As a Richmond, VA, landlord, you might not give much thought to allowing pets in your rental unit. It's simply easier to say no to pets and avoid the risks.
Perhaps you've never given this topic much thought or decided to allow pets based on your preferences. Either way, you should put more thought into allowing pets in a rental property.
Read on to discover more about the benefits and risks of this important decision.
Benefits of Allowing Pets in a Rental Property
Over 60 million U.S. households own pets. So, when you allow pets in your rental house, you increase your potential tenant pool.
Allowing pets in your rental unit is an extra convenience and gives you an edge over the competition in your neighborhood, so you can charge a higher rent. It's difficult for tenants with pets to find the ideal accommodation, and these people are prepared to pay handsomely for pet-friendly properties.
Pet owners are usually responsible people who regard their pets as part of their families. As a result, they're inclined to take good care of your property, make timely rent payments, and agree to lease renewals.
Risks Associated With Allowing Pets in a Rental Unit
Allowing animals in a rental property can be risky, especially if the pet is left unattended while the tenants are at work. Pets can cause disturbances and rental property damage.
They may chew wooden fixtures, soil your flooring, or dig up your landscaping. Dogs and cats can also introduce fleas and ticks into your home and create lingering, unpleasant odors that are difficult to eradicate.
Barking dogs can cause a disturbance to other tenants, leading to complaints, and a dog bite may get you involved in a costly, unpleasant lawsuit.
Effective tenant screening can help you decide whether to allow a family to bring a pet into your rental property. Pay attention to past landlord references and arrange an interview with the whole family, including the pet.
This will help you determine how well-trained and obedient the animal is. You can also require the tenants to pay a pet deposit to cover you for damages and ask them to take out additional insurance to help pay for any damages caused by their animals.
Remember, service and support animals are not pets, and you must make accommodations for them under the Fair Housing Act.
Making Big Decisions for Your Rental Property
Allowing pets in a rental property can be an effective tactic for securing higher rents and finding good tenants, but it can also lead to property damage and inconveniences. Hiring a property manager can help you navigate these difficult decisions more easily.
PMI Presidential can assist you with a full range of property management services, including stringent tenant screening practices and routine property inspections to limit the risks of allowing pets.
We are guided by over twenty years of Virginia real estate experience, so we can advise you about all the intricacies of allowing pets and assistance animals. Let us help you maximize your Richmond investment properties.
