Pets are part of the family, and many residents expect to be able to include their furry friends in their search for a new home. Allowing pets in rental property can be beneficial for everyone involved, but there are some potential pitfalls that landlords should consider. Let’s look at both sides of the equation so you can make an informed decision about whether pet friendly rentals are right for you.
The Benefits of Pet Friendly Rentals
When you allow pets in your rental properties, it opens up a larger pool of prospective tenants who may otherwise have been unable to find suitable housing. Since it can take longer to fill pet friendly units than units that don't allow pets, this is great news for landlords hoping to attract renters quickly. Additionally, since most people with pets will stay longer than those without—pet parents tend to treat their rented homes like a long-term investment—you can expect more stability from your tenant base when you offer pet friendly rentals.
Potential Pitfalls
Obviously, any time you bring an animal into a space there is the potential for damage or disruption. That being said, there are ways to minimize these risks, such as requiring pet owners to pay additional deposits or rent and adding specific language about pet ownership into the lease agreement. In addition, landlords should be aware that allowing certain breeds may not be legally allowed depending on local regulations. It would also be wise to consider how large animals might affect common areas or landscaping if they're outside frequently.
Ultimately, allowing pets in rental property can be beneficial for all parties involved—but it’s important to do your research first and understand all of the potential risks associated with renting out pet friendly units before deciding one way or another. If done right, pet friendly rentals can help you attract more residents while still protecting yourself (and your other residents) against disruption or damage caused by animals on your property. Good luck!
