Of the rental population 72% own at least one pet, and those tenants are looking for rentals that will accommodate their families and their pets. Over the past decade it has become more common for rental properties to allow pets. We not only expect this trend to continue but likely increase.
Here are some of the Pros and Cons when considering making your rental property pet-friendly.
PROS:
- Allowing pets means you have access to 100% of the potential renters in the market
- Typically your rental property will rent more quickly if you allow pets
- Tenants rent on average 48 months in a pet-friendly property vs. on average 18 months in a property that does not allow pets
- Can charge additional pet fees
CONS:
- Increased damage to your rental property
- Potential injuries to other tenants or neighbors
- Increased noise
- Pet odors
We also recognize there is added risk in allowing pets so it's important to manage that risk appropriately. The following are some ways to do so.
LAYTON PROPERTY MANAGEMENT: RISK MANAGEMENT
To offset the risk of pets, landlords can do a couple of things. You can charge an additional pet deposit, you can charge a nonrefundable pet fee upfront, and you can ask for additional monthly pet rent. By doing one or two of these things, you can reduce your risk as a landlord and help cover the cost of any incidentals or damages that may be the result of a tenant living in your property with a pet.
PETS AND YOUR LAYTON RENTAL PROPERTY
Also, some homes are simply built better for pets. Homes with less carpet are more pet-friendly than homes that have carpet everywhere. It can be difficult to clean the evidence of a pet when you have a house full of carpet. When you’re making upgrades or updates to your rental property between tenants consider replacing your carpet with solid surface flooring.
SERVICE ANIMALS AND YOUR RENTAL PROPERTY
Everything discussed above refers to pets inside your rental property, not a service animal or an emotional support animal. These animals are protected under the Fair Housing Act and the Americans with Disabilities Act (ADA), and are not considered to be pets at all. These may be animals that support a tenant with a specific disability, or they could be an emotional support animal. These situations are becoming more and more common in our field.
It’s ultimately up to you as the property investor to determine whether or not you want to allow pets. You’ll want to go through the risk evaluation and figure out how it will impact your vacancy time. At Envy Property Management, we encourage our owners to be open-minded and inclusive with allowing pets. We think that it’s wise to consider pets.
If you have any questions we can help you with, feel free to contact us here.
