.jpg)
A staggering 70% of Americans own a pet in 2022, which highlights the need for pet-friendly rental properties.
Weighing the advantages and disadvantages of allowing pets in your investment is key to making the right decision for you. But, with so much information online, it's difficult to come to a final decision.
Sounds like your situation? Here are the pros and cons of having pets in a rental property.
Pros
Allowing pets on your property drastically expands your tenant pool. This will increase your chances of finding a resident in minimal time.
You can even ask for a higher rental price by charging tenants a pet fee or pet rent. Note that a pet fee can cost anything from $200 to $500 per pet monthly. However, prioritize tenant screening to check they have enough to cover the cost and make timely rent payments.
Once tenants find a pet-friendly home, they're more likely to increase their lease. This means you can enjoy regular payments and needn't worry about marketing your property. Also, because owning a pet is a lifelong responsibility, they will likely be a responsible tenant too.
Cons
On the flip side, there are downsides to allowing pets.
A major one is that there's a higher risk of rental property damage, such as animals urinating on carpets, chewing, and even destroying your landscaping. Owners may also forget to clean out litter trays or wash their animals, which can result in bad pet odor.
Landlords should factor in potential injuries to other tenants. You don't want to put other people at risk, especially if you own multiple units, so make sure that the pet is well-trained and won't be let loose.
In contrast, noise from pets may impact other tenants and prevent them from renting nearby. This may affect your relationship with other landlords or your own portfolio.
Set Clear Rules
Regardless of whether you accept pets, you must set clear rental property rules in the contract. For example, you could state that any pet-related damage to the apartment or house will be covered by the tenant, giving you peace of mind.
Your property management company should screen tenants with pets. These professionals will ask candidates whether the animal is left alone and if it has received any training. It's also important to ask whether the pet is licensed and gets regular flea treatment to prevent an infestation.
The company must ask for recent references so that if there are any pet-related issues, you'll have a heads-up on what to expect.
Pets in a Rental Property
Hopefully, using this information, you can decide whether to allow pets in a rental property.
There are pros and cons to consider in your decision-making process, such as how it will affect your listing's desirability and what you can charge. But you should also factor in the negative aspects, such as potential damage to your property.
Need help with your rental property? We have decades of experience with which to guide you. Contact PMI Matching Property today and we'll help you out.
