22 Oct Should You Accept Renters with Pets?
That’s a question that many landlords are struggling with today. After all, the presence of pets can make a property quite messy, and it does detract from the “home-feeling” that many people look for in a place they rent.
On the other hand, having tenants with pets can be good for your bottom line. This article explains what the actual pros and cons are of having renters with pets in your building.
Pros of Renters with Pets
Better, Happier Tenants
Tenants with pets are more likely to be loyal and responsible tenants, which creates a to be loyal and responsible tenants and, therefore, are often willing to pay more for their apartments than other tenants.
Most landlords don’t realise that having pets makes a tremendous amount of difference in the quality of their tenants. In fact, it has been proven that having a pet significantly lowers the stress level for many tenants, and it can even have a positive effect on their mental health.
You May Be Able to Charge More
As a property owner, you may be able to increase the amount of rent you are receiving from all of your units by allowing pets. Tenants can expect a higher rental price simply because you accept renters with pets.
This is because many people who really love their pets also love to have them live with them in their apartments or houses. Therefore, they will be more likely to pay a higher amount of rent to live in a unit where pets are allowed.
Larger Selection of Potential Applicants
A key benefit of renting to owners with pets is the larger selection of qualified applicants you will have to work with.
Another big advantage of this audience is they are usually much better tenants than petless tenants. They take better care of the property and will treat your investment with a lot more respect.
Cons of Renters with Pets
Increased Risk of Property Damage
There are a number of hazards that a landlord faces when renting to tenants with pets. These include increased risk of damage from animals, potential health problems from animal waste, and the threat of liability from animal bites and other forms of property damage.
Disturbance to Non-Pet Owners
Renters with pets are oftentimes not considerate homeowners. They leave their pet’s waste and odours all over the house. This is especially true if the home is a rental. The odour and waste left by pets will give the impression to potential tenants the place isn’t clean, which could seriously lower the rent and/or cause the tenant to move elsewhere.
Pet urine, faeces, and various other forms of “disgusting matter” left by tenants’ furry or scaly friends can seriously damage property and even put some people at risk of serious illness. That’s why many localities have laws that severely penalise landlords who fail to control “undesirable” pets in their rental properties.
If you decide not to accept pets, you will probably lose some potential tenants. But, if you do accept pets, you could gain a lot of new ones. Ultimately, the choice is yours to make, as there are several pros and cons of renters with pets.