Did you know that about two-thirds of all households in the US own a pet? While dogs and cats are the most popular choice for most Americans, pet owners go for everything from birds to fish to exotic animals.
Despite a large number of pet owners in the US, finding a place to live that will accommodate pets can be a challenge. If you own rental properties, you've probably had tenants ask you about your pet policies. And if you've ever tried to rent with pets, you know the struggle!
Before you allow pets in a rental property, there are several pros and cons you should consider. Keep reading below to learn more about renting to pet owners.
Challenges Of Pets In a Rental Property
If you have any experience in the rental business, you've probably noticed that many landlords prohibit pets. This trend comes down to several factors. The most significant is the potential damage that pets can cause to a house.
Animals like dogs and cats are likely to leave behind issues like stained carpets, chewed wood, scratch marks on floors and walls, and unpleasant smells.
Some rental properties also run into noise issues when pets are introduced to the home. If your rental unit is in a neighborhood, an apartment complex, or a small residential area, think about the potential for noise disturbances before you make a decision about allowing pets.
Why Should I Rent To Pet Owners?
One of the biggest advantages of allowing pets on your rental properties is the huge amounts of tenants that it opens up to you. Because so many Americans have pets, allowing pets means that your tenant pool becomes larger. And because renting to pet owners is uncommon in many areas, it could give you a competitive edge.
Allowing pets on your property also allows you to charge more in rent. Many property managers request a pet deposit or a monthly pet fee to offset the risk that comes with allowing pets on the property.
Finally, if you forbid pets in your rental unit, there is always the risk that your tenant will go behind your back and keep a pet anyways. If you set out rules and regulations for pet-owning tenants, you know about the pets on the premises. This way, you have more control over how they are managed.
Before you make any final decisions, check local ordinances and laws regarding pet ownership. In some areas, certain breeds of dogs are not allowed. There are also some types of pets that are not legal to own or that require special permission on the part of the pet owner.
You should also research exemptions related to support animals. If a tenant requires a support animal, they might be exempt from any pet restrictions that you put in place.
Deciding On Pets In a Rental Property
Ultimately, the decision to rent to pet owners is up to you. If you think that your rental property can accommodate the needs of tenants with pets, it's worth considering. Although there is a risk of property damage, allowing pets in a rental property gives you more potential tenants.
For more guidance on property management, Wolfnest is here to help. We have plenty of experience in the Salt Lake City area and we can help you with all of your property management needs! Contact us today and let us know what we can do for you.