Should Your Rental Be Pet Friendly?

Posted on: 21 March 2016

There are about 70 to 80 million dog owners and about 74 to 96 million cat owners in the United States, according to the ASPCA. For many of these pet owners, their animal is considered as a member of the family, so it would make sense that they would want to find a home that is open to pets living there. For a property management company, like Kasten Real Estate, pets can prove to be a good thing and a bad thing. When determining whether to allow pets into the rental home, it is important to weigh out both the bad and good that can come from having animals on site. Here is a place to start when considering whether to allow pets into your rental. 

Greater Pool of Renters

Being a dog friendly rental can open up a pool of more renters looking to move into your rental. If you are struggling to rent out a property, being pet friendly may just help you reach the right tenant. With millions of people all over the United States choosing to be pet owners, you are essentially closing them out of wanting to rent your property when you decide that your property is not open to any pets. Opening your property up doesn't mean you have to allow any type of pet into the property. You can screen pets just as you would the tenants. You can set a cap on the weight, height, and even breed if you want to narrow it down to only certain types of pets. 

Stand Out From the Crowd

It can be tough trying to rent out a property in some markets. Even if you know you have a good property, just trying to get it seen can cost time and money. To help your property stand out, keeping it pet friendly can help. Some renters will filter their property search to only include pet friendly rentals. This will help your property be seen by many more renters when you open it up to pets. 

Damage is More Likely

When you do allow pets into your rental, you also run the risk of damage being done to the property. from scratched flooring to chewed walls, the damage can turn into hundreds even thousands of dollars. To help keep some of the costs down, it is important to require a pet deposit should you decide to allow pets. 

You May be Liable

Not all home insurance companies will cover a property that houses a certain breed of dog. It is important to consider any risks associated with having pets on the property and ensure you aren't paying more for your insurance in order to allow the pets. You want to read your homeowner's policy closely to see if there are any stipulations with having pets onsite. If your insurance increases, then you can also raise your rent but doing so could narrow your renter pool as well.