Is allowing pets in your rental property a good idea?
Property investors and landlords face a lot of difficult decisions. There is a delicate balancing act between finding ways to make a property attractive and minimizing risks and unnecessary expenses. A growing number of projects are allowing pets which poses a conundrum for owners wanting to rent out their units.
With that mind, is allowing pets in your rental property a good idea? Well, that is a difficult question to answer so let’s dive into some of the considerations.
The upside is simple. Demand for pet friendly properties is far greater than the supply on the market, especially in condominiums. However, answering the question is not as simple as that.
Pets can cause damage which you probably don’t want in your rental property. Dogs and cats leave scratches and stains behind which need to be repaired once the tenant moves out. Before you make a decision, it’s vital to weigh the pros and cons of allowing pets in your rental property.
The good and bad of allowing pets in your rental property
Many pet owners are willing to pay higher rents in order to secure a home. That’s because finding a property that allows pets is much more difficult than an ordinary unit. Additionally, a renter in a pet friendly property may stay longer since it may not be possible to find another place that will let them keep a dog or cat.
Even if your building does allow pets, you shouldn’t necessarily allow them in your unit. Firstly, there is the risk of damage which we mentioned earlier. Secondly, pets can be noisy leading to disputes with neighbors and other issues.
How can you mitigate the risks?
If you own a unit in a building that allows pets, one way you can eliminate the risks of allowing pets in your rental property is to screen them. Ask them questions about their animal that will help you gain more information on if they will be troublesome or not.
You can also request pictures and videos of the pet as well as the house it lives in that gives you a better idea of the condition of the property and the behavior of the animal. Don’t forget to ask for a reference from the tenant’s current landlord if you want extra peace of mind.
Making your decision
Before deciding whether or not allowing pets in your rental property is a good idea, you want to consider a few more things. For starters, it is important to understand that accidents can happen with pets, no matter how well behaved they are. There is always a risk when it comes to animals in a home.
Additionally, don’t mistake having a pet friendly unit as meaning you have to accept anyone with a dog, cat, rabbit or something else. Make sure potential tenants know that there is a screening process they will need to pass.
At the end of the day, allowing pets in your rental property can make it easier to find long term tenants who may be willing to pay more. It’s not without risks, however. Property investors and landlords must realize the downside involved and if this outweighs any possible benefits.