Pet-Friendly Rentals

 Should Your Rental Property be Pet Friendly? Pros & Cons

Our furry friends are quite meaningful to us, and a rental property that allows people to bring their pets with them is widely appealing to many. After all, people are often inseparable from their dogs and cats.

PROS OF A PET-FRIENDLY RENTAL PROPERTY

There are quite a few pros of a pet-friendly property. Firstly, it is just more appealing to the general public.

1. MORE TENANTS WILL BE INTERESTED IN YOUR PROPERTY

You can usually fill vacant units faster because pet-friendly rentals appeal to a wider range of potential tenants.

2. YOU CAN CHARGE A HIGHER RATE

You can charge more money if you have a pet-friendly unit. This can be in the form of a pet deposit or pet rent if you wish.

3. PET OWNERS ARE GENERALLY RESPONSIBLE TENANTS

It takes a lot to tend to our furry friends, so pet owners are generally quite responsible. Most tenants will crate their dogs when they are away if required to do so or will invest in training. This could decrease property damage.

CONS OF A PET-FRIENDLY RENTAL PROPERTY

Honestly, there are plenty of cons when it comes to renting out a pet-friendly unit as well. Namely, the risk of property damage is generally much higher.

1. PETS MIGHT DAMAGE THE PROPERTY

If animals aren't well-trained, they may damage the property.

This could include:

• Scratch marks
• Chewed wood
• Bad odors
• Chewed cables or wires
• Destroyed landscaping

If you want to decrease the risk of property damage, you could outline the consequences for damages caused by pets in the lease agreement.

2. NOISE FROM PETS

Pets can be quite noisy, especially if we are talking about dogs. This can disrupt other tenants and neighbors. You can ask the tenants about their dog's barking habits and even talk to prior landlords about this. You could also only allow cats to decrease this risk.

3. PET ALLERGIES

A lot of people are allergic to pets, and many long-haired cats and dogs shed. The owner is likely just fine with this, but their neighbors might not be. Additionally, allergens will often spread through the air conditioning ducts and affect common areas. For this reason, you will likely want to have a building-wide pet policy in place.

4. PET-RELATED INJURIES

Pets can often lead to various injuries for tenants. For this reason, you may also want to require renters insurance, including a pet policy.

HOW TO SCREEN YOUR TENANTS

You will likely want to screen your tenants and their furry friends if you have pet-friendly rentals.

You can do this by:

• Creating an Avail account
• Requesting a rental application and screening reports
• Requesting training documents, vaccination status, and images
• Approving or denying applications

Approving or denying applications will likely limit noise complaints. If you are going to allow dogs, you might want to opt for smaller breeds only or other specific restrictions. You could also limit the number of pets each tenant can have.

You may want to ask tenants the following questions when screening them:

• How many pets do you own?
• What is the pet's breed and size?
• How old is the pet?
• How long have you owned the pet?
• Are you solely responsible for the pet?
• Has your pet ever acted out of aggression towards another person or pet?
• Is your pet trained?
• Does your pet get along with people, other animals, and children?

These are important questions to ask before renting out your unit to a tenant and their pet. If they only own one or two small pets, that is likely ideal. If the pet is aggressive or untrained, you could potentially deny their application so that you know they don't cause very much trouble. On the other hand, a trained, fairly quiet pet could be a great addition to the community.

In short, having pet-friendly apartments certainly has its pros and cons: On one hand, you will likely get more renters and happy pet owners. On the other hand, you could have to deal with more noise complaints and grumpy neighbors. In any case, if you do decide to opt for a pet-friendly apartment, you will likely want to screen your tenants and have a solid pet policy in place.

Furnishing Your Rental - Yes or No?

 Should You Furnish Your Rental Property? 5 Pros & 5 Cons

Renting to tenants can often be difficult, and it's important to make your units appealing to potential customers. For this reason, furnishing a home can often make it look more inviting. That being said, it can also cost a pretty penny to do this, so you might want to consider the pros and cons before investing in it.

PROS OF FURNISHING YOUR RENTAL PROPERTY

There are many pros to furnishing a rental apartment. Firstly, you can charge a higher rent.

1. YOU CAN CHARGE A HIGHER RENT

Perhaps most importantly, furnishing your house or apartment means that you can charge a higher rent: Furnished properties earn 15-50% more than unfurnished ones, and that can mean 20% higher rent. If you are looking at a short-term rental, this can lead to 50% higher rent, which is quite significant.

2. THERE IS A HIGHER SECURITY DEPOSIT

If your unit is furnished, you are justified in charging a higher security deposit, which is an excellent way to make a bit more off of your investment. Honestly, tenants understand how costly and time-consuming it is to furnish an apartment, so they are often willing to pay more. This significantly increases the security deposit: Two months' worth of rent is typical.

3. YOUR PROPERTY MAY BE RENTED MORE SWIFTLY

Furnished apartments are extremely convenient: Renters don't have to worry about finding a way to move the furniture they currently have or pay for new pieces. Instead, they can simply step inside and be ready to go. This means that your property will likely be rented a lot faster than it would be otherwise. If you are looking for a quick return on your investment, furnishing the home is probably a good idea.

4. YOU WILL PROBABLY HAVE MORE PROSPECTIVE TENANTS

If you have furnished your rental, you are probably going to attract both short-term and long-term buyers, which means the place will likely not stay vacant for long.

5. YOU WILL HAVE A GREATER MANAGEMENT ROLE

Tenants usually understand that you can enforce stricter rules when it comes to maintaining the property. This relationship often reduces damages, leading to fewer costs for you.

In short, furnishing your rental property boasts a myriad of benefits.

CONS OF FURNISHING YOUR RENTAL PROPERTY

Like everything in life, furnishing your rental unit also has its cons. Namely, there is a greater risk of tenant damage.

1. TENANTS HAVE LESS FLEXIBILITY

Furnishing a unit can lead to less satisfied tenants, believe it or not. This is because they don't get to customize the space to their own tastes, so they may feel like it is not quite as cozy as they'd like it to be. In short, they often do not feel at home.

2. THERE IS A GREATER RISK OF TENANT DAMAGE

Tenants can potentially damage the furniture, rugs, etcetera. This could lead to higher costs for you.

3. THERE IS A POSSIBILITY OF VALUE DEPRECIATION OVER TIME

If there is furniture damage or the like, and you cannot find an appropriate replacement, this could lead to mismatched furniture, which lowers the appeal of the rental home and could potentially lead to value depreciation over time. It would also mean that you could probably not charge as much in the future.

4. FEWER LONG-TERM TENANTS

Furnished rentals are usually great for short-term tenants, but long-term renters often want to bring their own belongings with them since they have a personal attachment to them. This will likely mean that you don't have long-term tenants, so the return on your investment may not be as consistent or predictable as it would with an unfurnished rental over a long period of time. 

5. YOU MAY EXPERIENCE HIGHER TURNOVER

If you have a furnished rental, you will likely experience short-term leases, which means high tenant turnover. Maintenance between each tenant can be costly, and the place may stay vacant for a long period of time, which could be quite costly.

In short, renting out a furnished home is a high-risk, high-reward venture: You could potentially earn a great deal of money, but the income will likely be more unpredictable, and it will probably be quite costly to maintain the place between tenants. In addition, property damage is more likely.