The Benefits of Renting to Tenants with Pets

Key Takeaways

• Pet-friendly rentals appeal to a wider range of tenants and help reduce vacancy rates.
• Tenants with pets often stay longer and treat the property with care.
• Allowing pets can create opportunities to boost rental income through pet fees or deposits.
• With clear policies and the right support, renting to pet owners can be a smooth and rewarding choice.

Renting to tenants with pets can be a smart move for property owners looking to expand their applicant pool and reduce vacancy rates. At Keyrenter Arkansas, we’ve seen firsthand how pet-friendly policies can lead to longer lease terms, increased tenant satisfaction, and even higher rental income. 

While it’s natural to have concerns about potential wear and tear, the benefits often outweigh the risks when proper screening and pet agreements are in place. In this article, we’ll explore the advantages of welcoming responsible pet owners into your rental property and how it can support a more stable, profitable investment.

Pros of Renting to Tenants with Pets  

Letting pets into your rental property might feel like a big decision, but it’s one worth considering. Opening your doors to pet owners can help you reach a wider audience and boost your rental income. Here are a few key benefits of renting to tenants with pets.

Chance to Raise Rent 

Taking care of a pet is usually a costly affair. There are expenses for grooming, pet-sitting, vaccinations, and basic supplies like food, treats, and toys. It’s no wonder that pet owners usually have more disposable income than those without. 

As a landlord, renting to such a tenant can mean zero issues when it comes to rent payment because there is a strong link between pet ownership and higher disposable incomes. What’s more, it can open up an opportunity for you to raise rent. The extra income can be in terms of pet rent, deposit, or fee. Luckily for you, Arkansas landlord-tenant law does allow landlords to charge a monthly pet premium. 

Attract Happy Tenants 

As a landlord, happy tenants are a recipe for successful landlording. Satisfied tenants take good care of their rental property, pay their rent on time, report problems promptly, and extend their leases. And guess what? Pets can be great stress relievers. 

Pet ownership is often linked to lower stress levels, reduced loneliness, and overall well-being. As such, welcoming tenants with pets can help improve your occupancy rates and enjoy a solid landlord-tenant relationship. 

Attract Reliable, Long-Term Renters

Pets are part of the family for millions of renters, and many are actively searching for homes where their furry companions are welcome. By offering a pet-friendly rental, you open the door to a much larger pool of potential tenants. 

Pet owners often appreciate the opportunity and tend to stick around longer since pet-friendly housing can be harder to find. Plus, caring for a pet requires responsibility and dedication qualities that often carry over into how tenants treat your property. It’s a win-win for both stability and steady rental income.

Cons of Renting to Tenants with Pets 

There are risks to renting to tenants with pets. The best thing, however, is that you can easily manage them by putting in place certain contingencies in your lease.  The following are some cons that some landlords with pet-friendly rentals can face. 

Property Damage 

Making your rental property pet-friendly means that there will be potential for damage. You can expect issues like:

• Urine and feces.
• Musky pet odor.
• Scratches on the floor, door frames, or window screens.
• Chewing on electrical cords and furniture.
• Digging in the yard.

Noise Issues 

This is especially true with dogs. They will usually make noises and cause a ruckus. And because of this, you may realize an increase in noise complaints from neighbors.  This will mean spending more time handling issues, which you could otherwise have used to do other things. 

Risk of Injury 

This is another disadvantage of allowing pets into your rental property. With animals around, there is a risk of injury to neighbors or even to those passing by. This may be the case after an animal feels threatened, triggered, or hasn’t undergone training. 

How to Mitigate Against the Risks of Allowing Pets into Your Rental Property

Comply with the Fair Housing Laws 

Regardless of your pet policy, you must ensure that you comply with the Fair Housing Laws. This is because people with service animals are protected from any form of discrimination based on their disability. After all, they are working animals. So, even with a “no pets” policy, you must still allow tenants with service animals.

Require Renter’s Insurance 

Make sure your insurance policy has liability coverage when accommodating tenants with pets. This will give you peace of mind knowing you’re protected against pet-related liability issues. 

Have a Pet Policy 

Make sure your pet policy is clear when it comes to pets. If you allow them, then make sure the tenant knows their responsibilities regarding pets. For example:

• The number of pets allowed.
• The breeds of pets that are allowed.
• The size of pets that are allowed.

Other things include the tenant’s responsibility to make repairs to damages their pets have caused, and to pick up after their pets. 

Conclusion 

Renting to tenants with pets can be a great way to fill vacancies faster, build stronger tenant relationships, and increase long-term stability. With the right policies in place, many of the risks can be minimized while you enjoy the benefits of opening your doors to responsible pet owners. 

At Keyrenter Arkansas, we’ve helped many property owners create pet-friendly rentals that work for everyone. If you’re thinking about allowing pets in your rental but aren’t sure where to start, we’re here to guide you. Reach out today to learn how we can help you get the most from your investment.