As a landlord, deciding whether or not you will allow pets in your building is a big decision. There are definitely pros and cons to renting to people with pets, and ultimately whatever you choose has to be what’s best for you and your business. If you decide to allow your tenants to have pets, limiting this to cats and dogs may be smart and you should have strict restrictions set out in the lease. Here are the pros and cons of renting to tenants with pets.
By allowing tenants to have pets you are opening up the pool of potential tenants. Many renters have pets so you have more people to choose from, but you should carefully screen all these tenants to ensure they are a proper fit.
If you allow pets, you will be able to charge more for rent or pet deposits. Not all buildings are pet-friendly so these prospective tenants will likely pay the higher fees for their furry friends.
Increased sense of responsibility
Pet owners, in general, are responsible people. This is in part because they are in charge of another life other than their own. Choosing to rent to tenants with pets means that these tenants will be more respectful of the property and more inclined to keep their apartment looking nice.
There is the chance that dogs or other pets could cause damage to the building, but one way to mitigate this is if you have a pet damage deposit clause in your lease. If tenants put down a pet deposit you won’t be entirely responsible for any damage that is caused. You also need to ensure that your insurance will cover you if you have a pet-friendly building.
Even if pets are well behaved, there is still a chance they will make noise and disturb your other tenants. You don’t want this to turn away your current tenants, so make sure you let prospective tenants know your building is pet-friendly.
The odors and smells that are associated with pets can potentially be problematic for you as a landlord. The presence of pets in the building may irritate other tenants’ allergies, or good tenants will come to you with complaints. Make sure you thoroughly screen your tenants beforehand to make sure they are good pet owners and will take the very best care of their animals.