Pets, or no pets? This question often plagues landlords as they try to maximize the investment potential of their rental properties.
Of course, saying yes or no to fido is only the first decision you’ll have to make. If you do decide to have pets, then you will have to figure out additional prices and rules, along with size, number, and breed limitations.
While all pets pose a risk of destruction, dog damage to a rental property is a major concern for landlords considering adding a pet-friendly clause to their lease. Man’s best friend isn’t always a landlord’s perfect tenant.
Fortunately, the following list of pros and cons will help you to more easily determine if you should convert any of your homes into pet-friendly rental properties.
Perks of Pet-Friendly Properties
Did you know that an estimated 68 percent of people have pets? Even if you are scared of the potential for dog damage to your rental property, there are several benefits to renting to paw parents.
- You will have access to a larger pool of tenants.
- An estimated 68 percent of people have pets, and 65 percent of paw parents make more than $50,000 per year.
- You can typically charge a higher monthly rent (especially in areas where there a limited number of pet-friendly places).
- The risk of dog damage to a rental property can be covered via a significant pet deposit and additional monthly pet fee.
- As a general rule of thumb, responsible pet owners are typically more responsible tenants.
- The majority of pet owners renew their leases to avoid the hassle of finding and moving to a new place with their pet.
Pet-Friendly Properties Aren’t Always Puppy Love and a Walk in the Park
As with anything in real estate, there is a potential downside to renting to pet owners.
- The number one downside is finding extensive pet damage to the rental property. This is especially common for renters with puppies or tenants who leave their pets at home alone for large portions of the day while they work.
- Pet waste is also more likely to litter the common areas. This can result in higher maintenance costs and decreased tenant satisfaction ratings.
- Noise complaints from barking can lead to heightened stress levels, increased tenant distress, poor landlord-tenant relationships, and additional dog damage to rental property (when anxious dogs respond to their yelling neighbors by pawing at doors or blinds).
- A recent survey showed that 64 percent of landlords report property damage from tenant dogs.
- As a landlord, you will have increased liability for injury.
- You might lose some tenants who want to live in a pet-free environment.
Pooches Already Causing Problems? HomeGo Can Help
On one hand, pet policies can help you attract more residents to your properties and simultaneously allow you to charge higher monthly rents. On the downside, dog damage to your rental property can sometimes cost more than the pet deposit.
The good news is that if you have suffered from pet damage to a rental property, you’re not totally in the dog house. HomeGo will purchase your property as-is and make a cash offer, and we can even purchase rental properties if they are still occupied by tenants and their problem pets. Avoid the hassle of repairing dog damage to a rental property by selling as-is to HomeGo.