Today, around 90.5 million domesticated animals live in 70% of American households. These furry friends mean a lot to us, and typically, when relocating, people want to take their pets with them. The issue is that many properties don't allow pets, which can make the moving process a huge hassle when renting.
If you don't already allow pets on your rental properties, then perhaps it's time to rethink things. However, there are both pros and cons of changing things up, so read on for some main ones to consider about allowing pets in a rental property.
Pro: You'll Get More Tenants
Considering that there are so many Americans who own pets, this will greatly widen your tenant pool. So if you're having a hard time renting out your units, then allowing furry roommates will attract so many more people. This can give you an edge against other landlords if it's a tough market.
Another side benefit is that you'll have lower tenant turnover. Seeing as you're one of the only places that'll allow pets, tenants will be motivated to stay with you longer.
Pro: You Can Charge Higher Rent
Because your property will be so high in demand, you can charge higher rent and still get interested tenants. You can also add a higher deposit to account for any damages that occur from these animals.
Con: There May Be Property Damage
On that note, even the most well-trained dog or cat can destroy an apartment. This is a huge risk you take, but that's what the pet deposit is for.
By properly screening your tenants, you can increase the chances of getting responsible people. As a result, this will lower the chances of significant property repairs and renovations.
Con: Pets Can Be Noisy
Perhaps one of the noisiest pets is dogs; they can bark for hours upon end, which will disturb all other tenants. Cats can meow, and birds can chirp too, although they probably won't be as bothersome as canines.
If you allow pets in your rental properties, you'll have to be prepared for those without pets to move out if their peace is disturbed.
Con: There Can Be Bad Odors
Bad odors can build up if pet owners aren't diligent in bathing and grooming their pets and changing their litter boxes. Not to mention, these animals can have accidents, and even the most rigorous cleaning can't get out the smells 100% at times.
Will You Allow Pets in a Rental Property?
When you consider the pros and cons of allowing pets in a rental property, most landlords will find that the former outweighs the latter. Not only will you have a bigger tenant pool, but you can also charge more for rent and decrease tenant turnover.
Although the cons can be troublesome, as long as you screen your tenants and charge a reasonable pet deposit, these worries shouldn't be major ones.
If you need help with property management, then get in touch with us now for a free consultation.
