An opportunity landlords can take advantage of is turning their rental spaces into pet-friendly units to accommodate tenants with pets. Although risks are an ever-present issue when you open your doors to them, there are ways to mitigate these risks to ensure you maximize the benefits of welcoming pet owners.
The first thing you have to do is evaluate if your rental space suits tenants with pets. You can plan to renovate it in the future to attract prospective tenants with pets and increase your rental earnings as a result.
When you have made up your mind to permit pets in your rental place, it is time to craft a detailed pet policy so pet owners can comply and observe the terms of residence. See our article to learn more about the benefits of allowing tenants with pets in your rental property.
Benefits of Welcoming Tenants With Pets
It’s accepted that not all landlords may be comfortable with letting tenants with pets inside their rental units, however, you can miss out on several opportunities if you ignore this lucrative target market.
The following are just some of the benefits that come with renting to tenants with pets:
1. Boost Your Income Earnings
Tenants with pets are duly aware that they have to pay extra for the privilege of staying in a rental unit with a pet. This is good news for landlords since they can charge for a pet deposit, pet rent, or pet fee. Make sure to check for updated local and state laws covering accepted pet charges before adding them to your lease agreement.
You can view this as an excellent chance to generate earnings. You can also require a security deposit for pets to cover future pet-related damage. If you have selected responsible tenants with pets, you can enjoy a well-maintained rental space and the added income.
2. Increase the Satisfaction of Renters
Pets offer more comfort to residents, leading to happy tenants. If you meet the needs of renters with pets, you can count on them to stay in your rental for a long time.
3. Broaden Your Potential Tenant Base
Some landlords may hesitate to accommodate tenants with pets, which makes it a great opportunity to serve this market. With the popularity of owning pets nowadays, you can engage more prospective tenants with pets, allowing you to succeed in attracting more outstanding residents.
Top-quality renters reduce your problems since they generally treat your rental space well, follow the policies, and most of all, pay on time. When they spot property damage, they often report them early. They are also responsible enough to ensure their pets will not cause damage or issues with other renters.
4.Gain Long-Term Renters
Tenants with pets are often loyal when they find a friendly landlord and a rental unit that accommodates their needs and their pets. It will be tiring for them to move around since they have to submit new requirements and undergo pet screening. They also want their pets to stay in familiar places. Thus, pet-friendly rentals attract long-term tenants.
Risks Involved in Welcoming Tenants With Pets
Several disadvantages are also associated with serving tenants with pets. These can include the following:
1. Potential Property Damage
You can expect some pets to chew on wood or furnishings since this can be a classic behavior of a young pet. You might also end up with scratches on your doors and floors, including stains on your carpets.
Not all pets behave this way, however, and can be trained well by their owners. To minimize damage inside your rental, make sure to run a thorough pet screening before welcoming tenants with pets.
2. Noise Issues
One of the top tenant complaints is noise coming from pets. It can be disturbing to hear barking and howling dogs, especially during the late hours.
Notify a renter when you receive reports about noise issues. Consider an eviction if nothing is done and your warnings fall on deaf ears. This should be your last resort.
3. Possibility of Injuries
In some unfortunate cases, some pets are aggressive and can attack people and other pets when triggered. Consider creating a pet restriction list in your screening to guard the safety of the tenants staying in your rental space.
With disciplined and well-trained animals, injuries are reduced, which also helps you avoid additional medical expenses or liability issues.
Fair Housing Law Compliance
Although you may think that you can turn every tenant with an animal away, it is best to be familiar with the fair housing laws.
People with a disability fall under the protected classes, which means you cannot discriminate against allowing them residence even when they bring in an animal. It is not considered a pet, but an assistance animal.
Checking Your Insurance Coverage
Make sure to go through the details of your insurance policies governing liability. In case an injury from a tenant’s pet occurs in your property, what does the insurance company cover? Are there restricted breeds or breed-specific legislation in your state? This is critical to avoid paying costly medical bills out of pocket.
Pet Policy Inclusion in the Lease
Your lease agreement must be clear on your pet policies. A pet addendum can detail your policies around pets, including listing down penalties for policy violations to make sure you are on the same page with all your renters.
Bottom Line
Take time to study both the upsides and downsides of being a pet-friendly rental space. It pays to be flexible to maximize the benefits of welcoming tenants with pets. Consider the return on investments and properly handling the risks to make the best of your opportunity in this lucrative market.
For additional support in managing your rental space and tenants with pets, contact Keyrenter Austin today! We’re here to help you in all aspects of property management.