Before putting your property up on the market to find renters, it is important to devise a comprehensive policy on pets. Naturally, there are multiple advantages and downsides of maintaining a pet-friendly property, be it a house or an apartment building.
Pets can cause grave damages to the property, and on the other hand, pet owners are generally considered responsible and dedicated tenants.
Let’s take a look at the pros and cons of allowing pets in your rental establishment:
Pros of a Pet-Friendly Rental Establishment
Given all the noise about the issues faced by landlords due to pets, let’s get started by examining some of the pros of allowing your tenants to keep their pets.
• Attract more Tenants
Research reveals that more than 50% of the tenants in the market tend to own a pet, and creating a pet-friendly rental policy will help you increase your prospective tenant pool and attract more renters.
• Longer Contracts
Tenants who own pets are more likely to devise a longer contract and stay in your rental establishment much longer than tenants who don’t own pets. This is primarily because it is increasingly challenging to find another pet-friendly rental accommodation.
• Responsible Tenants
Pet owners are generally considered to be more independent, responsible and mature individuals who are capable of taking good care of other living beings. It is important to consider the fact that a responsible pet owner will also take good care of your property, and maintain it in good condition, which will naturally reduce your maintenance and repair costs.
• Increase Rental Costs
If your neighborhood does not offer any or many pet-friendly rental properties, this will give you a competitive edge to increase your rental payments. Naturally, a pet-friendly policy will help you garner greater demand from pet owners, and if the neighborhood does not have other pet-friendly options, the tenants will be happy to pay a slightly higher rent.
• No Sneaky Pets
In majority of the cases where landlords prohibit pets on the property, tenants tend to sneak in their pets and hide them. A comprehensive pet-friendly policy will help you reduce the instances of sneaky and undeclared pets.
Cons of a Pet-Friendly Rental Establishment
You probably already have a long list of reasons to prohibit pets on your property. Here are some of the downsides that you must consider.
• Potential Damages
Pets, especially dogs and cats, cause a great deal of damage to the floors, scratching on the walls, and particularly disturbing are the chewed up carpets. They can also cause accidents and damages to the wooden floors.
The greatest risk is indeed that of dog bites, and if your tenant’s dog ends up biting another tenant or a neighbor, it can lead to a difficult situation, involving financial damages for medical bills, and more. Four legged animals, dogs and birds also tend to create noise and disturbances, which can trigger complaints from other tenants and neighbors.
• Pet Odor
Pets tend to infuse the building or rental establishment with a foul odor, especially if the tenant is an irresponsible pet owner, which can trigger a wide host of other problems and damages.