House pets can be a make or break for a tenant.
As a property owner, you always want what's best for your investments. Performing checks on your prospective tenants can help you get an idea of what you're getting yourself into. One of the more crucial questions is whether your applicant has a dog, cat, or potbelly pig for a house pet.
Everyone loves having a pet, but they can cause a lot of damage to a property over the length of their stay. Whether you allow pets in rental properties is an important decision that every property owner needs to make.
We've assembled some pros and cons for you to aid in this decision. You should always so what makes you comfortable, so follow this guide and make the best choice for you and your investments.
The Pros of Pets in Rental Properties
You might not think that allowing pets in your properties could have any pros, but there are some. Aside from opening up the pool of potential renters, the following pros might convince you to allow pets:
- Pet owners typically make more money, which means you're more likely to find a financially responsible tenant if they have a pet. You can paint a more thorough financial picture with a credit check to ensure that this extra cash isn't going fully to the pet.
- You'll also find more stability with pet owners as tenants because they're less likely to find quality rentals that allow pets. If you allow them, they'll reward your acceptance with a longer stay.
- When you agree to allow pets in your properties, you're likely in the minority of property owners. This allows you to charge a bit more for the luxury of having the pet. Look in your area to find out if other tenants are allowing pets and base your rental price on that.
The Cons of Pets in Rental Properties
While you can end up making more money by allowing pets in your property, there are some risks involved:
- The potential for damage to your property from scratched floors, chewed up carpets, and unfortunate smells go way up with pets.
- There's also a good deal of noise with dogs and birds, so your tenant might risk disturbing the neighbors. You'll end up suffering as a result when the noise complaints end up on your doorstep.
- If you own a building, you might also end up losing other tenants because of allergies, fears, and any residual noise.
Finding Middle Ground
While there are major risks to allowing pets in rental properties, you can mitigate those risks in your rental contract. Placing some insurance on the damage that a pet might cause will allow you to charge more in rent while also protecting your investment.
This is one of the many decisions that you must make when you become a landlord. Weigh the pros and cons and figure out what you value most.