With 72% of renters owning pets, there's a lot of pressure on landlords to allow pets in a rental property. But is that really the best option for you?
Like with most rental-related questions, the answer is, "It depends." With so many pet owners, allowing pets is a good way to attract a larger pool of applicants. In this case, however, you'll need a solid rental pet policy.
Are you considering offering a pet-friendly rental in Kansas City, MO? Here are the pros and cons of allowing pets and how to make this approach work for you!
Pros of Allowing Pets in a Rental Property
Beyond expanding your potential tenant pool, pet-friendly rentals tend to attract responsible tenants. They'll often seek stability, leading to longer lease agreements. This can be a key factor in decreasing vacancies.
Properties that allow pets in rentals can also command higher rents. To most owners, this won't come as a surprise. They understand the market value and are willing to pay a premium for accommodations that welcome their pets.
A solid rental pet policy can also incorporate background checks specific to pet owners. This helps ensure you'll find good tenants who take pride in their living conditions.
Cons of Allowing Pets in a Rental Property
The obvious downside of allowing pets is the increased potential for wear and tear or damage. Some parts of your rental may also require more frequent inspections, such as:
- Walls
- Carpets
- Furnishings
Allowing pets raises liability concerns. Injuries or property damage may occur, which can impact both landlord and tenant. Some tenants may not appreciate pets or have allergies to them, so a pet-friendly policy may drive them away.
Since emotional support animals are crucial for some tenants, you need to know how to accommodate such needs. Oftentimes, this will require carefully determining the details of your lease agreements.
Key Elements to Include in Your Pet Policy
If you do decide to allow pets in your rental, it's essential to develop a comprehensive pet policy. Here are some crucial elements to consider:
- Pet Types and Breeds: Some landlords might allow dogs and cats but prohibit certain breeds that may be deemed high-risk
- Pet Deposits and Fees: Consider whether to charge an additional pet deposit or non-refundable fee to cover potential damages from pets
- Conduct Guidelines: Set clear expectations regarding pet behavior, noise disturbances, and clean-up obligations
- Support Animals: Clearly outline the regulations on support animals, as they aren't subject to typical pet policies
Including these elements will not only provide clarity but will protect both the landlord's property and the tenant's rights.
Making Pets Work for Your Rental Business
Negotiating pets in a rental property doesn't have to be daunting. By establishing a clear and effective pet policy, both landlords and tenants can enjoy a harmonious living situation.
At Hunter Property Management, we can help you craft the perfect pet policy for your needs. We believe in putting our clients' needs first, which is why we've been helping Kansas City landlords like you for over 34 years!
We also offer a 60-day guarantee: if you're not happy with our services, you can terminate your agreement without penalties. Contact us here to learn more about our services!
