When renting out a property, deciding whether to accept tenants with pets can be tough. If you feel like you’ve been going round in circles when it comes to this issue, take a look at these pros and cons to help you make up your mind:
Starting with the positives, if you allow pets in your property then you’ll have a much wider pool of renters to choose from. According to Firepaw.org, nearly half of all tenants have some kind of pet. Pet owners also reportedly earn more money than their petless counterparts. After all, pets are an expensive business, so only those who feel financially secure are likely to take them on as a responsibility. This bodes well for you getting your rent paid on time too. Pet owners may also be more likely to sign for a longer period of time. With limited options, they’ll probably be happy to stay put instead of searching for other pet-friendly alternatives.
It’s also important to remember just because you say you don’t allow pets doesn’t mean your tenants won’t bring pets with them. Allowing pets from the get-go means you can approve the animals that will be in the home and hold tenants responsible for any damages more easily.
Increase your cashflow by self-managing your property.
Perhaps an obvious one, but one of the biggest concerns for landlords is the damage that pets can cause. Although humans can cause their fair share of accidents, pets are a new breed of wear and tear. If you don’t want to deal with scratches, smells, or extensive property repairs, it might be best to say no to pets. Another issue with animals is the noise, particularly with dogs. This could disturb neighbours or other tenants in the property, causing more trouble for you to resolve.
Pets are particularly a problem if your property houses several independent tenants. If they all have pets, the animals could fight or harm one another, but equally, tenants could move out or disregard your property completely if they have allergies.
Pets can bring problems to a rental agreement, but if you’re willing to put in a bit of extra work, the tenants who move in could bring you more money in the long term.