Did you know that most tenants with pets find it difficult to find rentals? According to a survey conducted by
Petfinder, roughly 82% of pet owners reported having trouble finding a property to rent.
As a property owner in
Tampa,
Lutz
or elsewhere, there are pros and cons to
accepting pets into your property. By recognizing these advantages and disadvantages, you’ll be able to make a more educated decision.
Pros of Renting to Tenants with Pets
The following are some of the reasons renting to tenants with pets is a good idea:
1. You will receive a larger pool of prospective tenants
According a survey conducted by Firepaw Inc, almost 50% of property renters own a pet. This means that by allowing pets into your property, you will have a larger pool of
prospective tenants.
2. Tenants with pets are willing to pay more rent
When you rent to pet owners, you can charge higher rent. Since few rental properties are pet-friendly, pet owners are limited in their options. Therefore, you can charge slightly higher rent, and they will be willing to pay for it.
Also, on average, pet owners make more money. According to Edward. N. Kelly’s book “Practical Apartment Management,” over 65% of pet owners earn more than $50,000 a year. This means that pet owners will likely be able to afford the increase in rent.
3. Tenants tend to stay in the property for longer
The longer tenancy is another positive aspect of renting your property to a pet owner. Since finding a pet-friendly rental property is more difficult, pet owners will be more likely to stay in their current pet-friendly property.
4. Pet owners tend to be more responsible
Pet owners show responsibility when caring for their pets. Therefore, pet owners are typically also responsible when it comes to keeping a property in good condition, treating it well and handling it with care.
Cons of Renting to Tenants with Pets
The following are some of the most common reasons property owners are hesitant to allow pets into their property:
1. Pets can cause serious damage to the property
Poorly trained pets can cause several damages to property. This tends to be property owners’ number one concern when it comes to renting to tenants with pets.
Property damages can include:
- Scratching floors
- Chewing carpets
- Destroying furniture
- Chewing wires
2. Pets can disturb neighbors
Pets can become a disturbance to those in their area by making noise. For instance, dogs can bark, birds can squawk and animals in general can make noise as they run around the property. Sometimes, this can create arguments between property owners and nearby neighbors.
Also, pets can be a disturbance to neighbors who are allergic to them. For instance, allergies to cats and dogs are very common. When the allergens travel through the air conditioning ducts and in the air, it can reach the neighbors and cause many uncomfortable symptoms.
3. Pets can bite other tenants or neighbors
According to the
Center for Disease Control and Prevention, roughly 4.7 million people get bitten by animals every year. Of these 4.7 million individuals, about 800,000 require serious medical treatments. Not to mention, the report also states that most animal bites occur in closed apartments. Inevitably, animal bites pose a risk.
4. Pets have odors and waste
Poorly trained pets, specifically dogs, may eliminate waste anywhere inside the building. This can cause a serious inconvenience for other tenants.
As a property owner, taking note of these disadvantages is important. You may consider adding animal liability insurance to your property policy. This can cover any potential
property damages
or injuries caused by the animal. Also, be sure to inquire about which animals are covered by the insurance.
Screening Tenants with Pets
If you choose to accept tenants with pets, screening them will be important.
Here are some questions you can ask:
- How long have you owned your pet?
- Is your pet well-trained?
- What is the size, breed and age of your pet?
- Has your pet caused previous damage to other properties?
- Has your pet received all of its necessary vaccines?
- Has the pet shown violent behaviors recently, or in the past?
Conclusion
As previously listed, accepting tenants with pets into your property has its advantages and disadvantages. Weighing them out will help you decide what’s best for you and your property long term.
It is equally important to get informed about the
Fair Housing
laws and regulations concerning service dogs and emotional support animals. Some tenants may need a pet. In this case, you may request for a note from their physician to verify this need.
Finally, it is important that you include a pet policy in the lease when accepting a new tenant with a pet. The tenant should sign the pet addendum before you accept them. This will ensure that the tenant knows your rules and is aware of any penalties for a
breach
of the contract.
