Pets are part of the family. Many Americans are among the 67% of households, or some 84.9 million American families, own at least one pet according to one recent study. That number is only growing with the recent boom in pet ownership due to many working remotely. Many pet owners will not even entertain the thought of looking at an apartment or home that is not pet-friendly. Excluding pet owners from your potential tenants could rule out an entirely viable market of renters.
Pros and Cons of Allowing Furry Friends
Just like any situation, there are pros and cons to allowing tenants to bring along Fido. You may worry about property damage or insurance issues, but you cannot neglect to look at the benefits.
- Higher Rent – many pet owners would be willing to pay a higher monthly rent to be able to live in a home that works for them and their animals. You could also add a monthly pet fee to the normal rent.
- More tenants to choose from – the list of potential tenants will be longer. You will be able to choose exactly the right fit for your property.
- Better renewal rate – tenants will not want to go through the painstaking trial of looking for another pet-friendly rental. They will be happy to stay where their whole family can stay together.
- Responsible pet owners equal responsible tenants.
With that all being said there are some potential downsides to allowing four-legged companions.
- Property damage – this can be anything from scratch marks on doors to a lingering odor in the rugs.
- Noise – dogs get excited and bark to protect their home.
- Potential injury to other tenants.
What can you do to be sure you pick the right tenant with well-behaved pets?
The Interview Process
During the normal interview process of credit checking, background checks, and criminal record checks, add in a pet check. Consider conducting an interview in person where you can meet the pet for yourself to determine if they would be a good fit, are well behaved, and have responsible owners.
Some questions you may want to ask:
- Is your pet left alone for long periods during the day?
- Does your pet go outdoors for exercise?
- Are they spayed or neutered?
- Who looks after the pet when you are away?
- Has your dog had any obedience training?
- Is your pet properly licensed with the city and state?
- Has your pet been vaccinated?
- Do you have a vet that you visit regularly?
- How does your pet react with other pets?
Asking these questions and some of your own will help you get a better idea if this pet and tenant are a good fit.
Final Thoughts
Whether or not you choose to rent to tenants with pets you should establish clear guidelines in your leases regarding pet ownership and responsibility. Consider all the factors mentioned above before you make the final decision on allowing dogs and cats in your rentals. Remember, careful tenant screening is your best bet at getting an amazing tenant and a friendly furry companion. Anthoney Hanks with Beyond404Realty.com.
