Pets make wonderful companions for people and are considered family. And unless circumstances aren’t feasible, most prefer taking their family members wherever they go. Tenants with pets looking for rooms to rent will be doing the same thing. So, if landlords aren’t in favor of having pets on their property but have to run a profitable business, they need to consider both applicants who have pets and those who don’t. Why? Because by doing so, they get access to a bigger pool of potential tenants to screen from. While you’re justified to be worried about property destruction, having tenants with pets does have its share of benefits. To make the situation less daunting for you, we’ve highlighted the pros and cons of renting out your room to pet owners.
Let’s look at the pros:
Higher number of potential tenants
As a landlord, the more prospects you have, the better chances you have of finding the perfect tenant. Flexibility towards allowing pets will ensure that you do. Why’s that, you may ask? Because recent data tells us that more than 70 percent of tenants have pets. Also, according to Zillow, more than 76 percent of tenants in the millennial group own pets. So, if your rental business caters to more of such people, you’re in for a treat!
Tenants with pets have higher income
Statistics reveal that 65 percent of people with pets in America bring home more than $50,000 annually! Isn’t that incredible? In other words, tenants with pets have a higher income and are more financially sound than those without them. Needless to say, as a landlord, you’re always looking for tenants who have a steady income and a stable job so that payments are always timely. Opening up your tenant pool to accommodate pet owners will ensure that your tenants, should you choose a pet owner, are never overdue with their rent and utilities.
Pet owners stay longer
Considering that many landlords have a no-pet policy, it’s challenging for most tenants with pets to find a pet-friendly home for themselves and their pets. If you are a landlord, Rentberry can save you a ton of time to find great tenants, it is indeed the best apartment rental service you have ever used. So, once they find a suitable rental unit, they’ll be more than willing to live there for as long as they can. You may find them approaching you to have their leases extended for another year, even before sending them a reminder. Apart from the regular rental income, you’ll have very few vacancies and business will be good!
Tenants are more responsible
Taking responsibility for oneself is hard enough. So, if tenants choose to look after themselves and their furry companions, it speaks a lot about their sense of maturity and selflessness. Loving and caring for pets takes up time and energy, so if they’re willing to invest that kind of time for their pets, it’s likely that they’ll show the same care, love, and respect for your property.
Tenants agree to pay more rent
If you’re open to the idea of having pets on your property, you can start with a little research to find out whether your neighborhood has many pet-friendly rentals. If not, you have an edge over other landlords in the area, especially since pet owners who find it difficult to find an ideal rental room for their pets, will come to you. Since the demand for such rentals is higher, you can use the opportunity to ask for a higher rent. In fact, you might even be surprised when tenants suggest paying a higher rent as long as you allow them to live on your property.
Pets aren’t sneaked in
Allowing pets on your property is great, but what’s important is setting expectations with potential tenants at the very beginning to avoid future problems. During the screening process, share the rules of your pet policy clearly with them and what happens if they’re violated. That way, they’ll think twice before withholding information from you about having a pet and sneaking them in later. In fact, your pet policy will ensure that pets aren’t snuck in since tenants appreciate honesty.
Tenants are happier
Pets are not just a source of happiness for tenants, they help lower levels of stress. So, having pets on your property means that your tenants are calm, relaxed, and easier to deal with.
And here are the cons:
Damage risk to your property
Whether pets are trained or not, expect some damage to your property while pets live there. As a habit, pets chew through drywall and doors, scratch floors, damage carpets, and even mess with the landscaping in the backyard. Also, if they’re not cleaned, there are chances of mites and fleas. Finally, when a pet occupies a rental, the damage goes beyond ‘normal wear and tear.’
Intrusion and injury to neighbors
While pets make excellent friends, it’s tough to determine how they’d behave in specific situations or adapt to a particular environment. Even tenants who’ve had pets for years can’t predict their reactions. Also, pets have certain intrinsic traits that they can’t part with, despite their training. For instance, dogs will bark and howl, and if they choose to do it at ungodly hours, it’s going to disturb neighbors and other tenants. Some may damage a neighbor’s property, attack or bite other tenants. For your protection, it might be a good idea to suggest to your potential tenants that they get renter’s insurance if there’s an animal attack on your property.
Difficult to remove pet odors
With pets around, it’s doubly important to keep the unit clean. If your pet chooses to do their business in the hallway, unpleasant odors may generate in common areas causing discomfort to neighbors and tenants alike. Likewise, if they haven’t been bathed or groomed in a while, the odors are going to be cringe-worthy. In many cases, the odors continue to linger long after the unit’s been cleaned. At the same time, we mustn’t assume that pet owners, in general, have filthy and smelly homes!
Entry of allergens in carpets and air ducts
In rental units with pets, allergens are bound to get into carpets and air ducts and remain there for ages. If your next tenant isn’t a pet owner and is allergic to pets, living in a rental unit that a pet owner previously occupied will raise problems for them because of their allergic reactions. It’ll eventually drive them out of the rental. The best thing to do is to have the unit cleaned just as soon as a pet-owning tenant has moved out of the property.
So, have you made up your mind to rent a room to a pet owner? We think you should, for all the pros we’ve highlighted to benefit you. There’s a flip side to everything, and this is no exception. Cons aside, you have to remember that you’re likely to find far more potential tenants who’re willing to live on your property for a long time and willingly pay higher rent! Isn’t that reason enough to allow pets on your property? Of course, it is!