Are you thinking of becoming a pet-friendly rental?
There are many benefits for landlords who happily rent their investment properties out to pet owners. From the increased pool of available tenants to the ability to charge pet deposits, landlords often benefit from renting to pet owners. But the decision to rent out your property to pet owners should not be taken lightly. So, we at Halcyon Real Estate Services have put together this article to help landlords both protect themselves and see the benefits.
Renting to those who own pets can be a great idea for a landlord, the following are some reasons why:
The number of pet owners in the country keeps growing, so it is smarter to accept pet owners, otherwise, a significant portion of potential renters will be unavailable to you. In addition, the more potential renters you have available to you, the more chance you have of landing the perfect tenant.
Taking care of pets is costly. A pet owner will have to visit the vet for vaccines and head to regular vet checkups. Additionally, pet owners must pay for pet food and toys. So, pet owners tend to have a higher disposable income than others.
Not all rentals are tolerant of pet owners. It can be a challenge for these tenants to find properties that allow them to keep their beloved pets. So, when they do find a place they love, they are more likely to rent the property for a longer-term. Moving with a pet can also be a hassle. Further, moving can take a toll on the pets who prefer staying in a familiar environment. This benefits landlords as it reduces property vacancies.
Being a responsible pet owner means being reliable. As taking care of pets requires a higher degree of responsibility, you need to feed them, take them to the vet, and be available for their walking exercise. This keeping to these responsibilities shows a pattern of responsible behavior which means pet owners are more likely to take their tenant duties including maintenance, seriously as well.
Pet owners are aware that few landlords have an open pet policy. That is why they are willing to pay extra just for the right to keep their pets in their home. Landlords can require pet owners to pay a higher security deposit or collect a pet fee, pet rent, or pet deposit.
If you are a landlord who does not allow pets, there is the possibility that a renter will try and sneak a pet into the property. But when you welcome pets, this risk is gone. Tenants can focus on following the pet policies rather than thinking of ways to smuggle in their pets. Landlords also have greater control when they acknowledge pet ownership. They can create rules and restrictions for pet owners, reducing the stress of monitoring your tenants.
Even though there is a multitude of positive reasons for renting to pet owners, as a landlord, you still run the risk of possible property damage caused by pets. Also, neighbors may file noise complaints due to barking, and pet odors may also cause some issues. To ensure that you are protected, we at Halcyon Real Estate services advise you to practice the following:
Part of crafting a solid lease agreement is adding pet addendums are clear policies that detail your expectations from pet owners. So, it is a clever idea to craft a pet clause in your leasing agreement and have it signed by the tenant. So, should these rules be bent or ignored, you can refer to the signed lease agreement to protect yourself.
To safeguard your rental home, you can also request that a potential tenant submits a reference letter from a previous landlord. This provides you with plenty of pet information, especially the pet’s behavior.
The reality is that property damage is possible when you open your rental to pet owners. Protecting yourself financially means having the extra funds to cover for any future pet damage mishaps. Please bear in mind that charging non-refundable pet or security deposits is illegal in the state of California.
While it is true that being a pet-friendly rental has a high number of benefits, there are also risks. But these risks are easily managed by a proactive landlord. So, if you continue avoiding pet owners in your rental, you can miss many wonderful benefits. Additionally, more businesses see the lucrative side of welcoming pet owners so the trend of owning pets will only grow more popular over time.
If you are looking for a superb property management company to take care of your rental investment, contact Halcyon Real Estate Services today!