Did you know that there are 46.5 million domesticated cats and 65.1 million pet dogs in the United States? This is according to the 2023-24 National Pet Owners Survey done by the American Pet Products Association (APPA). With this number, we can also say that it equates to about one four-legged friend for every three people in the country.
Now, you might be wondering how would this affect you as a landlord. With this big set of numbers, it most likely means that people would want to bring their pets with them when they decide to lease your rental home.
We know that as a landlord, one of the toughest decisions that you have to make is whether to allow pets in rentals or not. The American Rental Pets Law is associated with the Fair Housing Act (FHA). As you already know, this is a federal law that prohibits landlords from discriminating against tenants in their rental properties.
This means that you can include in your lease agreement that pets in rentals are not allowed, except for reasonable accommodation with Assistive or Emotional Support Animals.
In landlording, there is no single answer that works for everyone. It's really up to your business, and the reality is that there are pros and cons to pets in rentals. For you to know if it’s already time to modify your lease agreement and allow pets in your rentals, let us break down first the benefits and drawbacks of it.
Let’s tackle first its benefits. Some landlords only see the good things about letting pets live in their rental properties and here are some of them:
Better Satisfaction Among Tenants
Because it can be hard for pet owners to find housing that allows pets, they are always looking for ways to live with their furry friends. Finding pets in rentals can improve their quality of life and happiness, which in turn is also great for your rental properties and image.
Opportunity for Higher Rental Income
Having pets in rentals also means higher rents and income as well as a great edge over other properties for lease. This is especially true if not many other places in your neighborhood welcome pets into their rental homes.
Attracts More Tenants to Your Property
With a large ratio of Americans currently having domesticated pets, this means that the demand for pets in rentals also increases. If you allow pets, then this can significantly reduce vacancies in your rental properties.
Tenants Stay in Your Home for a Longer Time
Renters are more likely to continue their lease if they feel at home in your rental property. For pet owners and pet lovers, moving in with their pets can definitely make a house feel like a real home. This is of course aside from the fact that it can be harder for them to find new places to live that accept pets in rentals.
You Can Likely Get More Responsible Renters
Of course, we don’t want to generalize this but MOST pet owners make an effort to take good care of their pets so you could also, in a way, expect the same level of care and respect for your property.
On the other hand, other landlords who rent out their homes only see the bad things about pets in rentals. Let’s check out their reasons:
Risk of Injuries to Other Renters
There is a bigger risk of you and your other renters getting hurt, especially if the animal has a history of aggressive behavior.
Increase in Liabilities and Insurance Premiums
Talking about injuries, you could also have several concerns related to liabilities and insurance premiums when you allow pets in rentals.
Your insurance rates may go up because there’s a bigger possibility that you would be more liable for damages. Again, this is more particularly pressing if your renters have aggressive pets.
Moreover, it would also be crucial for you to carefully read your insurance plans and make sure that they have enough coverage to protect you from legal claims arising from pet-related incidents.
Potential Impact on Market Appeal
Not everyone loves to have animals or pets at home or in their neighborhood. So even though there could be an increase in the pool of pet-owner applicants for your rental home, this may also turn away renters who don't have pets or those who are worried about living in a pet-friendly area. Aside from this, allowing pets in rentals could cause damage to your property.
Need for More Detailed Screening
Having pets in rentals also necessitates you to have a more detailed screening process. This includes checking your potential tenants by requesting them their pet's vaccination status, training documents, and pictures. Also, this would require you to include specific policies for pet owners on your lease agreement.
Odor and Noises that can Disturb Other Tenants
All of us want to have a peaceful and quiet time at home, especially after a day of hard work. Unfortunately, pets, especially dogs, can make noise and other problems that can upset the peace of your rental property. In worst cases, they could even bother and annoy your other tenants.
In addition, pet odor could also develop over time and this may raise complaints. This is apart from allergens and flea problems that may come up when allowing pets in rentals.
Now, the BIG QUESTION is: Should You Allow Pets in Your Rental Properties?
Now that you know about the pros and cons of allowing pets in your rental homes, it’s in your hands to decide whether to allow pets or not.
We know that you might find it a bit discouraging to welcome pets into your rental properties due to the number of drawbacks you might encounter, but it all goes down to your preparedness and being a responsible landlord.
Many preparations indeed have to be made before you can open up your rental homes to pets but all of these could be made easier when you know the right people to call for help.
How Property Managers Will Help You in Managing Your Pet-friendly Rental Home
If you want to grab the opportunities that pets in rentals will bring into your property but don't know where to start, hiring a property manager would be the best solution to your dilemma.
From pet agreements, outlining specific rules and regulations in welcoming pets into your rental homes, to regular property inspections and tenant screening, we at 1st Rate Property Management will be your reliable partner for your business!
Already decided to convert your property from “no pets allowed” to having pets in rentals? Visit our Leasing Page to learn more about how you can make your property more pet-friendly.