Should I Allow Pets In My Rental Property?

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This is a common question among landlords, and owners of both short and long term rental properties. Pet friendly rentals are in high demand as they are generally tougher to find, but there are many factors to consider before welcoming in some furry or feathered tenants. Here are a few pros and cons of pet friendly rental properties:

Pros of Animal Friendly Rentals:

  • Attract pet owner tenants. There are generally many fewer animal friendly apartments, rental homes, and vacation rentals available, which could put yours on the short list for any pet owners.
  • Higher rent prices. You can often charge a little more when you allow animals, either in the form of an additional non-refundable deposit, pet fee, or cleaning fee. This is to pay for any damage or extra wear and tear, but if there is none it’s a little extra profit.
Boxer sleeping.Cons of Being Pet Friendly:
    • Risk of damage. Pets could chew or scratch the furniture or have an accident on the rug. They could also leave behind their scent or some unwanted guests such as fleas.
    • Turn off non-animal lovers. Some potential renters would prefer a home that does not allow pets, particularly if they have pet allergies.
  • Liability. Check with your insurer to see if your homeowner’s policy covers you should someone be injured by a pet staying at your property (in the event of a dog bite or cat scratch for example.) Some policies limit the species and/or breed of animals that are covered.
If you do decide to allow pets at your rental property remember that you can still limit which pets are welcome. You might dictate the size, age (to avoid young animals that may not be housebroken and are more likely to be destructive), breed, and number of pets permitted.
Consider providing some helpful information for pet owners in the property or on your website. You could include directions to nearby dog parks, nice spots for walks, pet friendly restaurants, and pet stores as well as information on any local regulations relating to pets such as leash laws and any restricted areas.

Anna Platz is an Editor at ForTheBestRate.com, a leading mortgage rate research website, as well as the Lead Contributor to GoodCentsSavings.com, a blog about budgeting and personal finance. Anna is immersed in the world of real estate, mortgage, and home financing and is here to provide valuable resources for homeowners and soon-to-be-homeowners on buying and selling real estate, researching a mortgage broker or lender, and securing a home loan. Check back often for news, updates, and remember that you can find today's current mortgage rates at ForTheBestRate.com. My Google Profile+

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