A lot of owners are nervous about pets in their rentals. It is our role as property managers to make sure owners understand where pets fit in and how they may add value.
According to landlordology.com (https://www.landlordology.com/how-to-rent-to-tenants-with-pets/) here are some of benefits vs. risks of renting to pet owners.
Benefits vs. Risks
Typically in real estate, where there is great risk, there is also the opportunity great gain. Pets and Rentals are no exception.
Benefits
- Additional income from increased rent or pet fees
- Larger pool of tenants to choose from (2014 apartments.com survey reported 72% of renters have pets)
- Increased tenant enjoyment
- Tenants with animals seem to sign longer leases
Risks
- Potential damage to the property
- Possible noise nuisance
- Allergens and dander will get in the air ducts and carpet
It is important to be clear with pet policies on the lease. Specify which pet(s) are allowed and if there are any restrictions (weight, breed, insurance required, etc.). Sometimes owners will specify small dogs only, dogs only no cats, etc.
Ultimately the decision to allow pets is something each individual landlord must determine on their own.
