By Cheyenne Hollis
Is allowing pets in your rental property a good idea? You may love your pets and more buildings permit them, but is allowing pets in your rental property a good idea? Property investors and landlords GBDF B MPU PG EJGÙDVMU EFDJTJPOT 5IFSF is a delicate balancing act between ÙOEJOH XBZT UP NBLF B QSPQFSUZ attractive and minimizing risks and VOOFDFTTBSZ FYQFOTFT " HSPXJOH number of projects are allowing pets which poses a conundrum for owners wanting to rent out their units. 8JUI UIBU NJOE JT BMMPXJOH QFUT JO ZPVS SFOUBM QSPQFSUZ B HPPE JEFB 8FMM UIBU JT B EJGÙDVMU RVFTUJPO UP BOTXFS TP MFUmT dive into some of the considerations. The upside is simple. Demand for pet friendly properties is far greater than the supply on the market, especially in condominiums. However, answering the question is not as simple as that. Pets can cause damage which you probably don’t want in your rental property. Dogs and cats leave scratches and stains behind which need to be repaired once the tenant moves out. Before you make a decision, it’s vital to weigh the pros and cons of allowing pets in your rental property.
The good and bad of allowing pets in your rental property .BOZ QFU PXOFST BSF XJMMJOH UP QBZ IJHIFS SFOUT JO PSEFS UP TFDVSF B IPNF 5IBUmT CFDBVTF ÙOEJOH B QSPQFSUZ UIBU BMMPXT QFUT JT NVDI NPSF EJGÙDVMU UIBO BO PSEJOBSZ VOJU "EEJUJPOBMMZ B SFOUFS JO B QFU GSJFOEMZ QSPQFSUZ NBZ TUBZ MPOHFS TJODF JU NBZ OPU CF QPTTJCMF UP ÙOE BOPUIFS QMBDF UIBU XJMM MFU UIFN LFFQ B EPH PS DBU &WFO JG ZPVS CVJMEJOH EPFT BMMPX QFUT ZPV shouldn’t necessarily allow them in your unit. Firstly, there is the risk of damage which we mentioned earlier. Secondly, pets can be noisy leading to disputes with neighbors and other issues.
How can you mitigate the risks? If you own a unit in a building that allows pets, one way you can eliminate the risks of allowing pets in your rental property is to screen them. Ask them questions about their animal that will help you gain more information on if they will be troublesome or not. You can also request pictures and videos of the pet as well as the house it lives in that gives you a better idea of the condition of the property and the behavior of the animal. Don’t forget to ask for a reference from the tenant’s current MBOEMPSE JG ZPV XBOU FYUSB QFBDF PG NJOE
Making your decision Before deciding whether or not allowing pets in your rental property is a good idea, you want to consider a few more things. For starters, it is important to understand that accidents can happen with pets, no matter how well behaved they are. There is always a risk when it comes to animals in a home.Additionally, don’t mistake having a pet friendly unit as meaning you have to accept anyone with a dog, cat, rabbit or something else. Make sure potential tenants know that there is a screening process they will need to pass. "U UIF FOE PG UIF EBZ BMMPXJOH QFUT JO ZPVS SFOUBM QSPQFSUZ DBO NBLF JU FBTJFS UP ÙOE MPOH UFSN UFOBOUT XIP NBZ CF willing to pay more. It’s not without risks, however. Property investors and landlords must realize the downside involved BOE JG UIJT PVUXFJHIT BOZ QPTTJCMF CFOFÙUT
58
EO V CR A IS D PA TYA
Issue 235/7 | FEBRUARY 2021
