Are you considering allowing pets in a rental property? This is a difficult decision for landlords because there are both pros and cons to consider. In many cases, allowing pets in a rental property gives you an edge over other landlords and could allow you to make more money by charging a pet fee.
Keep reading to learn about allowing pets in a rental property so that you can arrive at the right decision.
Pros
The main advantage of allowing pets in a rental property is that you are able to access a much larger pool of tenants. It is never hard to find tenants when you allow pets because so many people own animals in Orlando, Florida, especially due to COVID-19. As not many other property managers allow pets, this can give you a competitive edge while also allowing you to create a pet rent amount to increase the amount of money in your pocket.
In addition to this, pet owners are more likely to renew their lease as they know that they might struggle to find another property with a pet agreement. Not only this, but most find that pet owners are responsible tenants. This is because they have a large responsibility to manage and they are less likely to leave the property vacant for long periods or host large parties.
Cons
The main concern about allowing pets is potential damage to the property. Scratch marks, chewed furniture, destroyed landscaping and bad odors are a few issues that can arise when you allow pets. Other issues to consider include noise complaints and pet injuries.
Pet Policies
One of the best ways for landlords to allow pets and reap the rewards while reducing the drawbacks is with a pet policy in the tenancy agreement. A pet agreement should establish the type of pets that are allowed and that you or a property manager should always meet the pet and tenant in person before making a decision - this will give you a good idea as to whether or not the pet will be an issue (see below).
A pet agreement should also ensure that the tenant is responsible for the pet and any damage that they cause to the property. This will provide pet risk management and allow you peace of mind knowing that you will not be the one footing the bill if the pet causes any damage.
Tenant Screening
Tenant screening is one of the most important tasks of a property manager, especially when a pet is involved. When screening a tenant and their pet, it is important to have a face-to-face meeting. You should pay close attention to how the pet behaves and the level of control that the owner has. There are also a number of questions that are worth asking, including:
- Is the pet trained?
- Can it be left alone and if so for how long?
- Are you solely responsible for the pet?
- Does the pet get along with others?
- Is the pet updated on their vaccines?
Pets in a Rental Property - A Tough Decision For Landlords
Allowing pets in a rental property can bring many benefits to a landlord, but you need to practice pet risk management. When you are able to screen the tenant and their pet and create a pet agreement that holds the tenant responsible, allowing pets in a rental can be a smart move.
Visit our website today to discover how our property management service can take the stress out of renting to tenants with pets.