Dogs are the most popular pet in the United States, forming part of over 38% of households. Cats are a close second, with about a quarter of Americans owning at least one.
Because pets are so popular, whether to allow them in a rental property is a difficult decision. Many property owners hold back, fearing the worst. Yet, there are definite advantages to being a pet-friendly rental property.
If you're trying to decide whether to permit pets in a rental property, this article will help. Keep reading as we review the pros and cons of renting to tenants with pets!
Pro: Increased Tenant Pool
Allowing pets in a rental property opens up the tenant pool to pet owners. This could significantly expand the number of potential renters interested in the property. This can lead to faster occupancy rates and reduced vacancy periods.
Pro: Higher Rental Income
Pet-friendly properties often command higher rental rates. The reason is that pet owners highly demand them. This competition can result in higher rental income for property owners.
Pro: Tenant Longevity
Tenants with pets tend to stay longer in rental properties. The difficulty of finding pet-friendly rentals makes them more likely to stay put once they find a suitable property. This is great for property owners since it reduces turnover and associated costs.
Pro: Pet Fees
Property owners can implement pet fees or deposits to offset potential damage caused by pets. This can be a financial buffer for any necessary repairs or cleaning after a tenant with pets moves out. However, if no damage is done, these extra fees result in more income.
Pro: Positive Image
Being a pet-friendly property management company can enhance your reputation. It will attract responsible pet owners who are looking for a suitable place to live. This positive image can lead to referrals and increased interest from potential tenants.
Con: Property Damage
Pets can cause wear and tear on a property. They may cause scratches, stains, and odors. Property managers may need to invest more in maintenance and repairs to keep the property in good condition.
Con: Noise Complaints
Barking dogs or other noisy pets can lead to complaints from neighbors. This can cause tension within the community. It may even lead to disputes that property managers need to address.
Property owners could face liability issues if a tenant's pet causes harm to other tenants, guests, or property. Adequate insurance coverage may be necessary to mitigate this risk. Be sure to research your liability before allowing pets in your property.
Con: Legal Complexities
The distinction between pets and support animals can be legally complex. Property owners may have the right to disallow pets. However, they may be obligated to accommodate tenants with valid support animal claims. If you decide not to allow pets, learn the laws about service dogs and emotional support animals.
Pets in a Rental Property? The Choice Is Yours
Deciding whether to allow pets in a rental property is complicated. Considering the pros and cons should help you decide, but if you still need some assistance, we can help!
At PMI Property Management, we specialize in all aspects of the rental process. From screening tenants to overseeing cleaning, we do it all. Contact us for help making choices about your property and increasing your profits!