Did you know that nearly 90% of renters in the U.S. have a furry friend?
According to a recent survey by Apartments.com, the vast majority of tenants have a pet.
As a landlord, you may be wondering whether or not to allow pets in your rental property. While it may seem like a small decision, it can have a big impact on your rental property management.
To help you make an informed decision, below is a guide that explores the benefits and drawbacks of allowing pets in a rental property
Pros of Allowing Pets in a Rental Property
There are several positives to making your rental property pet-friendly. These include:
Attract a Wider Pool of Tenants
Pet ownership is at an all-time high. If you’re marketing your rental property towards a younger market, there’s a higher likelihood they own a pet.
Allowing pets in your rental property opens it up to a wider pool of potential tenants. This can help to reduce vacancies and maximize your rental income.
Charge Higher Rent
Your goal as a landlord is to make as much money from your rental investment as possible. Since pet-friendly rentals are in high demand, you can charge a higher rent if you allow pets in your rental property.
A lot of renters are willing to pay a premium for a pet-friendly rental. As a result, you can use this chance to increase your rental income.
Allowing pets in your rental property can help you build stronger relationships with renters. Tenants with pets are often more committed to their rental property. As a result, they’re more likely to renew their lease if they are happy with the pet-friendly environment.
This can help you reduce turnover, saving you time and money in the long run.
Owning a pet is a huge responsibility. If your tenant owns a pet, chances are more responsible. They can take proper care of your rental and are more likely to pay rent on time.
Cons of Allowing Pets in a Rental Property
Allowing pets in a rental property can pose risks. Here are a few concerns that may arise:
Pets can damage your property. From scratching floors to chewing on carpets, these types of damages can be expensive to repair. As a landlord, you’ll need to consider this and factor it into your rental property management plan.
Increased Maintenance Costs
From cleaning up pet hair to repairing damage, pets can lead to regular maintenance. As a result, you can spend more money on upkeep.
Excessive barking, meowing, or chirping can be disruptive to neighbors. This can make it hard to manage noise levels on the property.
Allowing pets in your rental property can create potential liability issues. If a tenant’s pet bites or attacks another tenant, you may be held liable for the damages. To protect yourself, ensure that your rental property insurance covers pet-related incidents.
Make the Right Decision for Your Rental Property
Allowing pets in a rental property has its pros and cons. While it can help you attract a wider pool of tenants and charge higher rent, it can also lead to property damage and liability issues.
If you need property management solutions, count on Aksarben Property Management. Contact us to get a free property consultation today.