70% of American households have welcomed a pet into their families.
Rental property owners need to reflect on whether they'll allow pets in a rental property. While there are countless perks, some drawbacks could scare some property owners off.
Do you want a full picture of these pet benefits and potential issues? Keep reading so you can look after your rental property.
Pro: Expanded Tenant Pool
Permitting pets in your rental property expands your potential tenant pool. Many responsible renters are pet owners who might not even consider your property if pets aren't allowed.
By welcoming them and their furry friends, you increase your chances of finding reliable tenants.
Con: Rental Property Damage
Pets come with the potential for damage. Pets can cause a wide range of damage, including the following:
- Scratched floors
- Chewed baseboards
- Stained carpets
This may result in repairs and renovations when tenants move out. Be prepared for the possibility of some wear and tear.
Pro: Higher Rent Potential
Landlords often have the opportunity to charge a higher monthly rent or request a pet deposit from pet-owning tenants. This extra income can offset any potential costs associated with allowing pets, such as maintenance or cleaning.
Con: Allergies and Liability
Some tenants may have allergies to pets, and their comfort and health should also be considered. Landlords may also face potential liability if a pet were to cause harm to other tenants or property damage beyond the deposit. It's essential to have clear rental property rules in place to address these concerns.
Pro: Improved Tenant Loyalty
Tenants with pets may be more inclined to stay for longer periods. This can lead to reduced turnover and vacancy rates, which ensures a steady rental income.
Con: Noise Complaints
Barking dogs, chirping birds, and noisy cats can lead to noise complaints from other tenants. While it's not exclusive to pet owners, you must be prepared to handle these situations. Establishing clear pet behavior guidelines in your lease agreement can help with this issue.
Pro: Attractive Amenities
By permitting pets, you can market your rental property as a pet-friendly haven. These renters will pay extra for properties with pet-friendly amenities, such as fenced yards or nearby parks. This can make your property more appealing in a competitive rental market.
Con: Maintenance and Cleaning Costs
Pet-friendly rentals may need more frequent cleaning and maintenance to maintain the property's condition. This could include more extensive cleaning between tenants and more frequent landscaping or lawn care if your property has an outdoor space.
Pro: Emotional Support and Companionship
Many tenants consider their pets as emotional support animals or valued companions. Allowing pets in your property can enhance the whole living experience for your tenants. This leads to greater tenant satisfaction and potentially longer lease terms.
Welcoming Pets in a Rental Property Could Be Brilliant
The decision to allow pets in a rental property is tricky. With these factors in mind, you can make the right choice for your rental property.
Whether you welcome pets or not, a property management team can transform your business. Contact PMI East Bay to hear how our winning property management solutions will help.