Many landlords struggle to decide whether to permit pets in their rental properties. This article provides you with a comprehensive list of advantages and disadvantages as well as the things to keep in mind before making a decision.
Advantages Of a Pet-Friendly Rental
- Increased Rent – You might be able to charge a higher fee if you allow pets in your rental home. Since few houses accept pets, the minority who do permit them offset the increased risk by raising the rent.
- Longer Tenancies – Long-term tenancy allows you to keep more of your rental income because tenant turnovers can prove expensive. Pet owners frequently sign lengthier leases since a limited number of landlords allow pets in their rental properties.
- Responsible Tenants – The reasoning behind this is that since having a pet requires a lot of responsibility, responsible tenants also tend to be pet owners.
- Larger Tenant Pool – The American Pet Products Association found that 68% of American households own a pet. This naturally means that there is a larger tenant pool, and that is why there are higher chances of finding the perfect tenant.
Disadvantages Of a Pet-Friendly Rental
- Damage –Pets enjoy chewing, and occasionally they will chew on things other than toys, such as carpets or furniture. This is frequently the main justification cited by landlords for their opposition to permitting dogs in their rental units.
- Noise – The amount of noise that pets produce is another drawback of allowing them. For instance, dogs who bark too much can annoy your neighbors.
- Injury – There is always a danger that a pet will hurt or injure someone.
- Odor – Pets come with different body odors that some people may find unpleasant. These can permeate common areas, which can lead to complaints from other tenants.
Don’t Forget to Follow Fair Housing Laws
Any act of discrimination against a tenant based on one of the seven protected classes—familial status, sex, disability, national origin, race, color, or religion—is illegal under the federal Fair Housing Act. A person with a service dog cannot be denied housing because their disability is protected. It is always best to remember this when denying tenants who have pets.
Make Sure You Are Insured for Animals
If you decide to have a pet-friendly property, examine your insurance policy to see what kind of coverage you have. Make sure you are aware of the scope of the liability protection provided by your insurance. If there are any restrictions or exceptions to this coverage, such as a list of dog breeds that the insurance provider deems to be “dangerous breeds” and which are not covered by the policy, ask your insurance provider about them.
Ensure Your Lease Specifies Pet Policies
By establishing sensible pet regulations, documenting them in a “pet agreement,” and including the agreement as part of your lease, you can lessen the additional hazards brought on by having pets on your property. This informs tenants that upholding these regulations is a condition of their ability to remain tenants.
All tenants, even those without pets, must sign the pet agreement. In this way, a renter will be aware of the requirements and what to expect if she decides to continue living in their apartment after getting a pet.
Consult With Scatub Agency
It’s always best to research before deciding if you want to allow pets in your rental property. For more information on what you can do to keep protected if you decide to allow pets, contact our agents here at Scautub Agency. We will help you with your rental property insurance needs.