Is there any benefit to allowing pets in a rental property? There are many stories about property damages and aggressive attacks because of irresponsible pet-owning tenants. But there are also surprising benefits to pet-friendly leases.
As a landlord, you may be reluctant to allow pets in your rental property. If you're still weighing the pros and cons of pet-friendly leases, our guide can help.
Why Should You Allow Pets in a Rental Property?
Many of your major decisions about pets are probably already made. Most states and local areas have regulations in place for responsible pet ownership. These regulations generally focus on health and safety, so they're compatible with protecting your property and your tenants.
Houston's local ordinances limit how many adult dogs and cats can live in a household, for example. And there are certain licensing and vaccination requirements Houstonian pet owners have to follow.
You don't have to sacrifice safety to allow pets on your rental property. You can also enjoy the multiple benefits of pet-friendly leases.
1. Pet Owners Are More Common
A whopping 70% of U.S. households own at least one pet. Pet ownership is also high for certain demographic groups like veterans, who rely on service and emotional support animals.
2. Pet Owners Pay Higher Rent
The damage costs between pet owners and non-pet owners are surprisingly small, according to insurance companies. Pet-friendly rentals averaged $362 annually, while rentals that banned pets averaged $323, for a $39 average annual difference.
By contrast, landlords netted an extra $2,700 per year on average thanks to pet-friendly lease fees. Each state has different laws for pet fees, however, so you may have to research the potential payoff for your specific area.
3. Pet Owners Renew at Higher Rates
Pet owners are more likely to renew their lease than non-pet owners. Pet-friendly rental residents average a 21% longer stay than rentals that ban pets.
4. Service and Emotional Support Animals
Even if you ban pets on your rental properties, federal law requires you to accommodate service and emotional support animals. This means you should already have certain pet policies and pet areas already in place.
Protect Your Pet-Friendly Rental
Pets can easily damage rental property beyond normal wear and tear. Common damages include:
- Scratch marks on floors and walls
- Urine stains and foul odors
- Torn blinds and window screens
- Chew marks on cabinets and doors
These damages can range from relatively easy to fix to very costly. You can also lose out on rental income when it takes longer than usual to clean and repair the property for the next tenants.
Even responsible pet owners can struggle with property damage. Pets fees and security deposits can help cover costs, and you can add restrictions by the weight, type, and number of pets to minimize damages.
You can also add lease provisions for aggressive pets, waste removal, and noise. Rental properties that allow dogs may include certain breed restrictions. Some rental properties only allow cats to keep their common outdoor areas free of waste.
Get the Best in Management Services for Your Rental Properties
Ultimately, you have to weigh the pros and cons of pet ownership specific to your rental property, your tenants, and your area. If managing pets in a rental property takes too much time, stress, and money, you have the right not to allow pets.
Or, you could take the stress out of property management and hire dedicated property manager services near you. Contact us to learn more.
