A common question we get from landlords is around renting and pets, and whether they should allow tenants with animals. The short answer to that question is – yes. The long answer to that question is that renting to people with pets makes financial sense. When you have a pet policy for tenants, allowing people to move in with their pets is a good idea.
Pet-Friendly Properties Rent Faster
Statistics show that a large number of people have pets now more than ever. If you have one property for rent on the street and there are two other houses for rent on the same street, the property that accepts pets will rent the fastest. When you don’t allow pets but competing properties do, you will likely face a longer vacancy, and that costs you money.
Preventing Pet Damage
Renting to tenants with pets doesn’t automatically mean you’re going to face property damage from the animal. We haven’t seen many cases of a trashed property because of pets. Part of good property management in Fort Worth is scrutinizing the pet and collecting a pet deposit. Then, if there’s any pet damage after the tenant moves out, we have the extra money to cover it. Increasing your rent is also reasonable. That additional rent and the higher deposit protects you from potential pet damage. We manage a significant number of rental homes in Fort Worth, and we rarely see a lot of pet damage. There might be a stain once in a while, but steam cleaning carpets is not expensive. We do vinyl plank in a lot of homes, too.
Bring in More Potential Tenants
There’s not much of a downside to renting and pets. You’ll end up with a lot more potential tenants. The New York Times ran an article in 2014 that said than 70 percent of people living in apartments owned pets. Cats and dogs are most popular. With a statistic that high, you have to remember that people might apply to live in your property and conceal the fact that they have a pet if they know you don’t allow them. Do your regular inspections and screen the pets and the tenants carefully. Another article on Apartments.com in July of 2015 said that out of 3,000 renters surveyed, 75 percent of them had a pet and paid an additional pet fee. Don’t lock yourself into only 25 percent of the population. Charge a little more, and you probably won’t have any problems with tenants and pets. You’ll have to avoid aggressive breeds of dogs and talk to your insurance company, but ultimately allowing pets will earn you more money and attract more tenants.