The Benefits of Renting to Tenants with Pets

If you own a rental property, you should seriously consider allowing pets into your property. Pet ownership has grown exponentially in the past decade and is expected to grow even more in the future. However, pet-friendly rentals are scarce nationwide, representing a profitable opportunity for real estate investors. 

Of course, there are some risks associated with renting to tenants with pets, such as increased wear and tear, higher risk of property damage, and even disputes with neighbors. But you can rest assured that the pros outweigh the cons!

If you’re still unsure whether turning your property into a pet-friendly rental is a good idea, you’ve come to the right place! In this article, the experts at TrueNest Property Management will go over the benefits of renting to tenants with pets, as well as some tips to keep your rental protected from potential liabilities. Let’s dive right in!

The Benefits of Owning a Pet-Friendly Rental

Allowing pets into your rental is a decision that should not be taken lightly. After all, pets can damage your property in many ways, such as scratching the doors, damaging the landscape, chewing on furniture or fixtures, or simply leaving bad odors behind. However, by finding responsible pet owners, you can enjoy the following benefits:

1. Responsible and Reliable Tenants

Taking good care of a pet is not easy. Managing a pet’s needs, such as feeding, exercise, and vet visits, requires commitment, patience, discipline, and organization. 

These qualities often extend to other aspects of life, indicating reliability, respect for others, and the ability to manage important responsibilities effectively. That’s why responsible pet owners make great renters!

2. Increased Rental Income

Although there are millions of pet owners in the country, pet-friendly rentals are still scarce. The low supply and high demand for pet-friendly accommodations means that you can charge more for your property if you allow pets in it. After all, tenants with pets are willing to splurge more when it comes to their furry friends.

One of the biggest drawbacks of renting to tenants with pets is the increased maintenance costs. However, you can charge additional fees and deposits to help offset any cleaning or maintenance expenses incurred due to the extra wear and tear caused by pets.

3. Higher Tenant Demand

Pet ownership has increased exponentially in recent years. Despite this, not many landlords allow pets into their properties. 

Because of this, there is a high demand for pet-friendly rentals. By allowing pets into your rental, you will be able to attract a wide pool of potential tenants in no time!

4. Lower Tenant Turnover Rates

Moving can be stressful for pet owners because it disrupts their pet’s routine, which can lead to anxiety or behavioral issues. Pets may struggle to adjust to new surroundings, making them restless or nervous. 

Additionally, coordinating their care during the move adds an extra layer of responsibility for the owner. Tenants with pets are more likely to stay on a property for several years at a time to avoid dealing with regular moves. 

5. Increased Word-of-Mouth Referrals

If tenants feel welcome and comfortable in your property, they’ll be more likely to refer you when they move out. Typically, tenants with pets know other pet owners, so you never know when a former tenant might refer your property to a friend in need of a place to rent. 

These word-of-mouth referrals can help you fill your vacancies quickly, secure a stable passive income, and ensure the long-term profitability of your investment.

Top Tips to Keep Your Investment Safe When Renting to Tenants with Pets

Renting to tenants with pets can be incredibly beneficial. After all, pet owners are responsible, don’t tend to move around regularly, and are willing to splurge more on pet-friendly accommodations. 

However, allowing pets into your rental can bring in many challenges. Untrained pets can cause severe property damage, cause constant noise complaints, or even cause injuries to neighbors or other tenants. The good news is that you can keep your rental investment safe from potential pet-related liabilities by doing the following things:

• Screen all pets: You should ask for detailed information about the pet’s breed, size, and temperament, as well as request proof of vaccinations, licenses, and any obedience training. Checking for a history of aggression or damage at previous rentals is also important. With an effective pet screening process, you will be able to determine whether a pet is suitable to be allowed into your rental. 
• Review your insurance coverage: Unfortunately, landlord insurance policies don’t tend to offer protection against pet-caused damages. So, you may have to review your current coverage and invest in specific add-ons to keep your investment protected when renting to tenants with pets.
• Have strict pet policies: You should establish clear policies to protect your property and ensure responsible pet ownership. These policies may include restrictions on the number, size, and breed of pets, as well as requirements for vaccinations, licenses, and proof of training. You should also outline rules for noise control, cleanliness, and waste disposal. It’s also important to specify consequences for policy violations, such as fines or potential eviction.
• Inspect the property regularly: As a landlord, your top priority should be to ensure your property is in good condition all year round. Unfortunately, this can be tricky when renting to tenants with pets. Pets can cause property damage and excessive wear and tear, such as scratches, stains, or odors. Frequent inspections will allow you to identify potential issues early on and ensure tenants comply with your pet policies.

• Charge a pet deposit: Pets can cause increased wear and tear on your property, such as staining and stretching the floor or damaging the landscape. Luckily, you can offset potential maintenance and cleaning costs by charging a pet deposit or an additional monthly fee. 

Bottom Line

Opening the doors of your rental property to tenants with pets can be incredibly profitable. There is a high demand but limited supply for pet-friendly rentals, meaning that you will be able to charge a higher rent while also filling your vacancies quickly. 

Other benefits of renting to tenants with pets include low tenant turnover rates and increased referrals, which contribute to the long-term profitability of your investment. 

If you need help conducting pet screening or regular property inspections, contact TrueNest Property Management! Our team will help keep your investment protected from pet-related damages.