants. With more excellent potential residents to choose from, investors reduce vacancy times and experience better renters!
What To Watch Out For When Allowing Pets on Your Rental Property
As property management professionals, we understand that the idea of dogs, cats, or reptiles in a rental isn't always appealing to investors—and for good reasons. Even the best pets can cause messes or damage, and not every animal is a good fit for your property.
However, with the right strategy and professional property managers, rental owners can avoid some "worst case" scenarios that could be holding you back from offering pet-friendly rentals (and better ROIs)!
The High Risk of Damage to Your Property
Any pet can cause damage to your rental. Investors could deal with issues like carpet stains, hardwood flooring scratches, drywall damage, or broken screen doors. Some pets can even ruin the yard or landscaping.
To reduce the risk of property damage when allowing pets, work with a property manager in Plano to develop a pet policy and criteria. Just like renters, potential pets should go through a screening process to verify that they aren't dangerous, don't have a history of property damage, and are a good fit for your rental.
Rental property owners can set the rules for types of pets, weights, and behavior history that qualify a pet for a property. Offering pet-friendly rentals doesn't mean that you have to allow pets of all sizes, breeds, or temperaments into your property. With a careful screening process, investors can avoid significant property damage from destructive pets! However, the pet deposit helps cover repair costs if something goes wrong.
Disturbances for Neighbors or Other Renters
A barking dog could keep the neighbors up all night. A rental property owner could be liable for an aggressive pet that lives in your property and bites a neighbor. However, with a property manager and a thorough screening process, investors can exclude dangerous animals to reduce liabilities. Putting rules in place for quiet hours and how renters must manage their pets can lessen the potential for barking nuisances in your rental.
Work With Plano Property Management to Benefit from Pet-Friendly Properties
Even if you don't love dogs or cats, your ROIs will love the boost from renters with pets! If the idea of animals in your rental makes you nervous, let our Plano and Dallas property managers handle everything for you! RentHub works with investors and renters to develop pet policies, collect a pet deposit, and enforce the rules. Under our watchful eyes, your pet-friendly rentals will experience better returns! If you're ready to talk about pets and your bottom line, give us a call.
What else can you do to improve ROIs? Find out in our free resource, "10 Things You Should Be Doing to Increase the ROI For Your Rental Property."
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