The pros and cons of renting to pet owners: Part 1
There are many advantages and disadvantages of renting to pet owners. Deciding if it is the right choice for you requires weighing the pros and cons.
January 5, 2015 - Author: Moses Cantu, Michigan State University Extension
The decision to become a landlord can be rewarding but also challenging. Owning rental real estate can have some wonderful financial rewards over the long run, but for every upside there is the downside that must be considered. As a landlord, you will have to make many tough decisions and deciding to make your property pet friendly is one of them. There are many variables to consider when deciding to rent to pet owners. Before deciding to make your property pet friendly, it is best to weigh all the pros and the cons. Below, you will find some of the pros of renting to pet owners.
- You can make extra income by charging an additional monthly pet rent in addition to your regular rent amount.
- You can increase rent on a per-pet basis.
- You can mandate nonrefundable deposits to offset the costs of cleaning when the tenant leaves.
- You will get a better response to advertising if you advertise that pets are allowed.
- You will have a larger number and attract a larger demographic of tenants.
- Property may rent quicker due to a larger pool of interested parties.
- Pet owners tend to stay longer since it is harder to find pet friendly rentals.
- You may find you have happier tenants.
Remember: There are both advantages and disadvantages of renting to pet owners. Deciding if it is the right choice for you requires weighing the pros and cons. In Part 2 of this series, we will cover the cons of renting to pet owners. Being a landlord is not for everyone. Before deciding to become a landlord, purchase or invest in rental real estate, always consult a licensed realtor, attorney and tax professional.
Michigan State University Extension offers financial management and home ownership education classes. For more information about classes in your area, visit either the MSU Extension Events feed or MIMoneyHealth.org.
Other articles in this series: