If you own any rental properties, you have a lot of important decisions you need to make. One that people are often quite uncertain about is whether to allow pets in a rental property.
As 62% of Americans own pets, this is something you should seriously consider. The decision could impact your property and your income in various ways.
Let's take a look at some of the pros and cons of allowing pets in your rental property so you can weigh them up and make the best decision.
Pros of Having Pets in a Rental Property
Pet owners are very thankful for landlords who allow pets. Beyond a good relationship, there are other aspects that you could benefit from.
Rental property pricing is one of the biggest factors when thinking about any decisions. Allowing pets on your property means you can reasonably ask for higher monthly rental payments. This is especially true in a market where there aren't many pet-friendly properties available.
Rental tenant terms can sometimes be shorter than expected, but the more someone sees a place as their home, the longer they're likely to stay. A pet will have this effect, so you're not likely to have to worry about tenants moving out as often.
Larger Pool of Applicants
If you don't allow pets, anyone who has one won't even consider your property. This immediately reduces the potential number of applicants. Having a larger rental property tenant pool will make it easier to find suitable tenants to move in.
Cons of Having Pets in a Rental Property
Despite these benefits, there are also some drawbacks. While these can sometimes be reduced, it's still important to be aware of them.
Risk of Damage
The main reason many landlords don't allow pets is to avoid rental property damage. This can include chewing furniture, scratching floors, destroying landscaping, and more. The type and amount of damage can vary significantly depending on the pet(s) a tenant owns.
Odor and Noise
Pets can have accidents, and if animal urine isn't cleaned up quickly, the smell could stick around for a long time. Bad odors can also be an issue if owners don't groom their pets properly.
In apartment buildings, this could cause issues with neighbors. They could also cause noise disturbances, so make sure you take this into account too.
Injuries to Other Tenants
Again, depending on the pets in question, there could be a risk of physical injury to you or other residents in the area. You might want to ensure you only accept tenants who have suitable renter insurance that covers dog bites on the property.
Should You Allow Pets in Your Rental Property?
Allowing pets in a rental property has various pros and cons, so it can be hard to decide. It may be helpful to speak to a professional property manager about the market in your area to get the best insights into whether it would be a good move or not.
PMI Hudson is a full-service property management company, and we can help you decide if you should allow pets, and assist you with a range of other property management tasks. Contact us today to find out more about how we can help.