You really can’t get between a person and their pet.
Pets are part of the family for a lot of tenants, and that means you’re not going to find a lot of renters willing to move into your property if you don’t also allow their pets.
We understand the concerns you may have about opening your investment property to tenants with pets. You are right to have some concerns about the liability that comes with allowing pets and the messes that can be made. It’s hard to get pet odors out of a carpet. Dogs have been known to dig up gardens and cats can scratch the paint right off your wall.
It still benefits you to allow pets into your rental property. When you have a strong pet policy or you work with an
experienced team of Merced property managers, you have less to worry about and a lot to gain by allowing pets.
In general, the benefits of renting out a pet-friendly property almost always outweigh the risks.
Here are some of the benefits you’ll enjoy by renting out a pet-friendly property.
While this is not universally true, the tenants we accept who own pets are generally good people, and they tend to be responsible, positive renters. When people care about their pets, they also care about their homes.
It’s easy to worry about the damage that animals can potentially do to a property, but you’ll find that pets actually cause much less damage than people do. Good pet owners are
good tenants. They take care of their animals, they keep up with vet visits, and they take care of your property.
More than half of all Merced tenants looking for a new home have at least one pet. That means if you don’t allow pets in your property, you’re eliminating a pretty significant part of your tenant pool. You’ll be marketing your property to all the tenants looking for homes, but the only tenants who will be willing to see or apply for your property are those who have no pets.
We can also tell you that pet ownership has increased since the beginning of the pandemic because remote work has become so popular. With more and more people working from home, adopting a dog or a cat has become more common.
Don’t limit your tenant pool.
With a smaller tenant pool, you’ll likely face longer vacancy times. It will take you extra days and even weeks to attract tenants who are moving in without pets. The entire leasing process is likely to move a lot faster when you offer a pet-friendly property.
You’ll simply have more potential applicants.
Think about what vacancy costs you. When your property is unoccupied, you lose money that can never be earned back. Leaving your rental home vacant just because you don’t want to allow pets will end up costing you more than any pet damage could ever cost.
If you want a lower vacancy rate, be willing to consider pets.
Not only do you have fewer vacancies when you offer pet-friendly properties, you also have less turnover.
Pet owners don’t want to pay another pet fee or deposit. They don’t want to spend time looking for a new home that will welcome them and their animals. So, they’re less likely to move from your home as long as they’re having a good rental experience.
The Human Animal Bond Research Institute (HABRI) and Michelson Found Animals Foundation recently did a report on pet-inclusive housing and found that residents in pet-friendly housing stay 21 percent longer than those in non-pet-friendly housing. You’ll get more from your tenants when you allow pets. Your residents know how difficult it can be to find inclusive rental housing for their animals, and they’ll be willing to renew their lease agreements with you.
If you’re looking to maximize what you earn on your Merced rental property, allow pets. Pet-friendly homes earn higher rents.
Your property has the same rental value whether you rent to tenants with pets or without pets. But, when tenants move in with their cats and dogs, you can charge them extra. There are generally three ways to do this:
What is a pet fee?
It’s a non-refundable amount of money that tenants pay before they move in. You can collect the pet fee one time only and you collect it per pet. So, if your pet fee is $200 per pet and your tenant moves in with two cats, that’s $400 you’ve earned just by allowing pets.
A pet fee is not money you need to give back to the tenant. You can use it to pay for potential damages caused by the animals. However, it’s unlikely the damage from two well-screened pets will total $400.
Pet deposits are a little bit different. Your tenant will pay the deposit before moving in, but you’ll only be able to use the money to pay for pet-related damage. You’ll have to return anything that wasn’t used at the end of the lease term. So, you may charge a $400 refundable pet deposit. If your tenant’s dog chews a hole in a wall and you pay $250 to repair it, you’ll need to return the remaining $150 from the pet deposit. Many owners find this is a good way to incentivize preventing pet damage.
Pet rent is paid every month that the tenant is living in the property with their pet. We’ve seen amounts that range from $25 per pet to $60 per pet. You’ll add this amount to the rental amount every month, giving you more income and a bit of a reserve in case you need to do cleaning or make repairs that are due to the pets.
Remember that a strong pet policy can protect you and your rental property from the potential of pet damage or mess. It’s also critical that you understand fair housing laws and that you know the difference between a pet and a companion animal.
If you need help, we’re here to provide it. Please contact us at Wisdom Property Management & Realty, Inc. We lease, manage, and maintain investment properties in Merced, Atwater, Livingston, Winton, and Delhi.
