There are over 2,650 new renters every day in the U.S. alone. If you're finding that your rental property is standing open and you just can't find renters, you might need to make some changes.
Location and price will always be the main deciding factors for prospective tenants; whether you allow pets might be one of the main reasons renters stay away. By saying no to all pet owners simply on the grounds that you don't want pets on your property, you're severely limiting your pool of potential renters and potential income.
So, keep reading to find out about the facts you should consider before allowing pets in a rental property.
Bigger Pool of Applicants
With over 67% of all households in the U.S. owning at least one pet, refusing to consider apartment pet policies will severely limit the number of potential renters enquiring about your property. Renters with pets are also more likely to renew their lease as they don't have as many options available to them. Finding renters you can trust can be difficult, so excluding a large group is never a good idea.
To sweeten the pot, you can also charge pet fees to cover any costs you might have regarding cleaning or repair.
You Can Charge Pet Rent
While pet fees are usually a one-time charge, pet rent will be a continuous income. Simply put, your tenant will pay extra money for their pet to live on the rental property.
While pet fees are used to cover damage and cleaning fees once the renters move out, the longer a tenant and their pet live on the property, the bigger the possibility of the pet causing damage. Pet rent will add up to cover any expenses that you might have due to allowing apartment pets.
When setting your pet's rent, you need to keep in mind that you don't want to dissuade renters by increasing the rent too much. Consider how much potential expenses may be and find a good middle ground.
What About Support Animals?
While you're allowed to have a no pets policy in your tenant agreement, you cannot refuse service or support animals. Under the Equality Act 2010, it is unlawful to refuse service or support animals if the tenant is disabled as the landlord (you!) would have failed to make the needed reasonable adjustments. As such, service animals aren't classified as pets and won't fall under a no-pets policy.
While most service animals wear vests, it is not a requirement, and most service animals won't wear them in the home.
Pets in a Rental Property Made Easy
Allowing pets in a rental property is a big leap of faith. You need to trust that your renters will keep your property in good condition and that their pets won't bother your other tenants. But once you've made the leap to allowing pets into your rental units, you'll find that you'll have loyal tenants that will go the extra mile.
Feel free to contact Blue Line Property Management for any property management-related questions you might have.