Should you allow pets in your rental?
The question of whether to allow pets in your rental property is a significant decision for landlords. While it comes with certain challenges and considerations, there are compelling reasons to consider saying "yes" to pets in your rental. In this blog post, we will explore the advantages of allowing pets in your rental, as well as some proactive steps you can take to minimize potential damages.
Pros of Allowing Pets in Your Rental
Increased Revenue:
One of the most appealing aspects of allowing pets in your rental is the potential for increased revenue. In Alberta, landlords can choose one of two options:
Increased Rent: Landlords can negotiate to add an additional fee to a tenant’s monthly rent. The standard rate is typically between $25-$50/Month.
Non-Refundable Pet Deposit: In Alberta, the Residential Tenancy Act prohibits you from charging a refundable pet deposit on top of your tenant’s security deposit. However, you can charge a non-refundable pet fee to cover any potential damages after the tenant moves out. Standard rates fall between $100-$500 depending on the type of pet.
2. Attracting Long-Term Tenants:
Pet owners often seek long-term housing solutions, as finding a suitable rental that accommodates their furry companions can be challenging. By allowing pets, you may attract tenants who are more likely to stay for extended periods, leading to lower turnover rates and fewer vacant units.
Expanded Tenant Pool:
Allowing pets can widen your tenant pool, making it easier to find suitable renters. Pet-friendly policies can attract responsible and committed tenants, increasing the chances of finding individuals who will take good care of your property.
Preparing for Pets: Minimizing Potential Damages
To ensure that allowing pets in your rental property is a positive experience for both you and your tenants, consider implementing the following strategies:
Choose Pet-Friendly Flooring:
Invest in durable, pet-friendly flooring options to minimize the risk of damage from claws, stains, and accidents. Vinyl plank flooring, for example, is resilient, easy to clean, and can withstand the wear and tear associated with pets. This choice can save you from costly floor repairs and replacements in the long run.
Create a Dog Run or Pet-Friendly Outdoor Space:
If you have outdoor space available, consider designating a specific area as a dog run or a pet-friendly space. This can help keep pets active and contained, reducing the likelihood of them causing damage in other parts of the property. Fenced-in areas or designated pet play zones can be a valuable addition.
Set Clear Pet Guidelines:
Establish clear guidelines and a pet policy in your rental agreement. Specify the type and number of pets allowed and pet size restrictions. A well-defined pet policy can help prevent misunderstandings and disputes with tenants.
Regular Inspections and Maintenance:
Conduct regular inspections of the property to identify any pet-related issues early on. This proactive approach can help address problems before they escalate, ensuring the property remains in good condition. Be diligent in performing maintenance tasks, such as cleaning carpets or repainting walls, to keep the property well-maintained.
Final Thoughts
Deciding whether to allow pets in your rental property is a crucial decision that can impact your rental income, tenant pool, and property maintenance. By carefully considering the benefits of allowing pets and implementing strategies to minimize potential damages, you can make an informed choice that suits your investment goals and ensures a positive experience for both you and your tenants.
Remember, allowing pets in your rental can be a win-win situation when done thoughtfully and with care.
About Power Properties Ltd.
Founded in 1980, Power Properties has been providing hassle-free property management services to property owners, property investors and non-residents with homes in Calgary, Alberta for over 40 years. Our full-service property management includes everything from move in to move out, so you don’t have to worry about the day-to-day operations of your rental property. With a team of licensed professionals, years of experience, and award-winning service, you can rest assured that your property is in good hands.
