Did you know that in 2021, there was a study suggesting only 9% of rental units were completely pet-friendly? This may seem surprising because there are various perks to having pets in a rental property.
Pet ownership may increase physical activity and a generally happier population. However, you may have personal reasons to make a rental property pet-friendly.
We have helpful landlord advice for those considering allowing pets into your Bend, Oregon rental. Here are a few reasons why becoming pet-friendly might be a good idea and how to reduce the risks of renting to pet owners.
You'll Receive More Rental Income
People are willing to pay more money to accommodate their pets. One study says many pet owners are often more affluent than most Americans.
You can also charge pet fees, deposits you pay to compensate for future damages. Keep in mind that these fees aren't legal in all states.
Some places only allow landlords to charge generalized security fees instead. Also, remember that tenant rights state that these fees cannot apply to support animals.
You Have a Larger Tenant Pool
A huge part of property management is about finding exemplary tenants to fill vacancies. The majority of renters own pets, and they're on the lookout for pet-friendly accommodations.
Unfortunately, they have fewer options than people who don't have animal companions. Allowing pets in a rental property will expand your potential tenant pool.
Tenants Will Stay Longer
Pet owners stay in rental properties longer because they don't have many places willing to accept their animals. Long-term renters benefit you because the longer a property sits vacant, the less money it makes.
Soon, you'll begin hemorrhaging funds on a unit that's not making income. More rentals mean more occupants, making your rental property appear desirable to more potential tenants.
Renting to Pet Owners: Reducing Risk
A good piece of landlord advice is to ask for and contact references. You don't have time to get to know potential renters, so it helps to talk to someone else before offering a lease.
You should also thoroughly screen pet owners. Even if their pet is well-behaved, the owner still must be trustworthy. Check their criminal history, credit, and eviction history.
Don't take the tenant's word about their pet's behavior. It's unwise to assume how an animal will act based on breed or size alone.
Blanket assumptions on animal behavior can drive away would-be tenants. Meet the pet to get a feel for how they act. The final piece of advice would be to enact a pet policy.
Let tenants know pets at your property must be vaccinated and have regular veterinarian visits. Performing these tasks can reduce aggression and ensure pet health.
Pets in A Rental Property: Is It Worth It?
Allowing pets in a rental property comes with more than just rewards. You have to be ready to reduce risks with a skilled landlord.
However, we understand that managing a rental property is difficult to do alone. PMI Central Oregon is here to help you with all aspects of property management. Use our contact form to inquire about our services.