There are an estimated 2,600 new renters signing leases every day. There has never been a better time to get into the real estate game than now. However, when you own a rental property, you need to make some decisions surrounding the clauses that you'll be implementing.
Allowing pets in a rental property is one of the main decisions you need to make as a landlord. There are various pros and cons to consider, so it's important that you take your time to consider what will work best for you.
So keep reading to find out more about whether you should allow pets in your rental property.
Larger Tenant Pool
In the US, over 67% of all households have at least one pet. By adding a pet clause and allowing pets on your rental property, you'll have a much larger tenant pool to choose from. Many rental properties don't allow pets, so tenants will jump at the chance to rent from you.
Since there aren't as many options that allow pets, your tenants are also more likely to stay for longer periods of time than non-pet-owning families. So not only will you have more applicants, but if you find the perfect fit, they're likely to renew their lease a few times.
You Can Charge Higher Rent
When renting to families with pets, you can charge more in rent. Usually, there is a pet deposit that is a once-off payment that is meant to cover any damages during the rental period. But you can also charge pet rent for each animal living there each month.
While pet rent will be much cheaper than normal rent, it will add up over time and make up for any inconveniences you'll face renting to pet owners.
You Can Apply Restrictions
Just because you allow pets in your rental property doesn't mean that you have to allow all pets. You can have a few restrictions put in place to limit the number of animals per household and even the size of the animals.
It's important to outline your pet restrictions in the same way you would tenant criteria. Just remember that your criteria and restrictions will not apply to service and emotional support animals.
There Can Be Damage
Like people, animals can cause damage to your property. That's why it's important to add a pet deposit to your contract. When working out the amount, you need to take possible damages and cleaning fees into account.
Managing repairs and maintenance is simply part of being a landlord.
Consider Allowing Pets in a Rental Property
When you allow pets in a rental property, you open the door to a whole new group of potential tenants. Just remember that you can add pet clauses and fees to ensure you're not losing any money when it comes to cleaning up the rental unit.
If you're looking for a property management service to help you manage your tenants, feel free to contact us today! HomeRiver Group Northern Virginia has been leading the Northern Virginia real estate industry, offering acquisition, renovation, leasing, management, maintenance, and brokerage services.
