If you own a rental home, it is likely not just another property; it’s your second home. Therefore, you want to find rental tenants who take as good of care of it as you do, which is not always easy to do. When it comes to allowing pets in rentals, there are both advantages and disadvantages for you as the property owner. The key is weighing the headaches against the profits to find a happy medium and a way to protect yourself against minor mishaps that can become major (and expensive) ordeals. These are tips that we shared with RedFin readers.
Advantages of Renting with Pets
The major advantage to renting with pets is that you will get more competition for your property. Not many property owners are keen on renting to people who bring pets. That means if you do approve it, you will make your home more attractive to a certain segment of the population. That can increase your occupation rate, which equals more profits in your pocket!
Command A Higher Price Point
Another advantage of renting to pet owners is that you can charge higher rental rates. Since many pet owners are limited in the number of available places that will take them and their furry BFF, that means you can set your rental rate higher. And you can keep the rate competitive for non-pet owners by only charging an additional fee for pet owners.
Disadvantages of Renting With Pets
The biggest disadvantage to renting to tenants with pets is the potential for damage. Damage is an inherent risk of renting to any vacationer or tenant, but renting to a person with a pet can bring additional risk. Sometimes pet owners can be irresponsible, and an animal that is unfamiliar with its surroundings might get anxious and behave in unpredictable ways. So you always have the risk that something will get stained, chewed, or broken when you have renters with pets. But the reality is that some children can be even more unpredictable and damaging!
Potentially Upsetting Other Renters
Another potential disadvantage of renting with pets is that it might upset the applecart for other renters in the area. If you are renting out a condo, allowing pets that can be noisy may irritate your neighbors. Make sure that you talk to your neighbors ahead of time and that you have an established relationship with the condo association, so that you aren’t unwittingly going to get charged with fines or upcharges.
A Lingering Smell
As with smokers, sometimes if you allow pets to live in an area, there can be a lingering odor that comes from things like urine or stains from dirty paws. However, the chances of that are probably low if you rent to responsible pet owners who take care of and clean up after their pets. Also, you can charge an additional fee for cleaning for renters who bring their pets. An extra hour or two and a cleaning service that specializes in pet rentals is a great investment to make sure that things are well-maintained.
The Property Management Group You Hire is the Key
As with most of the things that affect your rental’s attractiveness, income, and vacancy rates, the key is in the property management group that you hire. If you have someone manning the ship who is willing to make sure that there are no disadvantages, only advantages, then it is all about your bottom line and the additional income. At CVP, we know how to make sure our property owners are protected, while also getting the most income for their rentals. Contact us today and let us get you more!