Allowing pets at a rental property is an important decision that landlords have to make before renting. It’s almost guaranteed that you’ll have one or more potential renters ask about your pet policy, so it’s important to know where you stand on the subject. The decision to allow pets or not ultimately comes down to your personal preference and if you think it’s worth the risk to enjoy the benefits. Let’s discuss what those benefits and risks look like in reality to make the decision a whole lot easier!
The Benefits of Allowing Pets
Allowing renters to have pets at your rental property will open you up to more potential renters and make it easier to keep the property occupied. Not being allowed to bring a pet is a dealbreaker for many people who have the potential to be otherwise great renters. If you rent to a pet owner, they may stay in the space longer than a person without a pet because it will be harder for them to find a new space that allows their pet to come along.
Potential Risks
There are a few notable risks that come with allowing pets at your rental property. The risk that stops many landlords from allowing pets is the potential for pet damage. Stained carpets, smells that are hard to get rid of, and scratched floors are just a few of the ways that pets can damage a home. You also have to consider how other tenants will feel about the pets if you’re renting out a multi-family unit. If the pet owner doesn’t clean up after their pet or allows them to bark a lot, other tenants won’t be happy. The other big risk you take as a landlord that allows pets is the liability of that pet biting someone on your property.
Is it Worth the Risk?
Ultimately, there are ways to remedy the risks and still enjoy the benefits of allowing pets. As far as how other tenants will feel about the pets and the liability of a pet causing harm to someone, it comes down to finding a responsible pet owner. You’re sure to have many potential renters to choose from if you allow pets, so choose wisely! Find a tenant that is responsible, has plenty of good references, and understands that their pet is their responsibility. You can speak with a lawyer and your property insurance company to minimize your responsibility for the pet at your property too.
Contact Lamacchia Property Management
Being a landlord comes with a lot of important decisions, like whether or not you want to allow pets at your property. If you’re ready to become more of a “backseat” property owner, contact Lamacchia Property Management today to learn about our property management services. Our team can handle the grunt work of finding the perfect renter and managing the property while you sit back and enjoy monthly passive income!