Pets in long-term rentals are an issue that landlords have to think about all the time. It is a personal decision about whether or not to permit pets in a rental property, and it can be a tough call to make, especially for those just getting into real estate. There are several pros and cons that you must consider when deciding if you should allow pets. Permitting pets makes it easier to find tenants and may help you retain tenants, but there are also some inherent risks associated with allowing pets. If you have questions about whether or not pets in a long-term rental are a good idea, a Henderson property management company can offer advice.
Why Allow Pets in Your Rental?
Of all the renters who are searching for a place to live, nearly half have some type of pet, according to Zillow. That means opening up your rental property to people with pets can double the potential prospective tenant market that you tap into, and it also reduces the likelihood that someone will bring a pet onto the property without receiving prior permission.
There are several other benefits that you might get from allowing a pet into your long-term rental property, too, including the option of charging a higher rate with the following options:
- Monthly pet rent
- Higher monthly rent fee
- Pet fee
- Pet deposit
For landlords looking to boost their income through rent by allowing pets, a Las Vegas property management company can provide recommendations on how to raise the tenant’s rent. One option is to charge an additional fee each month for every pet that resides on the property. Landlords have the discretion of deciding how much to charge in cases where there are multiple pets. Some landlords may charge less money for a second pet, while others might choose to charge the same rate or even increase the fee to cover any unforeseen problems that another pet can create. Regardless of the number of pets a person has, the average charge for having an animal in a rental unit across the country ranges from $5 to $25 each month.
Along with charging a separate fee for a pet, some landlords may decide to simply increase the price of the long-term rental each month and have the cost of a pet included as a lump sum charge. A Henderson property management company can help you determine if you can legally charge other fees related to keeping a pet on the premises, as those laws vary by state. For instance, in some states, you can charge a nonrefundable pet fee, which can cost the tenant anywhere from $250 to $500 per animal. That fee is charged in addition to the regular security deposit. Alternatively, the landlord may charge a separate deposit as a pet security deposit. The security deposit is refundable if the pet does not cause any damage during the tenant’s stay. However, if pet damage does occur, the landlord will be protected financially for the cost of reparations through the fee collected from the pet security deposit.
Long-Term Tenants
For landlords seeking long-term tenants, allowing pets in a rental can be a great way to get a good long-term tenant. It usually takes longer for people with pets to secure a rental. On average, they complete 1.6 times more rental applications than people looking for a place to live without a pet in tow. However, once pet owners find a place to live that they like, they generally want to stay. Renters who have pets tend to stay in a place for close to four years, which is considerably more than people who do not have pets. On average, petless renters tend to stay in a place for about 1.5 years. Pet owners tend to stay in the places they rent longer, so the landlord is less likely to experience vacancy and high turnover rates.
Responsibility
Another good reason to consider allowing pets in a rental is that pet owners must have some degree of responsibility to care for their animals. Responsible pet owners are more likely to make sure their pet behaves well and doesn’t cause any damage to the rental unit. Pet owners will also be more likely to pay their rent on time and avoid causing damage or problems to the property. Ultimately, responsible pet owners naturally tend to be responsible tenants. As an added layer of assurance, a Las Vegas property management company can help you screen tenants and take care of the more tedious aspects of renting property.
Reasons to Not Permit Pets in a Rental
While there are many benefits to allowing people with pets in a rental, there are also a number of equally valid reasons why a landlord might hesitate to let a person with pets into a rental unit. However cute and fluffy a cat or dog may be, animals can cause significant amounts of damage to a house or an apartment. Cats and dogs can claw or scratch at the floors, blinds, walls, and furniture, and they can also leave fur and odors behind. Even pets that might seem more benign, such as fish, can cause problems if the tank breaks.
Liability is another issue with renting out a property to a person with pets. According to the Centers for Disease Control (CDC), there are nearly 5 million dog bites each year, and the majority of those dog bites occur close to the animal’s home. Some landlords request that their tenants have renter’s insurance before they move in to provide a layer of protection against dog bites and animal attacks, but it is still considered a liability that the landlord has to keep in mind.
What Pets Should be Allowed?
Once they determine that they do want to allow pets in a rental, landlords must then think about whether they want to allow all kinds of pets or impose limits on the type of pets permitted. Landlords may also have other requirements such as dog breed or the animal’s size. Of the people with pets who rent properties, about 30 percent have dogs, but cat owners are close behind at nearly 25 percent.
Although dogs and cats are the most common pets people have when moving into a rental, some other animals landlords may encounter include:
- Rabbits
- Ferrets
- Reptiles
- Fish
- Birds
- Farm animals
Landlords who are unsure what animals they should allow or deny for a rental property should contact a property manager in Las Vegas for recommendations. Additionally, a property manager can help landlords figure out if they should have additional restrictions for certain animal species, such as the type of dogs permitted. Ultimately, the choice about what kind of pets to allow is a personal decision that a landlord must make based on his or her comfort and the risks that he or she is willing to take.
If you are on the fence about allowing pets in your rental property, a good property manager in Las Vegas can provide additional insight to help you make a decision that makes sense. Contact The Mor Group for more information on handling pets in rentals today.
