Many owners grapple with the dilemma of whether they should let their tenants have pets or pets should never be allowed into rental properties. This article discusses three circumstances under which it would be advisable to let tenants have pets.
When a Unit is Hard to Rent
Many reasons make a rental property difficult to rent. One is that the property may be in a location that is considered insecure (high crime rate areas). Another reason may be that the property looks run-down due to inadequate maintenance yet your financial position has not yet stabilized so you cannot afford to give the place a facelift. In such a case, allowing tenants to have pets can be the tipping point that enables you to get occupants for that rental property since many owners of pristine rental houses do not allow pets on the property.
If Previous Tenants Had Pets
If you have just bought a rental property and you discover the previous tenants had pets, then you can continue the tradition and allow pets. You can tell there were pets on the property from signs like pet scratch marks or pet stains on carpets. Pet odours can also alert you to the fact that the previous occupants had pets. If some current occupants have pets then it would be unwise to ask them to get rid of their pets since your property may remain vacant for several months yet you want the cash flow to offset some of the expenses associated with rental property such as paying property taxes.
If the Carpets are Old
If you notice the carpets in your rental property are old and will need to be replaced a few years down the road, then you can allow pets on the property. You will replace the carpets anyway so there is no need to refuse pets since many people object to pets on the grounds that they mess up carpets. You can give your tenants notice that you will be conducting major renovations so they should look for alternative accommodation as that time approaches. New tenants can then be barred from having pets once you complete the renovations.
You can levy a pet fee to cater for any property maintenance costs that arise out of any damage caused by pets so your finances are not adversely affected by adopting a favourable stand on the issue of pets. As the saying goes "every cloud has a silver lining", so pets can be a source of extra income for you.