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The Benefits of Renting to Tenants with Pets

Derek Dawson • Apr 03, 2020

Are you considering allowing pets in your rental property?

All property owners face the difficult decision of whether to make their rental units pet-friendly. The biggest disadvantage of allowing pets in your property is the higher risk of damages.

But allowing furry friends in your rental property comes with numerous benefits, too.

In this article, Dawson Property Management is going to explain the various advantages of renting to tenants with pets. However, before we do that, let’s go over how to draft a solid pet policy.

Essentials - Creating a Solid Pet Policy

You should always include a pet agreement in your lease if you want to have a pet-friendly rental unit. This agreement covers all the basic clauses and terms necessary to protect your interests as a property owner.

What to Include in your Pet Agreement:

In your pet agreement, you should:

Make a statement that requires pets to wear identification tags or collars that contain proof of vaccination
List the types of pets that you allow on your rental property
Identify any weight limits and/or banned dog breeds
Specify that only your tenant's pets are allowed on the premises
List all the tenant responsibilities as pet owners

You may also consider requiring your tenants to obtain a renter’s liability insurance. This can protect them in the event that their pet causes injuries to guests or other tenants. You also want to make sure that the insurance policies allow reimbursement of pet-related accidents.

The Benefits of Allowing Pets in your Rental Property

Now, let’s explore the advantages of allowing pets in your rental unit.

1. Reduce Vacancies

A high vacancy rate is bad for your rental investment plan. Empty units continue generating expenses but produce zero profits. That's why it’s important to ensure your units are filled.

Pet-friendly rental properties attract long-term tenants who will be more likely to renew their lease year after year. This means that it’ll be less likely for your units to be vacant. Since there are fewer property owners who accept pets in their units, tenants who own a pet will stay in your unit long-term.

2. Widen your Applicant Pool

Based on National Pet Owners Survey, an estimated 67% of U.S. households own a pet. That is about 85 million families, many of which are looking for a rental property.

Opting for a strict “No-Pet” policy is not the best decision, financially. You’ll be giving up on a considerable percentage of potential applicants. But by being more flexible with your rental policies and allowing pets, you will benefit from a much larger pool of prospective tenants.

3. Enjoy Quality Tenants

On average, people with pets tend to earn better salaries. This means that they will be more likely to pay their rent, and to pay it on time. In addition, pet owners tend to be more responsible. To care for a pet, a person must be accountable and mature. So, as a property owner, you can assume that if a tenant can care for their pet, they can also care for your unit.

4. Less Secretive Behaviour

There will always be tenants who disrespect a no-pet policy. Though, when you have a pet-friendly rental unit, your tenants will be open about owning a pet. Also, you’ll be able to have rules and regulations concerning pets in your lease agreement that will help to protect you.

5. Generate more Income

Choosing to make your rental property pet-friendly boosts your income because you can change pet fees. Pets fees are different from pet deposits. A pet deposit is similar to a security deposit. It’s cash that is used to cover any pet-caused damages.

Pet fees, on the other hand, are non-refundable. This means that these fees are part of your regular rental income. For instance, you can charge a $15 pet fee per month. This would be an additional annual income of $180.

Bottom Line

Would you like to receive the following benefits?

Increase your pool of prospective tenants
Reduce your vacancy rate and boost lease renewals
Generate more long-term income from your rental investment
Prevent your tenants from secretly housing pets
Deal with tenants who are responsible and who earn a higher-than-average salary

If so, you should consider allowing pets in your Matthews, Pineville, or other Floridian rental property. That said, don’t forget that if you choose to make your rental pet-friendly, it's essential to draft a comprehensive pet agreement as part of your lease.

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The process of moving out can be a source of stress for both landlords and tenants. Landlords face challenges such as conducting property inspections, returning security deposits, and advertising rentals to find new tenants. Meanwhile, tenants are busy coordinating their move and packing, often leaving things behind unintentionally. One common issue for landlords after a tenant moves out is the continued receipt of mail addressed to the former tenant. This can include junk mail or packages, and dealing with it can be a source of stress. Thankfully, Dawson Property Management has provided the following guide to help you handle mail from previous tenants. Legal Considerations Regarding Mail from Previous Tenants It is imperative to familiarize yourself with various local and state laws, especially if you are a first-time landlord. This includes handling mail directed to former tenants. Opening or disposing of someone else’s mail without explicit consent is a serious transgression carrying legal ramifications. The privacy of mail is safeguarded by federal law. Violating this law, such as intentionally opening, destroying, or stealing mail not belonging to the recipient, can result in significant fines or up to five years of imprisonment. Offenders may also face civil lawsuits seeking damages.