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Is
Renting to People with Dogs and Pets Smart?
Pets in Rental Properties PART 1
Are
pets in
rental properties a ticking time bomb or a smart way to attract more
tenants and charge higher rents? Let us reveal what are the advantages
and disadvantages of renting to people with dogs and pets so that you
can
decide if it is right for your rental property.
What
are the Benefits of Allowing Your Tenants to Keep Pets?
Since many
landlords are not willing to accept pets in rental
properties, you will instantly expand your available pool of tenants if
you choose to consider them. There is also a small group of landlords
who prefer renting to pet owners because they find them more
responsible.
Another bonus of renting to tenants with pets is that they are more
likely stick with you for a longer period of time since it is harder
for
them for find another landlord. This will mean lower turnover rates and
more stable rent payments for you.
If you allow your tenants to keep pets on your rental property, you can
ask for pet
deposits This pet deposit works just like an
ordinary security deposit and you can deduct money from it to pay for
cleaning and damages caused by the pet.
In addition to the pet deposit, you can also increase the monthly rent
if you are accepting pets on your rental property. A recent study has
discovered that 86% of tenants are willing to pay more rent in order to
keep their pets, as long as the rent increase is reasonable.
So how much
more should you charge? There is no fixed standard but a 5%
increase in rent is generally considered fair to both the landlord and
tenant.
What are the
Drawbacks of Allowing Pets in Rental Properties?
Most
landlords who refuse pets aren't exactly pet haters. They may just
be ill-informed or had bad experiences with pet owners in the past.
Untrained
pets have the potential to cause a lot of
destruction and damage to your rental property. If they are not toilet
trained, they can cause nasty odours and stains inside the house as
well.
Constant barking, meowing or even chirping from the pets can lead to a
massive noise problem especially if the neighbours are living close by.
The last thing you will want to do as a landlord to deal with
complaints from the neighbours and tenants all the time.
Some pets such as large dogs in particular may turn out to be safety
hazard if the owner is irresponsible. If these dogs are left unleashed,
they may possibly bite and injure other animal and human beings.
If you rent to people with dogs, you may want to bar the more dangerous
breeds of dogs
such as pit bulls, rottweilers or doberman from your rental property.
Tenants Who are
Allowed by Law to Keep Their Dogs and Pets
Before
deciding if you want to rent to people with pets, you do have to know
that subsidized tenants in some countries may have
the rights to keep pets in rental homes. It's always a good idea
to double check with your local housing authorities if you are renting
to subsidized tenants with pets.
Tenants who
are physically or mentally impaired are also allowed to
keep pets that help cope with their disabilities.
These dogs are called assistance / service dogs and one example
will be guide dogs for the blind. Another example
will be pets that provide comfort and companionship to tenants
who are suffering from severe depression.
Elderly tenants may also be allowed to keep pets in rental properties
for company. There are usually restrictions regarding the number and
type of pets that elderly tenants can keep so be sure to check your
local landlord tenant laws.
Now
that you have decided whether you should rent to people with
pets, learn how to set up a solid
pet-friendly or no-pet policy for your rental home:
Return
from this Pets in Rental Properties page to our Managing Rental
Property Guide
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