About 70% of US households (90.5 million families) own a pet! That's a 56% increase since 1988. With more pet owners looking for living options, it's time to consider whether you'll allow pets in a rental property.
Don't rush to make this choice! Instead, read on to review the pros and cons to make an informed decision.
Pro: Increased Tenant Pool
Choosing to allow pets in your rentals will broaden your tenant pool. Otherwise, you'll close yourself off to a large number of renters.
Remember, about 70% of families own pets. Allowing pets in your rentals will encourage more people to apply. As you attract more renters, your vacancy rate will decrease.
Pro: Higher Rent Prices
Allowing pets in your properties can lead to a higher net rent. The set rent will vary based on market trends. If you allow pets, however, you can charge a:
- Pet fee
- Pet rent
- Pet deposit
The pet fee is a one-time, non-refundable charge. The pet rent is a monthly fee you can charge per pet. The deposit is a one-time charge and is refundable.
You can use these funds to improve your profitability. These fees and the security deposit will offset the cost of wear and tear or damages.
Pro: Increased Tenant Satisfaction
Allowing pets can lead to happier tenants. Happy renters are more likely to renew their leases. You'll generate more income long-term if you attract pet owners to your properties.
Pro: Longer Rent Tenure
Pet owners often choose longer tenancies. It's often difficult for owners to find pet-friendly rental options. Allowing pets in your rentals can lead to a longer rent tenure.
You'll increase lease renewals, improving your occupancy rate. Increasing your occupancy rate can maximize your earning potential.
Otherwise, your rental properties will sit vacant. Pet owners won't apply. Instead, they'll look for other rental options in Putnam.
Con: Rental Property Damage
Before allowing pets, establish your rental property rules. Inform pet owners that they're responsible for the cost of rental property damage. Their pets could scratch the floors or damage doors.
Con: Increased Maintenance Costs
You may have to pay for new carpets and floors after a pet owner leaves the property. Prepare for these increased maintenance costs by charging a pet deposit.
Con: Noise Complaints
Pets can become a source of complaints if they're not trained. Hire a property management company. Your property manager can handle any disputes and enforce your pet policies.
Con: Potential Liability
Require renters to have insurance coverage for dog bites. If a pet injures another property, you shouldn't take the blame. Hire a property manager to mitigate potential liability issues.
Will You Allow Pets in a Rental Property
The pros and cons of allowing pets in a rental property can even out. Instead of making the choice alone, consult a property management company. Leverage their expertise to make an informed choice.
Our team at PMI has over 20 years of industry experience helping landlords like you thrive in a competitive industry. We can maximize your earning potential using the latest technology and award-winning strategies. Contact us today to simplify making this choice!
