Surprising Las Vegas Rental Home Advantage: Allow Pets

Many Las Vegas landlords are automatically less than enthusiastic when they hear a prospective tenant’s question, “Do you allow pets?” Small wonder. The specter of damage from unsupervised four-footed co-inhabitants is a real possibility (despite the assurances of their doting masters).  

Yet that kind of automatic landlord reaction might turn out to actually result in a questionable business decision. Some undeniably real benefits can accrue to those who open their Las Vegas rental home to tenants who own pets. 

Don’t believe it? Here are just some of the reasons why renting a home to a strong applicant with a well-cared-for, healthy pet can benefit both parties:

1. Widens the Number of Potential Candidates    Allowing pets into a rental home materially increases the eligible applicant pool, giving a Las Vegas rental home owner more latitude to select the best applicant. How many more become eligible? I checked this, and came up with jaw-dropping numbers. 47% of households own at least one dog (not to mention the 95,000,000 million that owned cats). The numbers prove what we know already: a huge number of Americans are ga-ga over their pets.  

2. Respectful Tenants     A Firepaw.org survey comparing pet owners with non-animal-owning tenants showed that, on average, damage done to rental properties is about equal between the two groups. The takeaway from that is the biggest surprise: just because pets are living in your rental home in Las Vegas doesn’t mean that the property will suffer. It seems that grateful pet-loving renters just try harder to keep the property in good condition. They do the worrying for you.

3. Higher Rent     Renters with pets can be willing to pay some additional rent for the privilege of keeping their furry loved ones with them. Pet-owning renters are not likely to shy away from Las Vegas rental home listings that specifically allow pets — even when a “pet rent” or other fee is part of the bargain.

If you are considering buying an income property next year, I provide resources for my clients every step of the way. I hope you’ll feel free to contact me anytime with your Las Vegas real estate questions.

Marcelo V. Mayol

The Mayol Realty Group

Realty One Group

702-812-9990

MarceloMayol@yahoo.com

www.TheMayolRealtyGroup.com

www.YourVegasHomesValue.com

www.VegasHomesDistress.com

www.ShortSaleInfoLV.com

Common Beginner Mistakes When Renting a Las Vegas Home

With housing prices on the rebound, it’s easy to see why some Summerlin homeowners find buying an additional property an increasingly attractive possibility. Getting into the landlord business offers the appeal of a growth investment coupled with the possibility of a favorable cash flow situation.    

That said, make no mistake about it: renting a home in Las Vegas is its own business enterprise. Becoming a landlord means making business decisions that carry elements of risk as well as reward. When renting a home in Las Vegas there are a number of common — but avoidable — first-time landlord mistakes:

Fair Housing Violations

From the moment you begin marketing your income property, the language in your ad can easily run afoul of the fair housing rules that prohibit discrimination. Avoid phrases that single out any particular group or profile, such as “family-friendly,” “suitable for a couple,” or “singles only.” Since violations can run up to six figures, make sure your ad simply describes the property and the neighborhood in generic terms — and be prepared to accept the first qualified applicant who meets your terms. 

Credit Report Mistakes

Another common mistake when renting a home in Las Vegas is to fail to adequately qualify applicants. Today, accepting credit reports supplied by the applicants themselves is a gamble. Run credit reports yourself (including an eviction check for every applicant over the age of 18). You want to see the history of ALL applicants who will be living in your Summerlin income property.

Security Deposit Mistakes

When it comes to the security deposit, taking too much – or not enough – is another common first-timer misstep. Too little and you won’t have enough protection; too much, and you risk violating state regulations (with the possibility of jeopardizing your right to use any of the funds!). 

Renting a Las Vegas home can be an outstanding wealth-building venture, but your responsibilities as landlord must be taken seriously. For anyone unsure about legal requirements, hiring a professional property management agency can make good business sense. I’m here with recommendations for my clients on these and all other matters that accompany your Summerlin real estate opportunities.