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Why Saying No To Pets Can Hurt Your Bottom Line

dsc_0102-8As a landlord, and especially a new landlord, one may find it prudent to rent their property solely to tenants that do not have pets. “Many new landlords believe it’s smart to have a no-pet policy”, says Candace Bertelson, President of C.A.B. Group, LLC. The first thought that may come to mind is the destruction that one’s dog or cat may leave behind. And, what landlord wants to be responsible for replacing carpet, doors and even sheetrock due to pet “accidents”? Although renting to tenants that own pets may, in some cases, expose you to soiled carpets and chewed trim, the overwhelming majority of pet owners are responsible, and so, as it turns out, are their pets.

When we have clients that come to us and express their desire to exclude pet-parent tenants, we always tell them that they are severely limiting their potential tenant pool. Surveys find that more than 70% of renters in the United States own a pet. And, in certain rental markets, the number of pet owning tenants are even greater. That’s a LOT of tenants to exclude right off the bat. The key to being a successful landlord is low vacancy rates. Landlords that refuse to rent to pet owners are only hurting themselves by passing on responsible, qualified tenants solely because they own a dog or cat.

If a landlord has real concerns about the potential damage a tenant’s pet may cause to their rental property, we suggest charging a higher security deposit. It’s completely acceptable for a landlord to charge an additional deposit for a pet. And pet owners are more than happy to pay that additional deposit. Studies also show that pet owners tend to be more responsible than non-pet owners. Two of the advantages to renting to tenants with pets are that landlords can charge higher security deposits, and that tenants with pets will usually stay put longer because they are less likely to find another pet-friendly home.

And when it comes to the misconceptions about pets and damage to rental properties, the fact is that young children are overwhelmingly more destructive to properties than pets. Another misconception is that bigger pets, namely dogs, are more destructive than smaller ones. Not true say experts! Large dogs are usually better house trained than smaller ones and less anxious. No two pets are created equal, and species, size and breed have nothing to do with how good a tenant a particular pet will be.

The bottom line – if you’re looking to increase your financial bottom line, opening your tenant pool to pet owners is a no-brainer! If you’re a pet-loving tenant looking for a place you and your pet can call home, contact C.A.B. Group and let us find the perfect rental for you and your pet. We always try to work with our landlords and show them the advantages to renting to pet owners. That’s our pet policy.

Posted by: cabgroup on September 30, 2016
Posted in: Uncategorized