In most countries around the world, families with pets consider their pets as their kids. They are very possessive as well as protective towards their furry friends, there is no way you can separate them without a major reason, and renting a house without the pet isn’t one of the reasons. Most tenants would give up their dream house and dream rent because of the “No Pets Allowed” policy.
Just try and put yourself in your potential tenant’s shoes, would you feel good leaving your beloved pet behind to rent a new home? Probability is you won’t; this is how the most tenants feel when they are offered a house in good rates, but without their pets. Let’s explore this tenant with pets compared to tenants without pets a bit more to understand the dynamics.
Tenants With Pets Compared to Tenants Without Pets:
At one glance, people with pets are no different from people without; however, when you are a tenant, having pets can make a huge difference. There are two kinds of landlords, one that allows pets, and one that doesn’t. And both of these types draw up their rental policy and agreement in accordance with that preference. Landlords that are reluctant to allow pets on their rental property will only allow pets if there are forced to, not by choice. Why are landlords so reluctant to allow tenants with pets? Well, the answer is pretty simple, pets are an additional hassle, they bring with them a lot of headache like neighbors complains, wear and tear and a lot of mess. This is the main reason why landlords do not allow pets on the premises. But are all pets the same? Are they all a mess and a hassle? Let’s get to the bottom of this.
Allowing Tenants With Pets – The Many Hassles And Benefits:
As a landlord, your goal to get as much ROI as you can, keep your tenants happy and keep your rental place occupied all around the year. This isn’t a hard task, or is it? We are sure that being a landlord isn’t an easy job, so why would you add to your headache by putting out a policy that will put a damper on your business? Here are some pros and cons to consider before you decide to put out a “No Pets Policy”.
Allowing pets means that no man is being left behind, you will get application forms from all. More than half the renters’ pool owns a pet, whether small or big. So, if you are allowing pets on your rental property, you are welcoming them all. This gives you’re a better choice to select your next tenant. Being flexible with the pet policy can help your rental stay occupied all year long.
Better Rent Rate With Tenants That Have Pets:
A study shows that people with pets are better earners. Statistically, 65 percent of US citizens with pets earn more than $50,000 annually. As they have an extra, not so cheap, mouth to feed, they need extra cash. You can only afford a pet if you earn good, these furry friends have a lot of needs. This above-average salary will get you your rent payments on time and without any delay. These are the small benefits to consider before giving up on tenants with pets.
Longer Tenancy Agreement: You are a great landlord; you allow pets on-premises, you have also made your rental a pet-friendly place, any pet owner will give an arm and leg to be your tenant. And once they sign that agreement, they will not leave you in a hurry. Pet owners have a hard time finding a suitable home that will take them and their pets in, when they do find such a house, they make sure that they sign a long-term agreement for as long as they can. So, by allowing pets, you can make sure that your vacancy rate goes down.
Not only you get long term tenants when you allow pet owners, but you also get responsible ones. Most pet owners are highly responsible beings; they are taking care of an animal that has different needs. Hence you can safely conclude that these people have a sense of responsibility that tenants without pets don’t. Keeping a pet isn’t easy, it’s a task that requires a lot of work, so you can trust the tenants to be responsible if they have one or more pets with them.
As a landlord, if you allow pets, you can demand higher rent, and trust us the rents will pay it happily. As renters find it hard to rent a place that can accommodate as well as accept their pets, they are always willing to make amends, if this means higher rent, they are willing to pay that as well. You can also demand a separate pet deposit from your tenants, so in case of any damage done by the pet, you will have the pet deposit to pay that.
Cons:Like pros, allowing pets to have its cons as well, let’s check them out.
Damage and Wear and Tear:
There is no getting around the fact that allowing a pet in your house means extra wear and tear. No matter how well trained the pet is, there still be a tiny bit of wear and tear, if not that there will be the odor of the animal. That said odor is hard to get rid of. Hence most landlords are very reluctant of allowing pets on their property.
Another disadvantage of having pets is irritated neighbors. Most landlords have endured countless complains from the neighbors about a barking dog or a clucking of chickens at night, and they aren’t willing to repeat that nightmare again. There is a way around that; you can let selective pets in your rental.
Every pet is different, so is every tenant, it’s not likely that you always get a messy or loud pet that will make your life hell, but there is a possibility that it might happen. So make your decision wisely when it comes to having a “No Pet Policy” on your renal