Imagine that you moved to a new home but were forced to leave a family member behind.
At least 62% of Americans have a pet. 97% consider them family, but many properties don't allow them.
Read on to learn the pros and cons of pets in a rental property.
Pros
There's a practical side to allowing pets. Your pocketbook may thank you.
Larger Tenant Pool
If your property marketing hasn't let you catch the perfect tenant yet, try widening your net.
Allowing pets is one of the best ways to do this. You'll be able to tap into the pet owner portion of the property tenant pool.
Extra Money
65% of renters will pay more for a pet-friendly property. This demand means you can charge higher rates.
Extra income from pets doesn't only have to come from rental payments. You can also charge pet rent, deposits, or fees.
Longer Tenancy
Pet owners will stay on your rental property longer. They don't want the hassle of finding another that allows their furry family members.
That means fewer vacancies and more consistent rental income for you.
Responsible Tenants
Owning a pet is a lifetime responsibility, and owners will put the same care and attention towards your property.
Most are also financially stable enough to pay rent. 60% of households with pets earn $80,000, and 36% earn at least $20,000.
Cons
There are also reasons that many properties don't allow pets. They can create an unfavorable or even dangerous environment.
Pet Damage
Many landlords forbid pets to avoid rental property damage. They picture cats scratching the furniture and dogs peeing on carpets.
Pet insurance and fees help but don't prevent these issues. They're another maintenance problem that you'd rather not add to your list.
Noise and Odor
Even well-trained pets can be disruptively loud. Barks, meows, and squawks may cause a noise complaint.
Poorly groomed pets, dirty litterboxes, and accidents create odors that spread throughout the hallway.
Injuries
4.5 million Americans are bitten by dogs every year. Cat bites result in 66,000 emergency visits.
This puts your tenants in danger, and you may be legally responsible.
Loss of Other Tenants
Allowing pets in a rental property can scare applicants off. They may be allergic to dogs or cats.
You can also lose tenants you already have. They could get tired of constant noise or odors and move on.
Screening Tenants With Pets
Do all your normal background checks for applicants with pets. Then, interview them with their furry family member.
Fair Housing laws require you to allow service animals who help a tenant with a disability. They're not considered pets. That means they aren't subject to any pet policies or fees.
Creating a Pet Policy
Lease administration requires setting clear expectations. Your pet policy is an important part of the lease's rental tenant terms.
Provide a copy to every applicant. It should include:
- Type and number of pets allowed
- Pet fees and deposits
- Breed or weight restrictions
Who Can Help Me Decide Whether to Allow Pets in a Rental Property?
Allowing pets in a rental property can give you more applicants and money but poses the risk of damage and tenant loss.
PMI Suburban Properties offers professional property management services. We provide real-time updates to show how you can maximize profitability. Contact us for help with all your hardest renting decisions today.
