Considerations for Pet Lovers in Corporate Housing

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There was a time when you couldn’t find a decent rental that would accept pets anywhere. Slowly, as the rental market evolved and tenants became harder to get, landlords awoke to the idea that we love our animals. Now, finding corporate housing that accepts pets is easier than ever.

There are extra considerations for anyone wanting a corporate apartment or house and wants to take their furry friends with them. We’re going to cover some of them here. First we will cover the extra hurdles you will have to jump in order to secure corporate housing. Then we’ll discuss the sensible precautions animal owners should take while living in their rented property.

Considerations for Pets in Corporate Housing.

If you planning on leasing a corporate property and taking an animal with you, there may be extra things you have to do. That’s especially true if your animal companion happens to be a car or dog.

Higher rents. Some landlords will automatically increase rents for corporate renters with animals. It is mainly unjustified and it’s entirely up to you whether you accept it or not. Our animals don’t take up any more space than humans, so it’s an unfair tax on animal owners. It might be worth finding another property if a landlord wants to charge more for pets.

Higher damage deposits. Having to pay a higher damage deposit is entirely fair. The potential for damage is of course higher if you have a cat or dog. Therefore a landlord of a corporate rental will want to protect themselves from being left out of pocket.

Extra rules. Many buildings and landlords will have extra rules for animals. These can be reasonable like keeping them quiet and cleaning up after them. They can also be unreasonable, so check any clauses before signing.

Precautions for Pet Owners in Corporate Housing

With the above considerations in mind, we have some common-sense precautions here to protect your lease and your damage deposit.

Negotiate rents and leases. If you have maintained your corporate housing well and your animal hasn’t damaged anything, consider negotiating down any further rents or deposits if renewing the lease. It’s worth a try, especially if you have already demonstrated that you’re a good tenant.

Inspect the corporate housing before and after the lease. This point is valid whether you’re a pet owner or not, but is especially true if you are. An initial inspection with the landlord present when you collect the keys will save you having to pay for something done before you arrived. A handover inspection will save any nasty surprises a couple of weeks down the line.

Talk to other corporate housing tenants. If you have a furnished apartment or condo, it’s a good idea to make friends with other tenants if you have an animal. If your dog barks or cat climbs, tenants you’re friendly with are less likely to make a fuss.

These few consideration will make all the difference to your corporate housing rental. They will help you live happily and not get stung when you hand the property over. It all helps keep our rental market alive.

Tips For Becoming an Effective Corporate Rental Landlord

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There are a hundred and one reasons why you might want to become a landlord. You might want to try a new business venture, take advantage of a buyers’ market, or need the money to keep the property. Whatever your motives, corporate rentals aren’t like other rentals. They need a particular approach to be successful. That approach we discuss here.

Some are obvious, and will be relevant to any kind of furnished rental, others will be particular to corporate lets. We hope they are of use.

First up is location. Arguably the most important aspect of any property transaction, rental or otherwise. The location of the property must suit the type of property and the type of client you’re trying to attract.

Have a corporate apartment? It will need to be in a downtown area or near to transport. Have a single family home? Ideally it will be in a nice suburban area and also near transport links and amenities. The better the location and the more the property has around it, the more you can charge per month.

If you’re just starting out in corporate lets, use an agency to manage things for you. They take a percentage of the rent but their expertise is essential in those early days. They give you the breathing space to learn the ropes. Once you’re a little more experienced you can manage your corporate lets yourself, but don’t overburden yourself from the beginning.

Have money put aside for servicing the property. Corporate rentals are of a higher standard that standard lets, so take more to maintain. Budget for a thorough cleaning between tenants and allow for breakages and repairs. It also helps to have a few months mortgage put by for times when the property sits empty.

Make sure the paperwork is all covered. That means a solid contract, insurance and tax. If you’re using an agency, the legal stuff should be handled for you, but the insurance and tax burden is all yours.

Insurance is an investment like any other. As long as you get a policy specifically for rentals, you’re covered. You will still need the standard buildings and contents cover, but also extra cover for short-term tenants. Corporate rentals are low-risk, but you still need to cover yourself and your property.

Any profit you make in this enterprise will be subject to tax at the prevailing rate. The IRS are chasing tax revenue voraciously to balance the books, so make sure you’re not left exposed. Consult an accountant or tax professional to get the full picture. There are a whole host of expenses you can claim for, so don’t pay tax unnecessarily.

The corporate rental market is a niche market that is rapidly gaining ground. It is helping keep our real estate market fluid and contributes to the wellbeing of many people. If you want one of them to be you, go for it. Do it properly and it could rapidly become a successful venture.