About 70% of American households include a pet. It's clear that Americans love their animal companions, and because so many Americans are renters, they need pet-friendly rentals. For landlords, however, it's not that easy.
Allowing pets in a rental property isn't a straightforward decision. It's not about whether or not you like pets. It's about protecting your investment.
Read on to learn the pros and cons so you can make an informed choice.
Pros of Allowing Pets in a Rental Property
First, let's discuss some of the benefits of allowing people to bring their animal companions to your rental property.
A huge percentage of American households include at least one pet. That means that by allowing pets, you're dramatically broadening your rental property tenant pool. People will not abandon their pets for your property no matter how nice it may be, so if you want those people as tenants, allowing pets is a must.
Many pet owners are responsible tenants. They understand that finding a property that allows pets isn't as common as it should be, and they want to take good care of the space as a result. You can expect timely rental payments and, in most cases, lease renewals.
You can charge slightly higher rents and even add on an initial pet fee if you allow pets in a rental property. This will protect you from paying for any accidental rental property damage that a pet may cause. Tenants with pets will often be willing to pay a bit more.
Allowing pets also doesn't have to mean that you allow all pets. You can set pet restrictions and include pet policies in your rental tenant terms.
Cons of Allowing Pets in a Rental Property
So why do some landlords refuse to allow pets? There are some downsides that you should consider before making your decision.
First, of course, is the possibility of rental property damage. Anyone could cause damage to a rental property, but the risk goes up when the tenant has a pet.
Even a well-behaved pet could have an accident on the carpet or scratch a door.
If you have tenants with allergies, that may be a problem. These tenants often seek out properties that don't allow pets so they don't have to worry. However, with that in mind, service animals and ESAs are always permitted, so there's never a guarantee of an allergy-free property.
In some cases, pets can also cause liability issues.
Breed and size restrictions, as well as requiring a pet fee, can minimize some of these problems.
Will You Allow Pets in a Rental Property?
It can be tough to decide whether or not to allow pets in a rental property. As the landlord, it's your decision.
Allowing pets can broaden your tenant pool, increase lease renewals, and attract better tenants. The downside is the potential for property damage and driving away customers who seek out pet-free rentals.
There are so many hard decisions that come with owning property! If you're a landlord near Bullhead City, we want to help with them. Get a free rental analysis from PMI US Southwest today.