We are constantly asked whether a corporate rental should allow pets. On one had, your property is furnished, so there are things that can easily be damaged by a pet. On the other hand, you want to maximize the number of renters you attract, after all, this is an investment and you don’t want your home sitting idle without any renters.
So, while pets can be a pain, we think homeowners should make every effort to allow them. Here’s why:
First, you open the door to a larger pool of possible tenants. Traveling with pets has become commonplace these days and more traveling executives and relocated families are bringing Fido along for the ride. It’s also unlikely that an executive or family traveling with a pet for months at a time would want to stay in a hotel – so a corporate rental is quite attractive for this audience.
Second, you open the door to making more money. Yes, you can charge more for renter’s who bring along a pet – and you can demand a larger security deposit too. People traveling with pets expect this and are happy to oblige because they simply want to bring Fido along.
Third, you might increase your occupancy rate. Because you allow a larger pool of possible tenants, it’s likely your rental property will have very high occupancy rates – boosting your bottom line!
Fourth, if you own a single family home, it’s the best way to get more renters. Traveling executives like to be near their office, so they may not venture too far off into suburbia. But those that require temporary, furnished rentals homes AND have pets will turn to the single family homes listed for rent, even in a less desirable location (suburb vs. city) just so they can have a yard for their pet to play in and so they can be near parks. So I’m saying if you have a property not centrally located, allowing pets might be one of the few ways you attract a constant stream of renters to your property.
If you do decide to allow pets in your rental property, there are a few precautions and rules you must abide by first. Read Part II – coming soon!