As America reels under the highest interest rates since 2007 and home prices continue to soar, more people are looking to rent accommodations than ever before.
This means landlords are reveling in an increased tenant pool, which makes it easier to avoid costly vacancies. It doesn't mean they can slack off on their efforts to attract the best tenants for their rental property.
One way to increase applications and find good tenants is by allowing pets in a rental property. As a landlord, this can give you an edge over the competition, but it also comes with considerable risks. Read on to find out more.
The Benefits of Allowing Pets in a Rental Property
Almost half of the American population owns a pet of some sort. Dogs are the most popular type of pet, followed by cats and a host of more exotic creatures.
So, when you exclude pets from your rental property, you're eliminating a large pool of potential tenants.
Not only will you find a suitable tenant faster when you advertise accommodation that allows pets, but you can also charge more for it. This is especially true if very few other properties in the neighborhood allow pets.
Most pet owners are financially secure, reducing the risk of late rent payments. They're also more inclined to renew their leases due to the difficulties involved in finding suitable pet-friendly accommodation.
The vast majority of pet owners are responsible tenants who will take good care of your property. That doesn't mean you should skimp on tenant screening before signing a lease with them.
It's also advisable to interview the family with their pet in attendance and ask them how often the animals will be left alone at home. This interaction will give you an idea about the pet's personality and level of training or obedience.
The Drawbacks of Pet-Friendly Rentals
While most pet parents are good tenants, there are several valid reasons why many landlords prefer to exclude pets from their rental properties.
Dogs and cats may soil and damage flooring, furnishings, and landscaping. They can also create unpleasant odors inside your Utah rental home.
Unattended dogs may roam and make a nuisance of themselves in the neighborhood. They may even bite someone, paving the way for an inconvenient and costly lawsuit.
When you rent your home to a tenant with pets, you must charge a substantial pet deposit to cover potential damages. You should also insist that your tenant take out pet liability insurance.
Expert Pet-Friendly Property Management
PMI Northern Utah can help you enjoy the benefits of pet-friendly rentals and help reduce the risks of allowing pets in a rental property.
We can help you set up detailed lease agreements to suit your pet-friendly accommodations and conduct thorough tenant screening to reduce your risks. We also perform regular property inspections to help protect your rental home from damage.
We also conduct thorough tenant checks on every tenant to help reduce your risks. Get in touch to experience the peace of mind that comes from working with an experienced property management company in Hooper, UT.
