In the US, 70% of households own a pet. Dogs are the most popular, present in one of three homes. Almost a quarter of pet owners have a cat.
Imagine every dog and cat in America on the street instead of in the comforts of a loving home. If every landlord decided not to allow pets in a rental property, that could become a reality.
Don't rush to decide. Instead, read on to discover the pros and cons of allowing pets.
Pros of a Pet-Friendly Property
About half of US pet owners say their pets are a part of their family. You wouldn't want to separate those owners from a family member. Here are a few benefits of allowing different types of pets.
Higher Rent
The current market value will determine how high you can set your rental rate. If you allow pets, however, you can request certain fees:
- Pet deposits
- Pet rents
- Pet fees
Charging pet-related costs will increase your monthly income. You'll generate more revenue than your competitors.
Longer Tenure
It's sometimes difficult for pet owners to find pet-friendly properties. Once they find one, they'll want to make it a permanent residence. It's a hassle to move with an animal in tow.
Allowing pets could help you retain tenants. Increasing your retention and occupancy rates will increase your ROI.
Ease Attracting Guests
Remember, about 70% of households in the US have a pet. Allowing pets in your properties will make attracting guests easier. Otherwise, you'll close your tenant pool.
If you decide not to allow pets, your properties could sit vacant. A high vacancy rate can become costly.
Responsible Tenants
Pet owners are usually responsible people. They'll likely follow your property rules and treat your property with respect.
Cons of a Pet-Friendly Property
There are some disadvantages to allowing pets in your properties. Keep these in mind before making your choice.
Property Damage
You can't control how pets behave. They could chew wood, urinate on carpets, or destroy your landscaping.
Outline your rules in the lease agreement. Pay for maintenance and repairs using the pet deposit you charge.
Noise
Excessive barking could annoy the neighbors. You may receive a noise complaint. Outline quiet hours in the property rules.
Odors
If accidents occur and litter boxes aren't clean, odors can build within your rental property. You can't control a renter's cleanliness. Consider scheduling routine rental property inspections.
Injuries
A dog could attack a neighbor if they're not properly trained. Require renters to have insurance with coverage against dog bites. Screen tenants to avoid troublesome renters.
Weigh the Pros and Cons of Pets in a Rental Property
Do the pros of allowing pets in a rental property outweigh the cons? Consider discussing the situation with an experienced property management company. They'll help you make an informed choice based on your needs and goals.
PMI North Texas is dedicated to helping property owners maximize their earning potential. We use award-winning strategies to ensure each client's success. Contact us today for help making this decision!
