Nearly 70% of households in America have a pet, so you may be wondering whether or not you should allow furry friends in your rental properties. Many landlords struggle with this decision due to the extra responsibility it brings.
If you are on the fence about allowing pets in a rental property, then let us help you make your decision and check out these important pros and cons.
Pros of Pets in a Rental Property
Allowing pets in your rental property can be great for your tenants and your finances. Here are the benefits of letting your tenants own pets.
If you allow your tenants to have pets, then you can charge an extra monthly fee per animal. When it's all said and done, this can add up to a lot of extra money each year.
Larger Pool of Applicants
Nearly 72% of renters have pets. Allowing renters with pets to occupy your units greatly opens up the applicant pool.
Renters with pets tend to be more responsible. Owning a pet takes a lot of care and attention, so it is likely that this behavior will translate into renters treating your property with the same amount of respect.
According to a recent study, it has been shown that pet owners make more money than those who don't have a pet. Those with higher income are more likely to pay rent on time.
One of the biggest benefits of pets in rental properties is that tenants will stay longer than those without pets. Because some units do not allow pets, your tenants will stay with you rather than trying to find a new property that allows pets.
Cons of Pets in a Rental Property
On the other hand, there are a few disadvantages of allowing pets in your rentals. These are a few of the biggest drawbacks to allowing pets in your rental properties.
One of the biggest disadvantages of pets in rental properties is the possibility of property damage. Pets can chew on wood, scratch surfaces, and destroy landscaping.
If pets bother other tenants, then they may move out to get away from the problem. Working with a property management company is a great way to reduce vacancies and turnover.
It is no secret that some pets are loud. Excessive barking from dogs can quickly become a nuisance to other tenants.
If the owner does not clean up after their pet, then you may have to deal with excessive odor in units or common areas. This is often an issue in units with carpets as they tend to absorb the smell of pets.
Let Us Help You With Your Property Management Needs
In the end, it is up to you whether or not you want to allow pets in a rental property. There are both benefits and drawbacks to this decision.
If you allow pets, you're looking at more income, a wider applicant pool, and more responsible tenants. On the other hand, you may also fall victim to unit damage, angry tenants, and noise and odor that can be hard to deal with.
If you need help making or enforcing these decisions, then feel free to contact us today to learn more about our property management services.