Imagine a big, wide pair of puppy dog eyes staring back at you, pleading for a place to call home. Their fate is in your hands if you're on the fence about allowing pets in a rental property.
While over 63.8 million households have at least one pet, many real estate investors don't allow pets in their properties. Allowing pets could help you stand out, making attracting tenants all the easier.
Not convinced? Read on to review the pros and cons of allowing pets in your properties.
Pros of Allowing Pets
Allowing pets in your rental property can open your real estate ventures up to new possibilities. Here are a few pros you'll experience if you decide to allow pets.
Ease Attracting Tenants
Most pet owners won't choose a rental property if it means saying goodbye to a furry friend. About 51% of Americans say their pets are as much a part of the family as a human family member. Would you abandon a family member to live in one of your rentals?
Allowing pets will make it easier for you to start attracting tenants. Your pool of applicants will open, giving you a competitive edge in the industry.
While you'll have more tenants to choose from, you should still take the time to screen applicants. Tenant screening will ensure you find the best fit for your rental property.
Longer Lease Agreement
Pet owners will be relieved to find a place they can live with their furry friends. Your rental property will feel more like home. Settling in with a pet could help your rental feel like a permanent abode.
These pet owners may want to sign a longer lease agreement. They'll feel better knowing their fur baby has a safe place to live.
Higher Rent
You can charge a pet deposit, pet fee, and pet rent if you decide to allow animals in your rentals. You can use these payments to cover any property damage that occurs.
Cons of Allowing Pets
Don't rush to make a decision yet. Here are a few cons of allowing pets to consider.
Rental Property Damage
Not every pet is thoroughly trained or well-behaved. Some animals may damage your rental properties. For example, they could chew on wood, destroy the landscaping, or urinate on your carpets.
Don't forget to charge fees if you decide to allow pets. You can cover any damages that occur.
Noise
A dog that's not properly trained may begin barking when its owner isn't home. They could disrupt neighbors, leading to complaints.
Your property managers can resolve these issues. Consider setting rules that include quiet hours.
Odors
If accidents and litter boxes aren't cleaned up properly, odors could develop. You can pay for carpet cleaning services and property maintenance by charging pet fees.
Will You Allow Pets in a Rental Property?
Have you made a decision? If you're still on the fence about allowing pets in a rental property, consult an expert.
Team PMI Mile High has nearly 20 years of property management experience. Rely on our award-winning services and years of expertise.
We can help maximize your earning potential. Contact us today for help making this decision!
