Is a Pet-friendly Rental the Right Move for Your Property?
Leasing of property can be a profitable business but as a landlord, it is necessary to take into account the wishes and needs of a potential tenant. The question of whether or not to accept pets in your rental property is one of the decisions which has gained popularity in the Canadian rental market. Some landlords are not willing to open their doors to pets recognising the advantage of a pet-friendly rental. This guide will discuss the advantages and disadvantages of pet-friendly rentals, and you will be able to decide whether it is the right solution to your property.
Why Consider Allowing Pets in Your Rental Property?
It is worth considering the possible advantages of welcoming pets in your rental house before making any decisions. Pet ownership is common in Canada, and pet-friendly rentals may be a good choice to many tenants.
Attract a Larger Pool of Tenants
Permitting pets may tremendously raise the number of prospective tenants interested in your house. Research indicates that the number of pets owned by Canadians is high with dogs and cats being the most popular. You will also be able to increase your target market by having a pet-friendly policy and therefore increase the attractiveness of your rental to individuals or families with pets. This may be particularly useful in competitive markets where it might be difficult to get good tenants.
Higher Rent Potential
Pet-friendly rentals may allow landlords to charge higher rent. A lot of tenants would gladly pay a little extra to have the comfort of living in a pet-friendly building, as they do not have to concern themselves with finding a new place to live to accommodate their furry friends. The increment can be converted to increased earnings of the landlord.
Long-Term Tenants
The pet owners will also have a tendency to remain longer in the properties because they are more settled because of the attachment to their pets. Long-term tenants may help the landlords avoid turnover costs and re-renting of the property.
Potential Drawbacks of Pet-Friendly Rentals
Although the advantages may be attractive, there are also the negative implications of letting pets in your rented house.
Potential Property Damage
Dogs and other pets may lead to wear and tear of the property. Biting on furniture, scratching on doors and floors or accidents that leave stains on carpets or on hardwood may be very costly to fix. Most tenants are responsible yet there is a danger of damages when pets are involved.
Increased Maintenance Costs
Pet-friendly rentals may require more frequent maintenance and cleaning. This may involve cleaning of carpets, extermination or even possible property management. These are some of the extra expenses that have to be considered when determining whether a pet-friendly rental is worth it financially.
Noise Complaints
Pets are also noisy at times especially dogs that bark too much. Neighbours can complain of noise that may result in conflicts. As a landlord you will have to keep a tab on the noise complaints and make sure that the tenants are following the noise laws so that the community is not disturbed.
Key Considerations for Landlords Offering Pet-Friendly Rentals
In case you are inclined to make your rental pet-friendly, there are certain steps that you should take in order to secure your property and preserve the positive attitude of your tenants.
Establish Clear Pet Policies
It is essential to have a clear pet policy in order to avoid possible issues in the future. Put in place regulations concerning the number of pets, the kind of pets to be kept (dogs, cats, etc.), and any breed or size restrictions. Also, describe the duties of the tenant in terms of cleanliness and avoidance of damage. This can be incorporated in the rental contract so that the two parties are aware of what is expected of them.
Charge a Pet Deposit or Pet Fee
In order to reduce the chances of property destruction, most landlords prefer to impose a pet deposit or a non-refundable pet fee. A pet deposit is a kind of security deposit against any damages that a pet might cause and a pet fee is used to cover cleaning and maintenance expenses. Make sure to verify local policies in your province to make sure that the pet deposits are not over the legal limits. There are certain regulations of pet deposits in some of the Canadian provinces, and it is important to be aware of them.
Insurance Coverage
You might want to include pet damage insurance in your rental insurance. Most regular insurance policies do not cover pet-related damage but some companies do provide extra pet insurance cover to pet owners. This may give you a peace of mind in case of damage and also helps to secure your investment.
Set a Clear Screening Process
Not every pet owner is similar, and therefore screening of the potential tenants is necessary. Ask former landlords to provide references or even request a pet resume, which would contain details of the pet behaviour, size and age. This will aid in making sure that you have responsible pet owners as tenants who will take care of your property.
Is a Pet-Friendly Rental Right for You?
Whether to allow pets in your rental property or not is a decision that rests with you depending on your preferences, the kind of property you have and the rental market in Canada. Pet policy will enable you to get more tenants, increase the rent, and have a long-time occupancy. Nevertheless, it is also associated with the risks such as the damage of property, increased maintenance costs, and noise complaints.
You can reduce the risks of pets and still get the benefits of a pet-friendly rental by setting clear pet policies, charging a pet deposit, and using a screening process that is rigorous. You should investigate the local laws and regulations, and be certain to make your property pet-friendly. When done the right way, permitting pets can be a win-win situation between you and your tenants.