As a landlord, you have limited options when it comes to allowing support animals in your rental unit, but what about pets?
You're under no legal or moral obligation to open your home up to dogs, cats, or other smaller creatures. Yet, there are a few reasons why you should.
There are also some reasons why pets in a rental property pose a risk to your investment. Keep reading to explore the pros and cons of owning a pet-friendly rental property.
Reasons to Allow Pets in a Rental Property
Around 45% of U.S. households own dogs, and most of these people consider these pets a part of their family. They aren't going to rent accommodation that doesn't accommodate pets.
Since you won't be eliminating almost half the population during your property marketing efforts, allowing pets in your rental home can help you attract more tenants.
Pet owners are willing to pay more for a home that allows their beloved pets to live with them, especially if other homes in the neighborhood don't allow pets.
Overall, pet parents are good tenants, as they don't want to risk losing their pet-friendly accommodation. They're also likely to renew their leases.
This doesn't imply you should skip the tenant screening process.
If your prospective pet-owning tenants pass the preliminary background checks, it's helpful to interview them with their pet in attendance, too. During this interaction, you can find out how well-trained their pet is and how often they leave it unsupervised.
Risks Associated With Allowing Pets
Untrained, disobedient pets can wreak havoc on your rental home and the community. They may soil carpets, walls, and floors, damage furniture, or destroy your landscaping efforts.
Some pets can also create long-lasting unpleasant smells inside a home. Some breeds of dogs and most cats will leave hair ingrained in every surface unless their owners clean regularly.
In these cases, you'll spend extra money on deep cleaning the house before you lease it to new tenants.
Unsupervised dogs may roam the community or bark incessantly. This can create disharmony and lead to complaints from the neighbors.
Viscious or anxious dogs could bite someone and place you in the firing line of a lawsuit. Always insist that your tenants take out additional insurance to protect them from pet-related issues.
Regular property inspections and stringent leasing management are key to effective rental property management, whether you allow pets or not. These visits can help you check for lease infringements and keep tabs on any damage to your property.
Effective Rental Property Management Helps Reduce Risks
PMI CLE has over two decades of experience in portfolio management to our credit. We're well-equipped to help you make the best decisions for your Cleveland investment property.
If you decide to allow pets in a rental property, we can assist you with compiling an appropriate lease agreement. We conduct regular property inspections and vet every tenant thoroughly beforehand to ensure your investment is safe.
Call us today to discuss your property management needs in Cleveland, Ohio.