Your pet policy is an important part of renting out your residential property. In our three-part blog series on pets and landlords, we will explore why pets might be acceptable when you are renting out your property, and what you will need to consider in terms of pet deposits and liability. In this blog, we will discuss the reasons why you should accept pets.
Here is an interesting statistic you might not be aware of:
80 percent of the people searching for a rental home generally have pets.
With the soaring number of people needing to share living space with their dogs and cats, you will be seriously limiting your pool of potential tenants if you have a no pet policy. Think about the basic economic principle of supply and demand. If you are not going to allow renters to have pets, it could take a lot longer for you to rent out your home. The longer your property is vacant, the more you will incur out of pocket expenses. If your primary goal is to keep your property rented, you should consider inviting people with pets into your house, condo or apartment. When there is less competition for your property on the market, you may have to lower your price in order to rent it out.
Something else to consider is that there is a difference between pets and service animals.
You might decide to have a no pet policy when you put your residence on the rental market, but if someone is interested in renting from you and has a service animal, such as a seeing eye dog, the Fair Housing laws require you to make a reasonable accommodation for that renter and the animal that he or she needs for support.
Preferring to rent your property out to tenants who have no pets is understandable.
Pets can be messy and unpredictable. However, the number of renters on the market with pets provides an economic argument for why you should welcome pets. A no pet policy will give you a very small pool of renters to fight for. With 80 percent of renters looking for a home that will let them keep their pets, your property will be completely passed by if you promote a no pet policy. Allowing the right kinds of pets can give you a larger group of prospective tenants to choose from, and ensure that your property stays occupied and rented, which will save you money in the long term.
Contact us or give us a call if we can answer any questions at (813) 875-7474.