When it comes to renting out your property, there are several decisions you must make, and one of the biggest choices is whether or not to allow pets. While it may seem like a straightforward decision, allowing pets in your rental property comes with both benefits and challenges. Understanding the pros and cons can help you make an informed decision and set clear expectations for both you and your tenants. In this blog, we will outline the advantages and disadvantages of allowing pets and offer some tips for managing potential issues.
Pros of Allowing Pets in Your Rental Property
Wider Pool of Tenants
Allowing pets can significantly expand your potential tenant pool. Many renters have pets and are often limited to properties that specifically allow them. By opening your rental to pet owners, you increase your chances of securing a tenant who will treat your property with care. This can be especially helpful in competitive rental markets where properties may stay vacant for longer periods if they don’t allow pets.
Higher Rent and Pet Deposits
Pet owners are often willing to pay a little extra for a rental that accommodates their furry companions. By allowing pets, you may be able to charge a higher rent or a pet fee, to cover potential damages. Additionally, you can ask for a pet deposit, which can act as a safeguard in case there’s any damage caused by the pet. These extra charges can help you protect your investment and ensure you’re not left covering the costs if anything goes wrong.
Long-Term Tenants
Pet owners often seek long-term housing for their pets, as moving can be stressful for both the tenant and the pet. As a result, allowing pets in your rental property could lead to longer tenancies. Stability and a longer-term commitment from tenants can reduce turnover rates, save you money on advertising, and reduce the hassle of having to frequently find new tenants.
Responsible Tenants
Many pet owners are responsible individuals, who take pride in keeping their place of residence clean and well-maintained for the sake of their pets. This means, pet owners may be more likely to take good care of your property, to ensure that their pets have a safe and comfortable living space. They may also be more likely to report maintenance issues and follow rules regarding noise and cleanliness, especially if they know they’re being trusted with their pets.
Cons of Allowing Pets in Your Rental Property
Potential for Property Damage
One of the biggest risks associated with allowing pets is the potential for damage to your property. Pets, especially dogs and cats, may scratch floors, or cause other damage to carpets and walls. These damages can add up and may be expensive to repair. Even with a pet deposit in place, the costs of repairing significant damage could exceed the amount you’ve collected.
Allergies and Odours
If future tenants have allergies or sensitivities to pet dander, allowing pets in your rental could make your property less appealing. Pet odours, even if minor, can linger in carpets, upholstery, and air vents, making it difficult to maintain a fresh-smelling home. You may need to invest in deep cleaning between tenants to eliminate any signs of previous pets, which can be both time-consuming and costly.
Noise Complaints
Pets can sometimes create noise disturbances, whether it’s barking dogs, meowing cats, or other animal noises. These sounds can lead to complaints from neighbours, particularly in multi-unit buildings or close-knit communities. If you allow pets, it’s important to have a clear pet policy in place regarding noise levels and be prepared to mediate any complaints that arise.
Increased Liability
Allowing pets in your rental property can increase your liability risk. If a pet were to injure someone, such as another tenant or a visitor, you could be held responsible. Certain breeds of dogs, in particular, may pose higher risks of liability, which is why some landlords are hesitant to allow pets in their properties. It’s crucial to consider liability insurance and ensure your rental agreement covers any potential accidents.
Tips for Managing Potential Issues
If you choose to allow pets in your rental property, there are several steps you can take to minimise the risks and manage potential issues.
Create a Clear Pet Policy and Agreement
To effectively manage pets in rental properties, establish a clear and comprehensive pet policy that outlines expectations for tenants. This policy should specify the number of pets allowed, size and breed restrictions (if applicable), and rules regarding noise, cleanliness, and maintenance. Be clear about what constitutes pet damage and how it will be addressed. In addition to the pet policy, have tenants sign a pet agreement that outlines their specific responsibilities, such as cleaning up after their pets, controlling noise, and repairing any damage caused by the pet. A well-drafted pet policy and signed agreement will help avoid misunderstandings, ensure tenants are aware of their responsibilities, and provide a clear course of action if issues arise.
Collect a Pet Deposit
To protect your property from damage, consider collecting a pet deposit or a non-refundable pet fee. A pet deposit will give you a financial buffer to repair any damage caused by pets. Make sure the amount is sufficient to cover potential damages and clarify whether it will be returned at the end of the tenancy.
Screen Tenants Carefully
Not all pet owners are the same, so it’s important to screen tenants thoroughly. Ask for references from previous landlords and enquire about the pet’s behaviour and the tenant’s ability to care for their pet. A tenant with a well-behaved pet is much less likely to cause issues than one with a history of irresponsible pet ownership.
Invest in Pet-Friendly Upgrades
To minimise damage, consider making pet-friendly upgrades to your rental property. Durable flooring, such as tile or laminate, can withstand pet wear and tear better than carpet. You may also want to provide pet owners with a designated outdoor space for their pets to play and relieve themselves, helping to keep the rest of the property clean.
Deciding whether or not to allow pets in your rental property depends on your priorities as a landlord. While there are clear benefits, such as a larger pool of tenants and potentially higher rent, there are also risks involved, including property damage and noise complaints. By creating a clear pet policy, screening tenants carefully, and setting expectations for pet behaviour, you can successfully manage the challenges that come with having pets in your rental property. Ultimately, if you approach it thoughtfully and responsibly, allowing pets can be a rewarding decision for both you and your tenants.
If you do decide to allow pets in your rental property it doesn’t have to be overwhelming, contact one of our experienced property managers. They can assist you with creating a clear pet policy, handle tenant screenings, and provide advice on how best to protect your property. Contact us today to discuss how we can help you make the decision that’s right for you.
