As a new landlord, you're still learning the ropes. You have a lot of big decisions to make about your rental properties. One of them is whether or not you plan on allowing pets.
Allowing pets in a rental property comes with plenty of pros and cons. Before you write it off right away, we're here to talk about it so you can make an informed decision.
Read on to learn more.
Pros of Allowing Pets in a Rental Property
Did you know that about 70% of U.S. households own pets? How many of those households are renters? If you exclude pets from your rental properties, you're cutting out a huge percentage of potential renters that may have otherwise been exceptional.
Many pet owners who are looking for rentals know that they have to be great tenants to make up for their pets. They tend to be responsible and willing to repair normal pet damage if it occurs.
Allowing pets may make you a more desirable landlord. Even people without pets often consider getting pets in the future. They know that a no-pets property will be too restrictive for them.
In other words, if you want more applications and happier tenants, allowing pets is a must.
Cons of Allowing Pets in a Rental Property
That isn't to say that allowing pets doesn't come with any problems.
Owning a rental property means that you're responsible for any potential damage if a tenant isn't able to pay for it. While most pets won't cause damage to your property, it is always a possibility.
If you have other tenants who are either heavily allergic to pets or afraid of pets, they may not renew their leases if they see pets on the property. Keeping the safety and comfort of your other tenants in mind is important.
Is There a Middle Ground?
If you want to allow pets but you also want to mitigate the damage as much as possible, you can take a few extra steps.
First, you're within your rights to only allow certain types of pets. Some landlords have no problems with small animals that spend most of their time in cages (like reptiles and rabbits) but resist larger pets.
Landlords that have no problem with standard pets like cats and dogs may still choose one over the other to allow. They may also have size and breed restrictions.
When you allow pets, you can include a pet deposit or pet rent. Tenants who are willing to pay this extra fee are more likely to be responsible and you'll have extra money just in case the pet causes damage.
Will You Allow Pets on Your Rental Property?
Allowing pets in a rental property is a decision that every landlord has to make. There are pros and cons, you just have to decide what your priorities are.
When in doubt, consider allowing pets, but with restrictions. This will give you some of the benefits of both options.
Are you looking for professional rental property management in Miami, Florida to help you make some of these decisions (and more)? At Pristine Property Management, we want to help! Contact us so we can start working together today.