Being a landlord can be incredibly rewarding, but also comes with a lot of responsibility. Adhering to laws and safety regulations, maintenance requests, sometimes making tough decisions.
Would you prefer to rent to single professionals or families with children? Will you accept students? What about pets?
Even if you’re an animal lover you might have mixed feelings about allowing pets in a rental property. Read on for guidance on whether to allow pets in your rental property.
Higher Rent
More than 70 percent of renters in the US claim to be pet owners, which is a huge proportion of your potential clientele.
The proportion of rental properties allowing pets is much lower, meaning they’re in high demand.
This demand means your pet-friendly rental would be a sought-after commodity, giving you the option of charging higher rent or a ‘pet fee’.
Many renters will be happy to pay this and it gives them the security of keeping their rental contract intact and above board. There’s nothing more stressful than trying to hide evidence of a pet in your home!
Pet Damage Deposit
If you’re considering renting to pet owners and are concerned about damage to your property, you could ask for a pet damage deposit. This would need to include clear clauses in the rental contract, defining what is considered pet damage.
Most prospective tenants with well-trained pets will be happy to pay this additional deposit. If they’re confident they’ll get their money back at the end of the tenancy, this is a good sign!
Keep It Contractual
If you decide to allow pets in your rental property, work with your property manager to define what this will cover.
You might decide that there will be a limit to the number of pets, or that only certain species or breeds are permitted.
Again, make sure this is clear in the rental contract so that all parties understand the agreement and any difficult situations are avoided.
Pets in a Rental Property: Longer Rentals
Once pet owners have found a home for their furry or feathered family, they’re probably not going to be in a hurry to move. Especially if they’ve put down a bigger deposit!
People with pets are more likely to be home-bodies and at a time in their lives when they want to put down roots. This will mean a more stable rental income for you with a lower tenant turnover. In short - renting to pet owners can be great for your business.
A Personal Choice
Ultimately, whether you choose to allow pets in a rental property is a personal choice. However, it could be a smart business move, as long as you keep the allowances clear and are covered by an additional damage deposit.
If you’re a landlord in Fort Lauderdale in need of property management advice or services, contact us today.
