Reports show that 68% of households own a pet. Of that, 76% of millennial renters are pet owners. Most pet owners consider their pet as family and won’t even consider renting a home that would require them to give their beloved animal up. Therefore, restricting pets limits your tenant pool immensely. Although pets can cause odors, damage, and disturb neighbors, if they bark, there are several reasons that homeowners should consider allowing them in their rental properties. Here are a few:
- Allowing pets attracts more tenants to your property and gives you more tenants to choose from, so you can find the best fit. Rental listings can also be filtered according to whether rentals are pet friendly. If you choose not to allow pets, your rental will not show up if they are looking for pet-friendly housing.
- Pet owners usually stay longer because it may be harder for them to find another pet-friendly property to move into.
- Animals reduce stress, so having a pet around can make a tenant feel more at home.
- Allowing pets will reduce your chances of having a tenant sneak them in, causing damage without a pet deposit.
Keep in mind also that, per the law, even if you’re not accepting pets for your home, you must allow emotional support and service animals. Tenants may present a letter from a physician stating that their pet is an emotional support or service animal. If that happens, you cannot collect a pet deposit.
The good thing about accepting pets is, you can choose what type of pet, the size, and how many pets you will allow. You can combine these options with the tenant’s qualifications and rental history to see if the pet behaved at the last property. Most management companies will not allow specific aggressive breeds. If you decide to allow pets, you should always collect a security deposit for the pet to make sure you are protected, except for service or emotional support animals.
Be sure to do your homework and consider the pros and cons to make the best decision for your rental property.