The Benefits of Renting to Tenants with Pets

Key Takeaways

• Tap Into Growing Pet-Friendly Demand: Accepting pets can help landlords reach a larger tenant pool, reduce vacancy periods, and make their rentals more competitive in the market.
• Potentially Increase Rental Income and Retention: Pet-friendly properties may support additional income through legally permitted pet-related charges while attracting tenants who may be more likely to renew and stay longer.
• Protect the Property With Clear Pet Policies: Thorough pet screening, clearly defined lease terms, appropriate documentation, insurance requirements, and regular oversight can help landlords manage potential risks associated with pets.

When confronted with the question of whether to allow pets in their rental property, many landlords show signs of hesitation. That’s because they associate renting to pet owners with a greater risk of property damage, higher cleanup costs, and potential noise complaints from neighbors or other tenants.

But is it actually a bad idea to allow pets in your rental property? There’s a rise in pet-ownership across the state and country. Landlords who adopt a pet-friendly policy actually give themselves a massive edge over competitors in the market. Their rentals can command premium rent, while enjoying significantly lower vacancy periods and higher tenant retention rates.

If you are a landlord with a no-pets policy in your rental property, you may be shutting out the most promising category of potential renters in your area. This article by Real Property Management Reliance explains why renting to pet owners is a strategy you should seriously consider.

Benefits of Renting to Tenants with Pets

Here are some of the key benefits associated with renting to pet owners:

Demand for Pet-Inclusive Housing is Surging

As pets increasingly become integral members of households, the number of renters with pets is growing rapidly. The result is a situation where a very large proportion of these renters are unable to find suitable accommodations for themselves and their pets. To reduce risks associated with renting to owners with pets, you can implement size and breed restrictions.

Landlords Gain a Huge Advantage

Because of the enormous gap between the supply of pet-friendly rentals and the number of pet owners searching for available units, landlords who accept pets in their rental property face less competition. They can market their properties to a larger slice of the tenant pool.

This switch in strategy means that vacancies can be filled faster and the property’s turnover costs will fall dramatically. For landlords looking for a way to differentiate their property in a crowded market, this is a viable alternative.

Gain Highly-Responsible Tenants

Tenants with pets are typically routine-driven and more responsible than other tenants. That’s because caring for a pet requires the owner to develop and maintain predictable schedules for walking and feeding, as well as bathroom breaks.

This behavior often transfers into how the tenant cares for the rental property. Since pet owners are used to having more responsibilities, they can be trusted to perform their tenant duties more diligently. Further, because it costs a lot of money to care for a pet, pet renters are often more financially disciplined.

Pet Owners Tend to Rent Longer

Pet owners may be more likely to stay long-term because they often have fewer rental options and moving can be disruptive for their animals. Once they find a rental where both they and their pets are comfortable, they may be less inclined to move.

For landlords, longer tenancies can mean fewer turnover-related expenses, including property cleaning, repairs, marketing, and vacancy losses. This can make pet-friendly rentals a useful strategy for improving tenant retention and reducing the costs associated with frequent turnover.

Landlords Can Create Additional Income

Given the higher demand for pet-friendly residential rentals, landlords can charge premium rent for their property without pricing themselves out of the market. They can also create extra income by charging pet rent, pet deposits, and one-time fees, when the rental and Fair Housing law allows it.

This additional revenue helps to offset the costs associated with having pets in the property. Most pet owners are happy to pay the extra fees for the privilege of having their pets live in the property with them.

Best Practices for Landlords Accepting Pets

When accepting tenant with pets make sure to:

• Include Essential Lease Terms: Clearly document the parties, rent, lease dates, property details, deposits, utilities, occupancy rules, entry rights, and property-specific restrictions to establish clear expectations.
• Address Massachusetts-Specific Requirements: Beverly landlords should account for state requirements involving security deposits, lead paint disclosures, statements of condition, fees, insurance information, and other required notices and documentation.
• Avoid Generic or Incomplete Agreements: Clearly define maintenance responsibilities, repair procedures, emergency protocols, and wear-and-tear standards to reduce disputes and protect the landlord’s interests.
• Create Clear Pet Policies: Include pet details, rules, fees, and consequences in the lease, along with necessary health and ownership documentation.
• Screen Pets and Protect Your Property: Review pet history, consider insurance requirements, and use reasonable restrictions to reduce potential damage and liability.
• Work With Property Management Professionals: Experienced managers in Massachusetts can help enforce pet policies, coordinate inspections, and handle pet-related issues.

Bottom Line

Renting to tenants with pets offers landlords access to a larger and more loyal tenant pool as well as longer tenancies with added income. For rental property owners looking for ways to improve revenue without spending a ton of money on costly renovations, this is an option worth exploring.

However, when pursuing this strategy, it is vital to work with professional property managers to ensure that your rental policy is set up to properly protect your investment. Contact our experts at Real Property Management Reliance today!

Frequently Asked Questions

Can a Landlord Have a No-Pet Policy if an Applicant has an Assistance Animal?

Not necessarily. Assistance animals are not considered pets under Massachusetts housing law. When an animal is needed because of a disability, a housing provider generally must consider a reasonable accommodation request and may need to make an exception to otherwise applicable pet restrictions or fees. Massachusetts also protects emotional support animals in housing.

Should Landlords Screen Pets Separately from Their Prospective Tenants?

Yes. Pet screening can give owners additional information about an animal’s history, behavior, and potential impact on the property. However, pet screening should be applied consistently and should not be used to discriminate against applicants with disabilities or improperly restrict legitimate assistance animals.

What Should a Massachusetts Pet Policy Include?

A well-written pet policy can address the number and type of pets permitted, applicable size or breed requirements, animal-related responsibilities, cleanup expectations, noise and nuisance standards, and procedures for reporting changes. The policy should also explain what happens if a tenant violates the agreed-upon rules. Any restrictions should be reviewed for compliance with applicable fair housing requirements.

How Can Accepting Pets Help Reduce Vacancy and Turnover?

Allowing pets can expand the pool of prospective renters who can qualify for the property. Because pet owners may have fewer housing options, a well-managed pet-friendly rental can stand out to a larger segment of the market. Real Property Management Reliance emphasizes qualified tenant placement and lower vacancy rates as part of its property management services throughout the Boston North Shore.

How Can a Property Manager Help Landlords Manage Pet-Friendly Rentals?

A property manager can establish consistent pet policies, coordinate tenant screening and leasing, document property conditions, handle maintenance concerns, and address lease-compliance issues. Real Property Management Reliance provides services ranging from tenant screening and leasing to maintenance and evictions, giving owners a centralized resource for managing pet-friendly rental properties.