Over half of households in the United States have a cat or dog that they consider part of their family. Many people wouldn't think about giving up their pets to move into an apartment.
Being willing to allow pets in a rental property can open up your tenant pool. However, it can also mean potential damage to the units. We'll dive into all the pros and cons of the matter so you can make the best decision for your property.
Pros of Allowing Pets in a Rental Property
Having a pet-friendly property can be a lucrative choice. Here are some reasons to consider allowing pets at your rental.
Increased Rental Income
If you allow tenants to bring pets to your rental property, you may be able to make more money. Pet-friendly rentals will make your property more competitive, allowing you to ask for higher rental payments due to increased demand.
Larger Pool of Applicants
More people are bringing pets into their homes than ever before. Allowing pets can attract many more potential tenants. It could be an important deciding factor for many when choosing which place to rent from.
Responsible Tenants
Many pet owners are more responsible than people who don't own a pet. Owning a pet requires lots of care, attention, and time. People who dedicate that amount of energy to a pet often treat their property with the same level of care.
Cons of Allowing Pets in a Rental Property
As cute as furry friends are, there can be major downsides to allowing pets at your rental. Here are some issues you may encounter if you allow pets in your location.
Potential Pet Damage
Rental property damage from pets can be a costly issue. Pet stains on carpets, chewed furniture, and pet odors are common examples of pet damage. Pets can also harm the lawn and the landscape by digging holes or killing grass.
Extra Cleaning
Cleaning when moving one tenant out and another in can be more challenging with pets. Pet dander, odor, and hair can require extra effort to clean.
Noise Issues
Allowing pets into a rental can lead to an increase in noise. Dogs and other animals can be noisy, especially when there are many animals in one location.
Increased Liability Risks
Allowing pets increases the risk of injury to other tenants. Renters insurance would be a need if tenants bring pets. Ensure that renters insurance is included in your rental terms to protect against injuries caused by animals on your property.
Pets in a Rental Property: A Decision Only You Can Make
Deciding to allow pets in a rental property is a personal choice. Whatever you choose, be sure to clearly define the rules in your rental agreement.
Whether you allow pets or not, hiring a property manager can be beneficial. PMI Louisville has over 20 years of experience managing both commercial and residential properties. Our experience, state-of-the-art technology, and top quality customer service will impress both you and your tenants.
Contact us for a free rental analysis today!
