When you advertise your rental property as “no pets allowed,” you run the risk of eliminating many renters. Allowing pets makes for a larger prospective pool of renters. Plus, a majority of those renters with pets actually make more money on average. According to Practical Apartment Management, by Edward Kelly, more than six out of ten pet owners earn over $50,000 a year. On top of that, since it is hard for tenants to find different places to live that accept pets, when they find a rental home that allows pets, they usually stay longer. Plus if you do allow pets, you can probably charge a slightly higher rent, just because rental properties that allow pets are less common.
For some landlords, it comes down to whether the rental unit is a single family home or a multifamily rental building. The liability is obviously higher with multiple tenants when pets are involved. There are downsides like ruined carpet, scratched walls and doors, but you can be sure to adjust for that that in your security deposit requirement.
Keep in mind, even if you don’t allow pets, you may have to allow pets. Many people have emotional assistance animals, therapy dogs or other service dogs. Plus, the service animal law has now expanded. People who suffer from PTSD or clinical depression can get a great deal of comfort and emotional support from animals, so their support animals can become registered. Then, you have to allow the pets anyway.
If you decide to allow animals, make sure to include a pet addendum in every lease lease for each tenant to sign. State your policy clearly and make sure that it’s clear in the addendum that violating the terms is considered a breach of contract.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.