Benefits of owning a pet-friendly rental housing
Pet owners continue to spend astronomical amounts of money on their pets every year. It is estimated by the Humane Society of the United States that 20 percent of dog owners and 30 percent of cat owners live with at least one other animal. Clearly, pets are big business and the reason why you should tailor your property to meet these unique needs. The following are some of the benefits of owning pet-friendly rental property:
When you have pet-friendly rental units, you will attract both existing and potential pet owners. Of course, one of the reasons why your property will stand out of the crowd of local rental properties is how pet-friendly it is. You will not just increase your property rental rate, but you will also be able to better retain your existing tenants. Especially so is there are no competing pet-friendly houses in the area.
By offering pet-friendly property, you increase your monetary risks. But it’s the expected rewards that make it worthwhile. With time, you will charge a ‘pet fee’ for larger pet breeds as well as a ‘pet inspection fee’. The latter could cover the charges of registering the pet with the building, getting veterinary records, and taking DNA records. By paying a small fee, tenants show commitment to the care of their pets. Those who can’t are clearly not among the tenants you need.
You might want to use information such as employment/income, personal background, rental history, and credit history to evaluate your tenants. Pet owners fall into a special group of tenants. They love their pets and are sure to take care of your property so as to keep enjoying their animals. Ensure you spell out your expectations on damages caused by pets such as floor scratches, chewed corners, and carpet stains. That way, you will keep your tenants mindful of the behavior of their pets. After all, they know they are financial liable for any mishaps.
When pet owners join your community, there is likely to be a general sense of belonging. Through your efforts, you can ask pet suppliers, groomers, dog walkers, and boarding houses to offer exclusive services to your tenants. This could be taken further in the form of an on-site promotional clinic for information and products. There might, as well, be a session to discuss any arising animal welfare issues. With these small efforts you can help enhance the sense of community among your tenants but attract more others with similar interests.
Offering pet-friendly property comes with a number of liabilities both financial and legal. Issues that may arise include minor property repairs as well as liability issues due to injuries caused to other animals and human beings. The good news is that in most states, there are laws that specifically protect property owners from such liabilities. Simply put, you are not, as the property owner, responsible for any injuries caused by a tenant’s pet to another human or animal.
So make up your mind if you will buy pet-friendly property and go for it!