About 70% of U.S. households own at least one pet. Pets make excellent little companions and most people are unwilling to give up their furry friends when they move. However, not everyone allows pets in a rental property.
If you own a rental property, you might be trying to decide whether or not you should allow pets. It's a tough call!
We're here to help. Read on to learn about the pros and cons of allowing animals in rental properties.
Pros of Allowing Pets in a Rental Property
First, let's talk about why you may want to allow pets.
Allowing pets can attract a larger pool of potential tenants. As we mentioned, many people are pet owners and they seek out pet-friendly accommodations. This can increase the chances of finding suitable tenants for the property.
Pet owners also tend to stay in rental properties for longer periods since it can be more challenging to find suitable pet-friendly apartments and homes. This can lead to reduced vacancy rates.
Landlords can often charge higher rent for pet-friendly properties due to increased demand. Even if you choose not to do that, you'll have a more consistent income as one of the few rental properties that allow pets.
Some people have emotional support animals. While these animals are allowed at most apartments, allowing pets will encourage people with ESAs to apply to your property because there won't be as much of a hassle for them.
It's also a great way to build goodwill between you and your tenants. Tenants may think more highly of a landlord who allows them to own pets, and they'll be sure to spread the word when they leave your property.
Cons of Allowing Pets in a Rental Property
So why wouldn't a landlord want to allow pets? While more and more landlords are coming around to the idea of allowing pets, there are still many who resist. Why is that?
First, pets can cause damage to rental properties, such as scratches on floors, stains, or even unpleasant odors. This can result in additional maintenance and repair costs for landlords. However, landlords can make up for that with higher security deposits or pet fees in some cases.
Some tenants may have allergies or health concerns related to pets. Allowing pets in a rental property may mean that some potential tenants will allergies choose not to rent an apartment there. The property may require additional cleaning efforts between tenancies to remove allergens as well.
Allowing pets may increase liability risks for landlords. In some cases, insurance coverage may be affected or premiums may increase due to potential pet-related incidents or damages. However, this is often a breed-specific problem.
Will You Allow Animals in Rentals?
There are many good reasons to allow pets in a rental property, but there are also reasons that you may not want to. Which is the right decision for you?
At the end of the day, you have to do what feels right for you and your property.
Speaking of what's right for your property, is it time to consider hiring a property manager in Miami to help you out? At Pristine Property Management, we can help you make the most of your rental property. Contact us so we can start working together today.