Before you decide on your pet policy, you need to consider all disadvantages and advantages of renting out individuals with pets. There are many talks about pet-related risks than benefits; therefore, be prepared for surprises. This article will discuss the pros and cons of renting out to tenants with pets.
Pros to Allowing Pets to Your Rentals
Numerous Applicants to Pick From
To be precise, approximately 70% of renters out there own a pet. Therefore, it means that you as a landowner give up on most potential renters when you decide to set a limitation ‘no pets’ policy in your rentals. If you choose to be flexible, on the other hand, you’re rewarded by receiving a large pool of tenant applicants for you to choose from.
Pet Owners are Likely to Earn More
Most pet owners are likely to have a better income compared to individuals without pets. Cat and dog owners tend to have better financial health and an above-average salary. Therefore, as a landlord, you would need tenants with better financial standing as they’re less likely to disappear from your apartment without paying rent and aren’t late with payments.
Pet Owners Often Prefer Longer Tenancy
Frequently, it’s challenging for pet owners to get rentals that permits pet than tenants without pets do. In that case, if a pet owner gets an apartment that allows them with their pets, they’ll ensure they take a long tenancy contract to avoid suffering looking for rentals. As a result, they’re more likely to lengthen their lease contract as many times as possible. So, as a landowner, you get reduced vacancy rates.
Pet Owners are Accountable Tenants
In general, pet owners are trustworthy and responsible individuals. As they’ve decided to take care of the small creature, it means that they’re ready to take care of themselves and everything around them, which includes your property. Therefore, having a pet owner tenant, you’re guaranteed that your tenants are responsible and mature enough. And this gives you the confidence to assume that the same will happen to your property. Also, you may consider performing a tenant criminal background check to determine if the tenant is fit for your property without relying on pet ownership only.
Cons to Enabling Pets in Your Rentals
Increased Damage Risk for Your Properties
Generally, pets tend to destroy hardwoods and carpet floors, damage drywall, and subfloors. Sometimes they may go as far as chewing doors or damaging flowers in the compound. Of course, all pets aren’t the same; some are well-mannered than others. However, wear and tear are likely to take place beyond usual if pets are involved.
Pet Owners Renters Tend to Disturb Their Neighbors
Even if your tenants with pets have the most innocent pet breeds ever and are mature enough to ensure better care of their four-legged friends, it doesn’t mean no difficulties will happen. In one way or another, animals may end up destroying neighbor’s property or biting them. Therefore, you need to know that sometimes it’s impossible to predict a pet’s behavior and hardly possible to control them.
Pet Odors and Noise
It doesn’t mean that all homes of pet owners smell equally bad. Also, pet odors may not be present at all in some pet owners’ homes. But as a landowner, you can’t be so sure about which option is the case with your upcoming tenants until you allow them into your property.
Excessive barking of a tenant’s dog can be disruptive to their neighbors. It can be challenging to maintain noise levels at controllable levels when many birds, cats, and dogs in the property compound.
Pets Contribute to Allergens
If neither your present tenants nor you are allergic to pets, you tend to think it’s not a big issue. Allergens are likely to get in air ducts and carpets and stay there for a long time. In that case, it means that if your future tenant is allergic to pets, they’re more likely to experience classic allergic reactions inside your property, primarily if you haven’t eliminated the allergens through proper cleaning. This might cause your tenants to move out, never to pick your rentals and they may go further recommending to their friends not to choose your rentals.
If you aren’t sure whether to allow pets or not in your rentals, you need to go for it. Of course, there are several risks related to having tenants with pets, but the advantages outweigh them all.