Can a pet-friendly rental generate more cash flow? Some landlords won't let pets in rentals. Others happily embrace our furry friends.
Pet owners are better tenants on average. However, pets can damage the property and increase overall costs.
Landlords must grapple with these pros and cons when setting a pet policy. If you're on the fence, these landlord tips will help.
Your Tenant Pool Expands
Accepting pets in rentals expands your tenant pool. Over 90 million families own pets. You don't have to reject applicants because of their pets.
Some tenants need their pets to integrate with society. Support animals guide the blind, help with household activities, and perform other tasks.
Not taking pets will result in less competition for your rental. You are less likely to trigger a bidding war on your property.
Landlords benefit from more tenants. They can pick the best from the best rather than settle with good enough.
Pets Can Damage Rental Properties
Some pets can damage properties. They can scratch furniture and leave nasty odors.
Some pets present a higher risk than others. During the tenant screening process, ask tenants to bring their pets. You can see the pet's behavior up close and the tenant's response.
Ask the tenant if the pet received proper training. If the pet listens to commands, it listens to its owner. This relationship indicates the owner can take control if the pet acts up.
Pets Command Higher Rents
Pet-friendly rentals put you in exclusive company. These rarities come with higher rents.
The rent increase accounts for any property damage and other responsibilities.
Higher rents lead to higher ROIs for your real estate property. You have many choices on how to use the cash.
More cash flow lets you get out of debt sooner. You can use extra proceeds to pay off the mortgage or make investments.
Lower Turnover
Pets may cause some property damage. However, your tenant will likely stick around despite the damage.
Moving is stressful enough for tenants. Pets further complicate matters.
It's not easy to find another pet-friendly residence. These tenants will continue paying the rent and provide a consistent income stream. Cash flow is a landlord's best friend.
A single month of vacancy significantly hurts profits. It will take several months to reclaim the lost proceeds of a vacant month.
Landlords don't always fill vacancies in a month. It may take several months to find a new tenant. Can you afford to wait that long?
Potential Allergens
Some people are allergic to pets. You don't want to scare away reliable tenants who have pet allergies.
Before accepting pet owners, ask your existing tenants about pet allergies. If one of your tenants has a cat allergy, you can still accept dogs.
You can ask tenants about pet allergies during the tenant screening process. This information can help you make better decisions. You are far more likely to come across a pet owner than someone with pet allergies.
Implementing Landlord Tips
Landlord tips like these help you make better decisions. These tips help you assess risk and expand cash flow.
Our property management team can apply these tips and help you manage the property. We get tenants, address their needs, and monitor your properties.
We manage properties in Vancouver, WA, and nearby areas. Contact us today to see how we can help.
