The Benefits of Renting to Tenants with Pets

Pet ownership has increased significantly in the past decades. According to Forbes, approximately 66% of U.S. households currently own pets.

This number is expected to grow even more in the upcoming years. As a landlord, this can represent a profitable investment opportunity.

Opening the doors of your rental property to people with pets can be incredibly beneficial. Pet owners often look for long-term accommodations to avoid having to move constantly with their pets.

They’re also willing to pay more for pet-friendly accommodations. In this guide, the experts at Howzer Property Management will go over the benefits and risks of renting to tenants with pets. Keep reading this article to learn more!

Why You Should Consider Renting to Tenants with Pets

Responsible pet owners make great tenants. After all, caring for a pet requires responsibility and the ability to hold long-term commitments, which are two qualities you should look for in a tenant. Additionally, by opening your doors to tenants with pets, you can enjoy the following benefits:

Wider Pool of Prospective Tenants

With so many rentals with strict no-pet policies, those who allow pets stand out and can attract a unique segment of the market. By allowing pets into your rentals, you will be able to attract a larger number of applicants.

This increased demand can result in shorter vacancy periods and more applicants to choose from, allowing you to select the best possible tenants for your property.

Higher Rental Income

Pet-friendly properties are in high demand, so you can charge more for your pet-friendly rental. After all, tenants with pets are usually willing to pay more for a place that welcomes their furry companions.

You can also charge additional pet fees to help offset any cleaning or maintenance expenses incurred due to the extra wear and tear caused by pets.

Longer Tenancies

Finding pet-friendly accommodations can be incredibly difficult. That’s why most pet owners look for long-term living accommodations for themselves and their pets.

This stability benefits landlords by reducing turnover rates and the associated costs of advertising, cleaning, and preparing the property for new tenants. Longer tenancies also mean fewer periods of vacancy and a more consistent rental income.

Responsible Tenants

Pet owners tend to be more responsible and reliable tenants. Caring for a pet requires a certain level of responsibility, which often translates to other aspects of their lives, including how they treat their living environment.

Responsible pet owners are more likely to be mindful of maintaining the property and adhering to the lease terms to ensure they can continue living in a pet-friendly home.

This can lead to fewer issues with property upkeep and a more positive landlord-tenant relationship.

Reduced Vacancy Rates

Since pet owners have limited options, they are more likely to commit quickly to a property that accommodates their pets, resulting in lower vacancy rates. This, in turn, can result in steadier cash flow and less stress associated with finding new tenants.

Positive Reputation

Being known as a pet-friendly landlord can enhance your reputation in the rental market. Satisfied tenants with pets are likely to spread the word about your property, leading to positive word-of-mouth referrals.

This can attract a steady stream of potential tenants who are specifically seeking pet-friendly accommodations. A good reputation can also result in higher tenant retention and a more positive overall rental experience for both you and your tenants.

To keep your investment safe when returning to tenants with pets, you can do the following things:

Pet Screening

You can reduce most pet-associated risks by having a good pet screening process in place. This process will help you determine whether a household pet is well-behaved enough to be allowed in your rental.

For instance, vetoing pets with a bite history or problematic behavioral issues will minimize the risk of injuries or accidents on your property.

Review Your Insurance Coverage

Landlord insurance policies typically do not automatically cover pets. However, the specifics can vary depending on the insurance provider and the policy details. If you’re planning to welcome pets into your rental, you should review your insurance coverage.

You may find that your property is protected from pet liabilities, or you may need to splurge more on add-ons to keep your investment protected.

Have a Strict Pet Policy

Your lease agreement should include clear and specific policies regarding pets living on the property. By adding a pet addendum to your lease, you’ll be able to establish rules, fees, and restrictions to keep your investment safe.

Charge A Pet Deposit

A security deposit is a measure that can help you make up for losses such as unpaid rent and property damage.

By charging additional fees for pets, you can reduce any potential financial risks associated with allowing pets on your rental, such as increased wear and tear or cleaning expenses.

Conduct Regular Property Inspections

Property inspections allow you to ensure that tenants comply with the terms of the lease. By conducting regular check-ins, you can identify and address pet-related problems before they escalate.

Bottom Line

Allowing pets into your rental can lead to higher rental income, lower vacancy rates, a higher pool of prospective tenants, and an improved reputation. However, pets can also result in problems such as property damage, liabilities, and complaints.

By screening pets, setting clear pet policies, and conducting regular property inspections, you can minimize these risks and ensure the profitability of your pet-friendly rental!

Still not sure whether renting to tenants with pets is a good idea? Contact Howzer Property Management for further guidance!