Imagine a big pair of puppy dog eyes glistening back at you, or a tiny kitten mewing, in search of a home. If you don't allow pets in a rental property, you're not only barring these cute fur babies. You're also pushing away their owners.
About 44% of US households have dogs, and 35% have cats. If you decide not to allow pets, you'll lose these renters.
Don't let your rental property vacancies rise. Read on to review the pros and cons of allowing pets before making your choice.
Pro: Rental Property Tenant Pool
About 68% of US households (85 million families) own a pet. If you decide not to allow pets, these renters won't inquire about your investment properties. Instead, they'll turn to a landlord who does allow pets.
Permitting pets in your properties can broaden your rental property tenant pool. A larger tenant pool can help you generate more applications. Your rental property vacancies will decrease while your revenue will rise.
You'll have more tenants to choose from, allowing you to find reliable renters you can trust. Pet owners are more likely to be responsible tenants. They have to take care of their beloved pet; they'll take care of your property, too.
Pet owners will want to ensure their pets have a safe place to live. Knowing a reliable pet owner is staying in your property can give you peace of mind.
Con: Rental Property Damage
Not all pets are trained. Unfortunately, there's a risk of rental property damage if you allow pets in your properties. For example:
- Destroyed landscaping
- Chewed wood
- Scratch marks
- Chewed cables or wires
Consider adding a lease clause outlining the consequences of these damages. You can charge fees to cover the necessary maintenance.
Pro: Higher Rental Payments
While market trends will determine your rental rates, you can charge pet fees, pet rent, and pet deposits if you allow pets. Monthly rental payments will increase, improving your ROI.
Pet fees are a non-refundable, one-time charge. You can charge between $50 and $500 per pet.
Pet rent is a monthly charge, usually between $25 and $100 per pet. The pet deposit is a one-time, refundable charge. You can use these fees to cover damages.
Con: Noise Complaints
Pets may bark or whimper when their owners aren't home. Neighbors may decide to complain if the noise is persistent.
Consider hiring a property manager. They can handle these disputes before they cause you stress.
Pro: Longer Tenure
It's not easy to find properties that allow pets. Some pet owners will want to stay longer.
You can increase lease renewals, reducing rental property vacancies. Your ROI will rise.
Con: Injuries
A pet that isn't trained could injure a neighbor. Require pet owners to have renters insurance. Confirm that their policy covers dog bites.
Akron Landlords: Allow Pets in a Rental Property
To recap, should you allow pets in a rental property? Consider consulting a property management company before making a decision. With help, you can make a choice that aligns with your goals.
PMI Cuyahoga Valley RAL is here to help! We have 20 years of industry experience helping landlords maximize their revenue. Contact us today to make an informed choice about allowing pets in your properties.
