The Benefits And Drawbacks Of Allowing Pets

People are crazy about their pets, and there is no doubt about this. The four-legged companions are considered family by most pet owners. They treat their pets like family, and they expect other people to treat them the same. Most pet owners can’t even imagine living without their pets. For them, living in a property that doesn’t allow pets isn’t possible.

Tenants With Pets Compared To Tenants Without Pets:

People are the same, with or without pets don’t mean much, but if you see this from a landlord’s point of view, there is a world of difference. As a landlord, you are most likely to be precise about your pet policy when you rent out. Pets matter a lot; your entire business model and maintenance depends on your pet policy.

Landlords and Pet Policy:

Landlords are known for not allowing pets, but why do they have such rigid policies? Well, the answer isn’t very complicated; pets come with a lot of complications that you can avoid by simply not allowing them on the property. These complications include irritated neighbors, noises, mess, wear and tear damage as well as additional maintenance issues. Here are some pros and cons of allowing tenants with pets on your rental property.

Tenants and their pets – Pros and Cons:

There are more tenants with pets than without, and most of the time, tenants turn down a property because of the pet rule. Hence, we would like you to weigh the pros and cons before finalizing your pet policy.

Pet-Friendly Landlord:

The long list of tenants:

Like we mentioned above, there are more tenants with pets than without, so you will have more tenants if you are a pet-friendly landlord. As per the statistics, 8 out of every 10 tenants have a pet, and they aren’t willing to part with their pet just to rent a property. Do not give up on a massive number of pets for rigid pet policy.

The Earning Ratio:

Pets and their maintenance don’t come cheap, so being a pet owner, you need to earn more to feed the pet as well as pay the bills. This tells us that most pet owners earn better. Did you know that around 65 percent of pet owners make above $50,000 per year? Most tenants with either a cat or dog are also known to have an above-the-average salary and better financial health. So, you get better rates as well as on-time payments, isn’t that an excellent benefit for letting in the pets?

Longer Tenancy Period:

It’s pretty widespread that most landlords don’t allow tenants with pets; hence tenants with pets find it very hard to land lodging. But once they do, they aren’t likely to move unless they really have to. Finding a rental that allows pets is a real marathon for tenants, so when they sign up for their property, they will stay for long. This means you, as a landlord, get lower vacancy rates.

Responsible Tenants:

They are taking care of an extremely active animal. They have domesticated it and made it their family, and you can see the dedication and the level of responsibility there and then. Pet owners are deemed as mature and responsible; hence they make great tenants.

Higher Rent Rate:

Compared to renters without pets, tenants with pets are likely to pay more when you demand. You can increase monthly rent and also demand a separate pet security deposit, and the tenants won’t argue because of your flexible pet policy.

Pets Can be Sneaked In:

Even if you have a strict pet policy, some renters will sneak in pets behind your back. Being unaware of these animals, you have no distinct rules, no pet security money, and you aren’t even demanding a higher rent. Having a lenient pet policy and saves you from such trouble.

Rent Your Property To Happier Tenants:

Tenants with pets are happier people, but how does that help you as a landlord? Well, happier people are easy to deal with and do business with. There will be fewer arguments, fewer fights about trivial issues when you hire tenants with pets.

Non-Pet-Friendly Landlord:

Wear and Tear:

Increased wear and tear is a huge reason why landlords don’t like to entertain tenants with pets. Pets, especially cats and dogs, come with extra energy and sharped claws that result in damaged furniture and floors. They also destroy carpets, yards and chew through doors and floors. There are well-trained animals as well, but let’s face it; a majority of the pets are spoiled by their owners.

Disturbed And Irritated Neighbors:

Another huge reason for not having a pet-friendly policy is the neighbors. Pets are messy as well as noisy, so you can imagine the neighbors getting annoyed and irritated. It’s these complaints that landlords want to void when they have a rigid no-pets-allowed policy.

Pet Odor:

Once you let the pets in, they leave their marks. Apart from the wear and tear, there is also the lingering smell of pets that stay behind even when the pets have left the vicinity. Birds, rabbits, chicken and ducks are such pets that leave a very distinct and foul odor behind.

Lessen The Risks When Letting Tenants With Pets In:

We are sure that by weighing the benefits and drawbacks, you are now rethinking your pet policy. Many landlords have come to realize that they are losing a lot by not allowing pets on their property. But you can forget the disadvantages of allowing pets either, so here are some tips that will help you mitigate the risk of allowing pets.

Follow fair housing law regarding pets that states that you can’t reject a disabled person because of their service animal.

• Have a rental property pet clause in your tenancy agreement
• Demand a pet-deposit to cover for any wear and tear caused by the pets
• Ask for a pet reference from previous owners
• Charge a higher rent rate to cover the extra cleaning and maintenance issues

If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.

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