Did you know that 70% of American households have a pet? Undoubtedly with so many homes having a pet, some of those families live in rental properties.
Since many pet owners consider their pets family and won't even view an apartment that wouldn't allow their pets to move in with them, landlords keep asking if they should allow pets in their rental property.
So that's what we're here to discuss. Continue reading as we explore the pros and cons of allowing pets in your rental property.
Pros to Allowing Pets in Your Rental Property
There are several benefits for you and your potential tenants if you allow pets in your rental.
First, market value dictates that you can set your rent higher. This is especially true for those with medium and large dogs. Pet owners are usually willing to pay a bit more in rent to accommodate their furry companions. If most other rentals in your area don't allow pets, you'll have more leverage to set the price higher.
Further, renters who settle into your property with their pets are more likely to renew their lease yearly as it can be challenging to find new housing. Plus, settling down with a pet can make a rental feel like a permanent residence.
Not only are they more likely to renew their leases, but pet owners are often more responsible renters. This is because taking care of a pet takes a lot of time and energy, which they will also likely put into taking care of your property.
By allowing pets, you'll also open yourself up to a larger pool of applicants for your property. This is especially true if your rental market is younger. Millennials are consistently the largest generation of pet owners, and many of them still rent due to skyrocketing housing costs.
Cons of Allowing Pets in Your Rental Property
Of course, allowing pets in your rental property also has some downsides.
The biggest fear for landlords is that the pets will cause damage. For example, they may urinate on the carpets, chew wood, or destroy landscaping. If you want to allow pets but worry about potential damages, charging monthly pet rent or a non-refundable pet deposit is a great way to cover any costs.
Additionally, if you own a rental apartment, the pets can have an accident in the common areas, leaving strong odors for others to endure. Pets that aren't well groomed or bathed can also cause lingering odors in the property. This can be irritating for neighbors with allergies.
For those renting a condo, always double-check with the condo association first to ensure they allow pets. If they don't and you let pets into your apartment, you could face steep fines.
Lastly, allowing dogs or multiple pets in one unit can be a nuisance for neighbors if excessive barking, meowing, or chirping occurs. Thus, it's best to notify neighbors if you're going to allow pets.
To Allow Pets or Not
Whether you allow pets in your rental property is a decision you'll have to make based on what is best for you and your rental. Since there are pros and cons, there is no right choice.
If you need help managing your rental property, contact us at PMI Property Management to learn more about our property management services. Our local expertise and national resources provide you with the highest level of service for the greatest return on your investment.