It’s estimated that about 75 percent of people looking for long-term rentals have a pet, while only about 50 percent of landlords allow a cat or dog in their rental property. The question of allowing pets in your rental property is one to consider carefully.
Allowing pets is a personal choice, although doing so gives you more potential tenants to choose from. Statistically, renters with a pet generally tend to stay for longer. It means more stability, and hopefully, a more reliable tenant who will renew their lease, and save you from the trouble of finding a new tenant. This also helps prevent long periods of vacancy.
You’ll probably charge a pet deposit, and you may also want to include a monthly fee, or “pet rent” when renting to a pet owner. Most pet owners expect to pay more if they’re taking their cat or dog with them. Depending on the area, it may also be helpful to have a tenant with a dog that can provide that extra security and alert your tenant to a stranger’s presence.
However, there are drawbacks to pets if you’re wondering if you should allow pets in your rental property. The obvious negative is the possibility of damage to your property, and although the pet deposit is in place for that reason, it may not cover the total cost. Any damage means calling in a contractor or professional to replace the carpet, paint the walls, or replace the furniture. It can be time-consuming, which leaves your property vacant and costs you money.
Even if a pet doesn’t actually damage the property, the lingering odor and stains can be difficult to completely remove, and there can also be spots left on lawns, as well as holes or dug-up grass.
One solution to the question of allowing pets is to limit the size of the animal, the breed, and/or the number of pets. Another is to ensure the tenant’s pet is well behaved, up to date on all required shots, and to perhaps ask them for a reference from their previous landlord.
Specialized Property Management Birmingham can help you decide if allowing pets on your properties would be beneficial or detrimental for your rental property investment. We also have a tried and true method of screening tenants to ensure that you get only the most responsible residents for your properties.