Pets are often an essential part of any family. Since COVID-19, there has been a significant increase in the number of families that own pets, with 77% of households owning at least one type of pet in 2022. Given the importance of pets in people’s lives, pet-friendly properties can make or break rental decisions for potential tenants. However, they can also be problematic for landlords and other tenants. Below are some pros and cons of pet-friendly rentals.
PROS
Increase in Rental Income
Given the limited supply of pet-friendly rentals, there is an increased potential to charge higher rent to allow pets in your property. Implementing pet-friendly features in your home such as fenced yards and pet-friendly flooring (such as hardwood and laminate), can further increase the willingness of the amount prospective tenants are willing to pay to keep their four-legged family members happy.
More Rental Applications
Pet owners often struggle to find suitable housing, which increases the number of applications for pet-friendly rentals compared to other properties. This increases the competitiveness of your property allowing you to be more selective about your ideal tenant.
Pet-Friendly Units Are Filled Faster
Given the wider pool of prospective tenants, and increased desirability of your property, pet-friendly units are usually filled faster than non-pet-friendly alternatives. This reduces your risk of your property staying dormant for extended periods of time. You also save time and money wasted on searching for tenants and marketing your property.
Longer Stays
Keeping furry family members happy is essential for residents, and if their pets are uncomfortable then they will look to move. Reports indicate tenants in pet-friendly housing stay an average of 21% longer than those in non-pet-friendly properties. Tenants won’t want to go through the hassle and process of finding another pet-friendly rental.
CONS
Property Damage
Renting to pet owners increases the potential for property damage along with regular wear and tear. This can lead to the need for more frequent repairs and maintenance. It is important to ensure you collect a pet damage deposit (equal to a maximum allowable amount of half of one month’s rent in BC). You can also minimize damage risk through a thorough screening process of tenants and pets, as well as communicating clear expectations with tenants regarding pet behaviour.
Pet Odors
Pet odors can often linger and become increasingly unpleasant. It is important to set cleaning standards with tenants, as well as ensure pet waste is removed promptly. You may also need to consider removing odor soaking surfaces like carpets.
Noise Complaints
Noise from pets can create a disruptive living environment for other tenants, and lead to disputes between neighbours. Having a clear pet policy that outlines acceptable behaviour and consequences for violations is essential to establish a welcome living environment.
Tenants are comfortable renting from a property management company such as ours. We are experienced in showing homes to potential clients, setting up viewings and negotiating the right rental for your home. Contact us and one of our property management experts will be available to help. .