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.
- 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.