Should you allow pets in your rental property?
Allowing or not allowing pets on your property will impact the amount of profit you make, whether your property is damaged or in high demand for being pet friendly. Not all landlords are willing to accept pets because of the risks involved, that’s why in this post I will tell you the benefits and risks of accepting pets in your rental property.
The main benefit of having a pet-friendly property is that more tenants will be interested in it. Let’s remember that Canada is home to the highest percentage of pet owners in the developed world.
Another advantage is that the rent increases when pets are involved. Landlords that allow pets tend to generate more profit by charging pet deposits, non-refundable pet fees or pet rent.
In addition, pet owners tend to be more responsible tenants and tend to renew their leases.
Pets can damage property, especially dog breeds that tend to chew, and especially puppies. Among the main damages caused by pets are: scratch marks, destroyed landscaping, chewed wires, bad odours and chewed wood. This may be covered by the pet fee that your tenant pays, but there is a possibility that it may not.
Also, pets such as dogs can bark and disturb the environment of the other tenants or the neighbourhood in general. That’s why it’s important to ask the pet owner about their pet’s barking habits. The last thing you need is constant complaints from annoyed neighbours.
And finally, pets often bring allergies with them, especially dogs with long hair and cats that shed. The owner may not have a problem with this, but these allergens can spread through the air conditioning ductwork and affect common areas.
Deciding whether or not to allow pets is a decision that you as a landlord must make. If you decide to accept them you must have a screening process that guarantees that the pet-related inconveniences will be minimal, maybe I will talk about that in a future post. Stay tuned!