Having a Pet Friendly Rental Could Give You the Upper Hand On the Market
It’s safe to say that one of the most common questions received here at Utopia Management is, “does this property allow pets?” Making the decision to allow pets at a property can be one of the more difficult decisions to make if you are a home owner.
In such a competitive market you want your rental property to make you money. This one decision could actually make a huge difference. Each day hundreds of potential tenants scour the internet to find the perfect home. Not allowing pets could potentially mean you are missing out on great tenants for your property.
The benefits you would see would be a greater outcome of applicants for your property. This in turn would mean less vacancy in your rental, tenants that would rent for a longer period of time and possibly at a higher rent rate.
Of course there are many things to consider when deciding if you should allow a pet in your rental home. Would a pet cause more damage than they are worth? Studies have proven that even if a pet had caused any damage, the amount of damage was never more than the additional security deposit given.
If “pet friendly” seems like too broad of a term for you there are a couple other options as well. Changing your property to small pets only, pet negotiable or pets under a certain weight limit can generate a lot more interest.
There are a few instances when renting out a property that may occur and as a landlord you must keep them in mind. Local laws on Service Animals must also be taken into consideration. And other times a tenant may bring an animal and not get it approved beforehand.
Finding a property management company such as Utopia Management, can help to insure pets are approved first before tenants move-in. All documentation of the pet will be reviewed and carefully examined before picking a well-qualified tenant for your rental property.