Allowing Pets In Your Rental Home: The Benefits For Landlords To Consider
Becoming a landlord means making the big decisions about what you will and won’t allow within your investment properties.
This gives you control over the various aspects of the house, including the rental cost, which tenants you select for the property, and whether or not you will assume responsibility for the upkeep or leave that to the renters.
However, one of the big questions that gets asked is whether or not tenants can bring their pets along with them to the property. This is entirely up to you, but there are a number of benefits to giving the idea of allowing cats, dogs and other domestic animals some thought.
Pet owners tend to be reliable
People who actively take on responsibility for another living creature tend to be relatively responsible – one of the best traits for a tenant to have. This could be a great way to judge a persons character.
The more reliable a person is, the less likely it will be that issues will arise over property damage, missed rent or other complications that can occur in the landlord business.
They also tend to be responsible for their pets and any incidents that may occur, using initiative and taking care of repairs themselves.
Building this type of relationship with you tenants is a dream come true for any property investor – rent paid in full, and on time without the hassle of troubling callouts for damages and repair jobs.
Extended tenancy agreements
There seems to be an odd barring of pet owners from many properties across the country. Whether this is due to the inherent fear of animal damages, or another reason entirely, this can often make it difficult for pet owners to find suitable accommodation.
Therefore, opening your home up for tenancy to those with pets could be considered somewhat of a rarity. If you manage to secure a great person in your home, chances are they could be there for an extended period of time.
This could be a great way to earn decent rental yields for an extended period of time, keeping your home occupied and profitable.
Financial silver linings
Naturally, opening your home to tenants with pets carries a degree of risk. There is always going to be the potential for damages to occur, which you can either fix yourself or leave up to the discretion of the tenant.
However, because of these inherent risks, it could be possible to charge a slightly higher rent than you would for someone without any pets. Of course, keeping it within a reasonable amount should be at the heart of your intentions.