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There are some easy decisions to make when becoming a landlord, but others can be trickier. Here is one tricky question most landlords have to face at some point: Should you allow pets in a rental property?
There are over 49.5 million rental housing units in the US, and a fair share of these are allowing tenants to have pets. So, how can you decide the best step for your property?
A good place to start is to weigh the pros and cons of allowing tenants to have pets in a rental property. Read on to help determine your tenant's pet policy.
Benefits of Allowing Pets in Rental Properties
It is time to put away any animal photos and personal preferences to decide from a landlord's perspective. Around 70% of US households own a pet in the US, from dogs and cats to the more exotic variety. So, what are the benefits of allowing pets?
More Tenants
Naturally, if you allow pets in a rental property, you can access more renters. As not all rental properties allow pets, this can also help you stand out from the competition and appeal to an extensive range of renters. It can mean you find a reliable tenant faster too.
Lower Turnover
Pets can equal long-term tenants. Often, pet owners are looking for a home that fits their pet's needs. It can be a challenge for them to find the ideal home for their pets, which means your home might fit their long-term rental goals, reducing the turnover of tenants and providing you with a consistent rental income.
Higher Rent
Are you looking to maximize rental income? Due to the demand, you can charge a premium for pets. It can also help cover the risks that come with pets.
Cons of Allowing Pets in a Rental Property
There are downsides to allowing pets, which are important to acknowledge. You can consider specifying what animals you'd allow. For example, you can consider allowing dogs in a rental property or allowing cats in a rental property, but not other pets.
Community Discomfort
Barking, pet odor, and waste can be an issue in properties. You may have to deal with waste or noise complaints from other tenants or neighboring properties. It is difficult to resolve issues like this unless the tenant is committed to training their pet.
Property Damage and Allergens
There is an increased risk of property damage with pets in a rental property. You can increase the rent to manage these potential costs. However, you need to decide how much risk you're willing to take.
Your property will also have more allergens, which may be an issue should your future tenants be allergic to animals.
Manage Pets in a Rental Property
Consider these pros and cons when deciding if you will have pets in a rental property. It is an individual decision that comes down to your own needs.
Do you want assistance managing pets and tenant pet policies in Raleigh? We are here to help, offering property management services you can trust. Schedule a consult to get started.
