Pets? Pros and Cons

 Pets in Your Properties? Here are the Pros and Cons.

Renting to pet owners might make you wince, but it's not as bad as you think. Most of the stories we hear come from horrible experiences, not from the general trend of clean, respectable, and rule-abiding renters. There are several advantages to renting to pet owners that outweigh the cons.

The Cons

You've likely heard nightmare stories of renting properties to pet owners. While it's not as bad as it seems, there are some concerns:

• Noise—Dogs bark and birds caw and cats yowl. Your other renters have the right to peaceful enjoyment of their homes, and pets can complicate this.
• Odor—Animals have odors, and these can linger. This might require extra cleanup once a tenant leaves and this could cost you.
• Property damage—from scratched floors to dirty walls, there are several ways that pets can add extra wear and tear.
• Injuries—There are some valid concerns about your liability when injuries like dog bites occur, but there are steps you can take to lessen the risk.

These are all legitimate concerns, but most of these come from those few pet-owning outliers. In fact, most pet owners are conscientious caretakers of both their pets and your rental property.

The Pros 

More renter options

It's difficult for pet owners to find pet-friendly properties, but opening them up to pet owners means a bigger pool of applicants for you.

More responsible

Taking care of an animal often gives pet owners a better sense of their obligations and priorities. This leads to benefits for you, like your renter paying their rent on time and taking care of the property.

Longer Tenancies

Because the rental pool is smaller for pet owners, they often stay longer at a property than other renters. This means less hassle and fewer costs with those expensive renter turnovers.

Higher Rent and Fees

Renting to pet owners means you can charge more rent, ask for a higher deposit, and charge a monthly pet fee to mitigate that extra wear and tear.

What to look for

When renting to pet owners, ask for some of the following information:

• Documentation such as city license, training certificates, proof of recent vaccinations, and permits when required.
• If their dog is a restricted breed, such as a German shepherd, cane Corso, rottweiler, or great Dane. Check your local regulations for a list of restricted breeds.
• Exotic or illegal pets like medically significant reptiles and European rabbits can cause complications for both parties.
• Venomous pets, like snakes and spiders.

Check with your state and city to make sure you're up to date with local laws and regulations.