Welcome Pet Owners in Your Hard Money Rental
Good news, hard money lenders — the renting market has been booming these years, at a 50-year high. No matter you invest in a single family rental (SFR) or multi-dwelling house, you are free to choose your optimal tenants. There are several benefits of permitting tenants with pets in your rental.
Raise rents without capital investments
Universally, the rent for a pet owner is always higher than other tenants since those who move in with a pet are happy and glad to find their furry babies a well-furnished place to settle down even if it costs them higher expenses. As a hard money lender, you can either add a pet fee or simply raise the overall rents without spending extra money to upgrade your house.
Pet owners are more likely to be stable and responsible
On a common sense, pet owners are not that easy to rent a house if they move in with one or several animals. That’s why once they have finally found an ideal home both for themselves and their pets, they are more inclined to renew their leases when a lease is coming to an end. Besides, pet owners, especially those with large dogs, are more likely to be responsible and caring. They will not hesitate to pay an extra clean-up fee when they finally move out.
Dogs are door-keepers, keeping your property safe
Don’t laugh at it. Burglars are afraid of the sound of the dog’s barking even more than we do. Almost 34 percent of the convicted burglars are reported to keep away from houses with a dog inside. Dogs can be regarded as a burglary deterrent to some extent.
In addition, it’s much less likely for a pet owner to leave their puppy or kitty at home alone for a long period of time. Of course travelling with pets is extremely expensive if you are boarding. In this way, if the tenants are leaving their home for a long time, they will choose to ask their friend or neighbor to come by their house and help them feed and walk the dog. In other words, the house will not be fully vacant for a period of time, accompanied with a smaller risk of theft.
Think twice before welcoming pets to your property
It’s totally up to you whether you allow tenants to raise pets in your home. To make the best of all the rentals, it’s better for you to make a decision case by case. We highly recommend that you consult with your insurance broker to learn about the potential risks of certain breeds of pets which may lead to rising insurance rates.
Benjamin Donel, CEO