Pets in a rental property probably sound like a terrible idea. Despite this, there may be merit to opening your property to pet owners. Approximately 70% of renters own pets and want pet-friendly accommodations.
There is a catch, though. You must decide if the perks vs. disadvantages are worth providing pet-accommodating housing. Landlords stand to gain plenty from renting to pet owners, but is that worth it to you?
Property owners who decide to allow pets may find the information below worthwhile. Keep reading if you'd like to know the pros vs cons of allowing pets in a rental property.
Pros of Allowing Pets in a Rental Property
The first advantage of allowing pets is you can fill vacancies faster. It's easier than ever for tenants to find pet-friendly accommodations with advanced filters on rental listing sites.
Allowing pets doesn't mean you have to let animals of every type on your property, though. Clearly outline the types of pets you'll let onto the premises in your pet policy.
Remember that emotional support animals must be accepted regardless of type or size regardless of any no-pet policy.
You Can Make More Money
Allowing pets can earn you more money via pet deposits. A pet deposit works similarly to a security deposit. It's a fee tenants pay in case of damages caused during their, or in this case, their pet's stay.
Pet Owners Are Responsible Tenants
Renters with animal companions practice responsible pet ownership out of necessity. This is because pets aren't cheap, and their owners want them to be safe and well-trained.
A pet owner can be counted on to have rent because they're used to balancing finances. They're also liable to ensure their pets won't cause property damage and aren't too disruptive.
Cons to Allowing Pets in Rental Properties
Property maintenance is a huge part of owning a rental. It makes sense that the last thing you'd want to deal with is pet property damage. Common types of damage include:
- Bad odors
- Chewed wood
- Scratch marks
- Chewed wires and cables.
You can mitigate property damages by outlining the consequences in your pet policy. Holding pet owners accountable can greatly help with property maintenance.
Pets Can Be Noisy
Pets can be loud and disruptive when left to their own devices. For example, dogs are prone to barking when left alone. It's a good idea to ask your potential tenant about their pet's noisy habits before renting.
Pets Can Leave Allergens
Long-haired dogs and shedding cats are common sources of allergens. These irritants can spread through air ducts and affect other tenants. It'll help to notify other non-pet-owning tenants that there's a risk of allergens.
Concerned About Pets In Your Rental Property?
There are legitimate concerns about allowing pets in a rental property. You have to worry about property damage and what to do if pets are disrupting other tenants.
It may not be easy managing a pet-friendly property, but PMI Virginia can help. Let us handle the difficult task of property management. Reach out for more information about our services.