Did you know that 70% of American households own pets? This means that more homes have pets than children.
If you own a rental property, you may wonder if allowing families with pets to move in is a good idea. The topic of pets in a rental property can be tricky. It has both advantages and disadvantages to consider.
Let's explore the pros and cons of allowing pets in a rental property.
Benefits of a Pet-Friendly Property
Owning a rental property that allows pets can have several advantages. Here are a few reasons why it can be a positive decision:
Attracting a Wider Range of Tenants
Allowing pets opens your rental property to a larger pool of potential tenants. Many pet owners struggle to find suitable accommodations, so offering a pet-friendly property can make your rental stand out and attract responsible pet owners.
Increased Tenant Retention
When tenants are allowed to have their furry companions with them, they tend to stay in the rental property longer. This can result in reduced turnover and vacancy rates, which benefits landlords.
Higher Rental Demand
The demand for pet-friendly rental properties is often higher than the supply, especially in certain areas. You can charge slightly higher rent by catering to this demand, increasing your rental income.
Challenges of Allowing Pets
There are definite benefits to allowing pets in a rental property. But there are also some challenges to consider. Some of these challenges include the following:
Potential Property Damage
Pets, especially younger ones or those with separation anxiety, can sometimes cause damage to the property. Scratched floors, chewed furniture, or accidents on the carpet are all possibilities. Landlords need to assess the potential risks and decide if they are willing to take on these risks or request additional security deposits.
Allergies and Complaints
Some tenants may be allergic to pets, and their health could be affected if pets are allowed in the building. Additionally, noise complaints from neighbors due to barking or other pet-related noises can arise, causing tensions between tenants.
Maintenance and Cleaning
Allowing pets in a rental property means additional maintenance and cleaning efforts. Regular inspections and frequent cleaning to remove pet hair or odors might be necessary to keep the property in good condition.
You can also request a pet deposit from your tenants. This will ensure if damage occurs, you have the funds to repair it when they move out.
Making the Choice: Pets in a Rental Property
The decision to allow pets in a rental property comes with both pros and cons. While it can attract a wider range of tenants and increase tenant retention, there are potential challenges. As a landlord, it's important to carefully weigh these factors and make an informed decision that suits your circumstances.
If you need help with property management and creating pet policies, we are here to help. Contact us to learn more.