As a landlord, you have to make decisions about your rental property that will affect the quality and amount of income you receive from your property. Questions that span the entire spectrum of your rental property.
- Should I provide rent credit services and offer ongoing credit reporting to my tenants (and let them know they can increase their credit 100 points overnight)?
- Is now the time to do those renovations?
- Should I allow my tenants to have pets?
How you answer these questions can affect the quality of tenants you have living in your properties. A newly renovated unit is attractive to many and so is the option to get better credit with their rent history. 70% of US households own a pet of some type and allowing them could open up the door to a larger tenant pool. However, there are downsides to allowing pets as well. Here are the pros and cons of allowing pets in your rental to help you make that decision.
Pros
- Higher Rent
Allowing pets is a great way to be able to charge higher rent. Non-refundable monthly pet fees are also common. This is to be expected when renting with a pet. While this may deter some pet owners, offering rent credit services that allow tenants to increase their credit 100 points overnight could help them offset the higher rent price.
- Bigger Tenant Pool
If 70% of the household in America have pets of some type, allowing pets in your rental opens up your tenant pool drastically. If you couple this with ongoing credit rent reporting services for tenants that leads to better credit with rent history, you won’t have any problems with vacancies in your rental.
- Longer Tenancies
Finding a great home that allows your pets can be challenging and tenants will stay longer because it is difficult to find a great, pet-friendly rental. Longer tenancies lead to less operating costs and in turn, more profit!
- More Responsible Tenants
Taking care of an animal is a sign of responsibility and for the most part, pet owners can be more responsible than other tenants. More responsible tenants are easier and more profitable to rent to. They may even already know how to increase their credit 100 points overnight and already use rent credit services and ongoing rent credit reporting to maximize their credit scores.
Cons
- Damage to the Unit
Pets leave you open to the possibility of damage from those animals. Scratched floors, ruined drapes and accidents on the carpet can all lead to expensive repairs. These can be covered by the pet deposits but it is a hassle no one wants to deal with.
- Noise
Animals can be loud. Whether it be a bird, cat or dog, there is a possibility that there would be excessive noise from a pet in your rental. Your tenants may be excited about getting better credit with their rent history and are looking forward to the rent credit services you can offer, but it doesn’t mean they will follow all of the noise by-laws if they have loud pets.
- Liability
Sometimes, pets can get out of hand (Just like a credit score! If your tenants need or want to increase their credit score by 100 points overnight, offer ongoing rent credit reporting with CreditRentBoost.com)! If they happen to bite or attack a neighbor, you may be held liable. These types of accidents are generally covered by insurance but you may be in for some legal trouble. It makes sense to look into this before making your final decision.
- Issues with Neighbors
Some people don’t want to live next to people with pets. Others maybe have had bad experiences with animals. The fact is, having pets may increase the chance of your tenants having issues with your neighbors. This doesn’t always happen but it is a possibility.
Pets or No Pets? That is the question.
Understanding the potential ups and downs of renting units to pet owners should help you decide if you want to take on that challenge. As for your property, protect it with more than just pet deposits.
Ongoing credit rent reporting is a great way to reduce the number of late payments you receive. Tenants are excited to have the chance to increase their credit 100 points overnight and have better credit with their rent history. CreditRentBoost.com provides you with the ability to offer rent credit services to your tenants, protecting you while offering exciting and beneficial perks to them.
Reach out to CreditRentBoost.com today and see how they can help you offer ongoing rent credit reporting today.
