Renting out a home comes with a lot of risks. One of the risks that many landlords prefer to avoid is the risk that comes with allowing pets into the property. Pets can cause damage. They can make messes. Cleaning up their odors and eliminating their potential fleas can be time-consuming and expensive.
It’s still a good idea to allow them.
We’re talking about the benefits of being pet-friendly when you’re an Alhambra rental property owner who may be nervous about the potential risk and liability that comes with those pets. As long as you have a strong pet policy in place and you collect an adequate pet fee, you’ll avoid a lot of potential problems.
Pet-Friendly Alhambra Rental Homes Won’t Stay Vacant
A vacancy is expensive. When you’re leasing your home, you’re looking for a well-qualified tenant who will be ready to move in as soon as possible. It means your rent starts coming in and you don’t have to worry about weeks or even months of vacancy loss.
With more than half of the tenant pool owning at least one pet, you will experience a faster leasing period with less vacancy when you’re willing to consider pets. You have more choices when it comes to tenants, and you won’t immediately turn away nearly half of the tenant population with your no-pet policy.
Turnover is also Reduced When You Allow Pets
You can also save on turnover costs. Pet owners tend to stay in place longer than tenants who do not own pets. It’s easy to understand why; moving with pets is hardly easy. Tenants have to find another pet-friendly property, and they’ll be stuck paying yet another pet fee when they decide to live somewhere else.
When you allow pets into your property, you’re providing a home for tenants and their animals. They’re going to want to stay for more than a year, and you will pay less turning your home over from one tenant to another.
Earn More on your Alhambra Rental Property with Pets
Pets can increase your revenue. Most tenants who want to move in with their cats and dogs understand that there will be a pet fee or a pet deposit. They’ll also expect to pay pet rent, which is an extra charge that’s included in their rental payment every month. Most pet rent is between $25 and $50 per month, per pet. That instantly increases what you earn in rent.
Pet fees are usually preferred over deposits because they’re non-refundable. You can keep the pet fee you collect, even if there isn’t any pet damage or cleaning to pay for. Pet deposits are refundable, and you’ll have to return any money that you don’t spend to the tenant.
Establishing a Pet Policy
Pet-friendly rental homes in Alhambra will bring you a larger pool of tenants, allow you to hold onto those tenants longer, and earn you more monthly rent.
However, you might have additional damage and cleaning if the pets are not screened well. You can screen pets while you’re screening tenants. Ask for vet records so you know the animal is healthy and up to date on vaccinations and immunizations. Talk to former landlords about the pet and make sure they were well-behaved and not destructive.
Put together a pet policy that includes restrictions on pets and the responsibilities of the tenant for controlling their pet. You can restrict dangerous dog breeds. You can limit how many pets are allowed, how big those pets are, and how old they are.
We’d be happy to talk with you more about pets and how you can mitigate the risk while enjoying the benefits. Please contact our team at ZenPro Property Management.