Can you believe that 70% of households in America have at least one pet?
If you own any property you'd like to rent out, one factor you have to consider carefully is whether or not you'll allow pets to move in. Since there is no clear right or wrong answer, you have to weigh your options and make the best decision for your unique goals.
Have you been asking yourself, "Should I allow pets in rentals?" Keep reading to learn the top pros and cons of permitting pets in a rental property.
Pro 1: You'll Have More Applicants
Since so many people have pets, banning them from your building could cause you to lose out on some responsible tenants.
It's important to keep in mind that landlords have to accommodate support animals. If some tenants will have animals living with them, then it may make sense to let everyone enjoy animal companionship.
Con 1: Pets Can Cause Damage
Rental properties are a huge investment, so it's understandable why you'd want to keep everything in top shape. Some animals like cats and dogs can be scratchers and biters.
When a pet owner moves out, you may have to replace or repair more things than a unit that didn't have pets.
Pro 2: You Can Charge Pet Rent
One simple way that you can cancel out any extra expenses due to pet damage is by adding a pet clause to your rental agreement. Many landlords charge pet rent as an insurance policy.
While pet rent does make tenants grumble a bit, they're still grateful to have a place that welcomes their special family member.
Con 2: Pets Can Smell and Be Loud
Some pets aren't as well behaved as others would hope. Pets that are loud can cause conflict between neighbors that will make your job even more stressful.
Pets can also leave behind odors and dander that linger long after they've moved out. Giving pet units a deep clean is crucial for keeping new tenants with allergies safe.
Pro 3: Your Tenants Will Likely Stay Longer
One of the best landlord tips is to make every tenant's experience as pleasant as possible so they'll keep renewing their lease. Many rentals don't allow pets, which means that you can create loyalty by accommodating pets.
People's lives change over time, and if a tenant wants to adopt a new pet, they'll appreciate not having to move.
Allowing Pets in a Rental Property Comes With Many Pros and Cons
It's wise to spend some time reflecting on whether or not you'd like to allow pets in a rental property. Now that you've learned more about the pros and cons, you can make the best decision for your real estate investment.
Handling pets is just one of the many responsibilities landlords have to take on. If you'd like to make your job easier, then let Maxfield Property Management help. Contact us to learn about our property management services.