These days, we can see pet parents everywhere, and this is more evident in the city. Pet ownership is also a trend among millennials, as this generation prefers to have smaller families and have kids later in life.
This doesn't really come as a surprise since pets have always been popular, even in the past, although we may notice that the reasons people provide for having a pet are evolving. The reasons for pet ownership developed from providing companionship or becoming a part of the family to emotional support and therapeutic roles. Recent studies even show that having a pet, whether it is service animals or emotional support animals, can have positive effects on our physical and mental health.
According to Forbes pet ownership statistics, 86.9 million homes, or 66% of households in the U.S., have a pet. Because of this, there are more places that allow pets, making it easier for people to include their pets in their daily lives.
As a Phoenix landlord, this particular surge in pet ownership can have a huge impact on your rental property business. Due to the significant number of pet owners in the U.S., there has been a big rise in the number of people looking for fair housing laws for pets in rental property.
Now, you might be wondering what makes a rental property pet-friendly. You can identify one as pet-friendly housing if your rental home allows both cats and dogs. There must also be precise guidelines in your lease agreement about what you expect from pet owners and their pets.
However, there are still landlords who prefer the no pets allowed rule in their rental property due to the possibility of increased damage to their rental units, while others promote in their listings or ads that pet rent and pet deposit can be negotiable in their rental homes.
If you feel conflicted about whether allowing pets in your rental property is a good idea, this list of advantages and drawbacks of creating a pet-friendly rental home can help you make a smart decision.
Below is the list of pros when you include pet policies in your apartment community.
Resolve the Housing Market Deficit
There is a large demand in the rental market nowadays for homes that allow pets in a rental property, despite the issue of pet deposits and pet fees. As a Phoenix landlord, you can use the pet agreement included in your lease contract as an edge and advantage compared to the other available homes for rent in your area.
Increased Demands and Lower Vacancies
If you make your property available to pet owners, it will become more appealing to renters and attract greater interest from the market. You might even find loyal tenants who provide a steady cash flow to your rental business without causing any issues.
Also, for fur parents, moving in with a pet can make a rental feel like home. This can encourage your tenants to renew their leases and stay longer in your property.
Higher Rent Costs
How much you may charge for rent is always based on your property's market worth. However, pet-friendly properties often have higher rentals since there is a great demand for them and limited availability.
As per local laws, you can also charge pet rent or pet fees to your tenants, which can bring in some extra cash to your business investment.
Tenant Base Expansion
When you have pet friendly rentals, it will open your property to more applicants to choose from. In turn, this will increase the likelihood that you'll discover quality tenants.
Higher Tenant Satisfaction Rate
There are a lot of people who would rather not live somewhere that doesn't accept their pets since they see them as an extension of the family. Most of the time, these people feel happy and contented in an environment that welcomes their beloved pets, and they are willing to get renters insurance and pay premium pet deposits or pet rent.
Reduces Potential Risks
Formal agreements that permit pets also reduce the likelihood of unreported pets being on your property or visitors who bring their pets without your permission. When making these pet policies for rentals, seek legal assistance to make sure that you cover all the essential parts of the pet addendum.
Find Quality Tenants
Caring for a pet requires many hours and great attention. That's why tenants who are pet owners will likely treat your home with the same level of care and respect.
Meanwhile, here are the cons of allowing pet owners as tenants in your rental business:
Possible Allergic Reactions
Even after a tenant who has pets has already left your rental unit, bacteria, hair, and pet's dander may still linger in the air and accumulate on surfaces. Other tenants may have allergic reactions to this, posing health risks and reducing the number of people who might want to rent your property.
Increased Maintenance Expenses
When you rent out your homes with pets, you should expect to spend more time and money on repairs and maintenance. Pets shed hair and fur, which can block air screens and make heating and cooling systems wonky. Pet pee can also ruin floors and rugs, requiring you to have it deep cleaned or replaced.
May Cause Harm to Other Tenants
Even if they are well-trained, pets can hurt people or other animals without meaning to. Unfortunately, pet-related issues can cause a number of problems in your rental home and, if not resolved immediately, in your whole business.
If you want to avoid the risks, getting renters insurance may cover dog bites on your property.
Noise Concerns
Loud barking and meowing can bother your other tenants. The noise can be even worse if there are a number of different kinds of pets on your property. This could cause people to complain and even start arguments.
As a landlord, you need to be ready to deal with noise issues and make sure pet rules are followed so that there are no problems.
Odor
Not cleaning the litter boxes can spread bad smells to your rental's common areas. Animals that aren't cleaned or bathed properly can also make the unit smell bad. They also leave behind marks that are difficult to remove using normal cleaning methods.
Closely Monitor and Maintain Your Pet-Friendly Rentals With Help From Experts
Partner with an expert property management team to minimize the drawbacks of pet accidents in your rental home and reap the benefits of lifting pet restrictions.
RPM Phoenix includes pet screening in our tenant screening service to ensure that your future tenants are responsible pet owners. We also have a 24/7 maintenance system through our online portals that will help you and your tenants report repairs and maintenance needs.
Depending on the property management plan you choose, RPM Phoenix also offers four inspections. These will help you keep a close eye on your property, especially since pets can easily damage your units.
Don't hesitate to contact us if you're looking for a professional property management company to help you write up your pet policy for your rental home. Let's talk and expertly determine how we can boost your pet-friendly rental property business!
