One of the biggest and most important decisions that you will have to make if you have a property on rent will be whether or not to allow pets. Pets can be anything from a simple fish tank to a large dog. They have their own positives and negatives and can be a very important part of the family or individual that owns it. Before making a decision to allow or not allow pets, here are a few things to consider.
Why you should allow pets
- Slightly higher rent: Most pet owners will have a hard time finding the right apartments or homes, so will be willing to get into a home even if the rent is a little more than what they would have paid otherwise.
- Pets promote good will: Pets have a very calming influence on people who own them as well as those who interact with them. There are chances for a strong sense of community between people of similar interests.
- Larger tenant base: By allowing pets, you will be widening the potential number of tenants and the pool will be larger.
Why you should not allow pets
- Damage to property.
- Noise and disturbance to neighbors, including liability in case of attacks.
- Waste disposal can be difficult.
- Stains due to animals are expensive to get rid of and may not show till the tenants move out.
- May have more animals or a larger one than specified.
If you decide on a very strict no pet policy, or if you do allow pets, always allow room for exceptions. Another way to minimize risk on pets is to have a restriction on size, breed, number of animals, as well as collecting a separate security deposit for animal related damages.