Should You Allow Pets in your Investment Property?
However, this isn’t always the case. Some tenants who have pets can be be more responsible than those without.
If you’re in a dilemma about whether or not to ease up on your no pet policy in your rental property, let’s look at the arguments for and against:
- When you put up a pet-friendly home for rent, you can either charge higher rent or demand a pet deposit. You can use this deposit in case a pet causes damage to your investment property.
- Some tenants sneak their pets in. If you allow pets on your property you will decrease the chances of tenants sneaking in their pets.
- Suitable pet-friendly rentals are hard to find, so pet owners may stay longer in your investment property.
- If you allow pets into your investment property, you can attract more prospective tenants, including both pet-owners and non-pet owners.
- Pet owners who have taken care of their animals for a long time are generally more responsible tenants. This can means that they will take care your property, too.
- The primary reason why landlords don’t allow pets into their property is that they may cause damage. You will need higher insurance premiums to cover the damage.
- There is a risk that pets will disturb the neighbours because of the noise or because they are allergic to them. There’s a possibility that other tenants may move out to another property because of the disruption.
- If you know that your investment property is not a pet-friendly environment, you should not allow pets. This will only cause more damage or more disturbance to the neighbours.
- There is potentially some liability if the pet bites or attacks others.
- Lastly, the pet owner may not be able to clean after their pets, or the pets may not be very well-trained.
At the end of the day, the decision of whether to allow pets in your investment property will be up to you.