Are you a landlord wanting to profit more from your investment properties? This blog will tell you how to achieve this by allowing pets in a rental property.
Owning investment real estate can be a lucrative way to make an extra income. After all, as a landlord, you always want the best rental price possible.
If your property has a garden, having a pet-friendly rental has many benefits. However, it's not without challenges, so it must be carefully considered.
If you're on the fence about renting to Boise pet owners, keep reading to learn the pros and cons so you can make a decision.
How to Create a Pet Policy for Your Rental
Before you allow pets in a rental property, creating a solid pet policy to include in the lease agreement is essential. This way, your tenant is aware of all the rules and guidelines regarding their pet and can adhere to them.
You want to include pet restrictions in your pet policy. For instance, if you own an apartment rental, restricting pets to small animals only is wise.
Additionally, you want to charge a pet deposit to protect your property from any damage the pet may do. This deposit can be refunded if there is no pet damage when the tenant moves out.
Advantages of Pets in a Rental Property
Now that you know how to create rental property rules for your pet-friendly rental, let's consider the advantages of renting to pet owners. Here are our top three.
1. Attract More Tenants
More and more people own pets, so allowing pets in your rental property can help you market to a wider pool of potential tenants. This means you can choose the best tenants from the list.
2. Increased Rent
You can charge a higher rent for pet-friendly rentals. This is because, typically, tenants expect to pay more for the convenience of keeping their furry friends with them.
3. Reduced Tenant Turnover
Tenants with pets are less likely to move, as it can be difficult to find pet-friendly rentals. This can save you time and money on turnover costs.
Disadvantages of Pets in a Rental Property
Of course, renting to pet owners does come with a few disadvantages. Let's look at two common negatives about allowing pets in a rental property.
Pets Can Damage the Property
Pets can cause damage to a property in several ways, including scratching, chewing, defecating, or urinating on the floor. This can lead to costly repairs for you as a landlord.
Pets Can Be a Nuisance to Other Tenants
Some tenants may be allergic to pets or simply not enjoy being around them. If a pet is causing a disturbance to other tenants, it can lead to complaints and even legal action.
Boost Your Rental Income
Allowing pets in a rental property can be a great way to attract more tenants, charge higher rent, and reduce tenant turnover. However, weighing the pros and cons carefully before deciding is crucial. If you allow pets, create a solid pet policy and charge a pet deposit to protect your property.
If you need the services of a full-service property management company in Boise, contact First Rate Property Management today. We can help you compile a pet policy to make your rental pet-friendly.