Furry friends are huge parts of many people's lives, but for landlords, they have the potential to create problems. How do you know if you should allow pets in a rental property?
Many landlords jump to not allowing pets right away, but we recommend that you take your time and weigh the pros and cons before making a decision. We want to help.
Keep reading for a few pieces of helpful landlord advice regarding allowing (or disallowing) pets in rental properties.
Downsides of Allowing Pets in a Rental Property
The downsides of allowing pets on your property can be scary. All landlords have heard (or experienced) horror stories about pets that were either destructive or aggressive. You wouldn't want to experience that — right?
While most pets are going to be great tenants, they're not all so well-behaved. Some pets may cause damage to your property, which will end up costing you time and money.
If other tenants on your property are allergic to or afraid of pets, they may not be willing to renew their leases. Are you ready to take that risk?
Benefits of Allowing Pets in a Rental Property
Did you know that 70% of households own at least one pet? While many of these people are already homeowners, this isn't true for all of them. By not allowing pets, you're going to exclude a huge percentage of potential tenants that may otherwise have been wonderful.
Allowing pets is a huge draw. You're more likely to get rental applications if you allow pets on your property. You're also more likely to get lease renewals because it's harder for tenants to find other properties that allow pets.
Many pet owners work harder to be good tenants because they understand that pets in rental properties have bad reputations. They often have well-trained pets and they're usually willing to repair any damage without you having to ask.
Recommendations for a "Middle Ground"
If you want to allow pets, but you're also feeling cautious, there are a few things that you can do to minimize your risks.
First, you can limit the types of pets that you allow if you choose to do so. There's nothing wrong with setting size restrictions or only allowing certain types of pets (like cats).
Many landlords that allow pets require a one-time non-refundable pet deposit or monthly pet rent in addition to the tenant's normal rent. This extra money should protect you in the event of any potential damage and it will attract more responsible tenants.
Make sure that there's information in your lease about tenant responsibility for their pets.
Will You Allow Pets in Your Rental Property?
Deciding whether or not to pets in a rental property isn't easy. While allowing pets will attract more tenants and allow you to collect extra money, pets do pose a small risk of damage to your property. What will you choose?
If you need help making decisions like these and managing your property in Columbia, South Carolina, the team at HomeRiver Group wants to help. Contact us so we can start working together today.
