About 70% of U.S. households include at least one pet. That's a staggering number. It's clear that Americans love their furry friends.
If you're a landlord, you need to decide whether or not your rental property rules will include pet ownership. Should you allow pets in a rental property?
This is a tough decision, but we're here to help you make it. Read on to learn the pros and cons of allowing pets in rentals.
Cons of Allowing Pets in a Rental Property
Some landlords who love pets don't allow them in their rentals. Why is that?
Allowing pets in a rental property comes with its share of potential drawbacks for landlords. One main concern is rental property damage, as pets can cause scratches, stains, and excess wear and tear to the property. This can result in additional maintenance and repair costs between tenants.
Noise from pets, especially dogs, can be disruptive and lead to tenant complaints. Tenants with allergies (could be up to 20%) or animal phobias may not want to stay on a pet-friendly property.
Liability is another concern. Landlords may worry about potential legal issues if a pet injures another tenant or damages their property.
Of course, some things pet-loving landlords can do to limit these problems. They can set breed or size restrictions, require pet rent or a pet deposit, and take extra care during the tenant screening process to determine whether or not the potential tenants are responsible pet owners.
Pros of Allowing Pets in a Rental Property
There are definite risks involved if you choose to allow pets in a rental property, but there are also many benefits. Allowing furry friends can be a great thing!
Allowing pets in a rental property can be good for both landlords and tenants. It expands the potential tenant pool, meaning it will attract a broader range of applicants and potentially reduce vacancies. As we mentioned, a huge number of American households include at least one pet, so you don't want to alienate them.
Pet-friendly rentals can ask for higher rent or pet deposits, both of which can offset any pet-related damage costs. While rental property damage is always a possibility, that extra income makes a big difference.
Pet owners often make responsible tenants who aim to maintain a clean living space. They also tend to stay in rentals for longer because it's so challenging to find pet-friendly homes.
Allowing pets can also foster great tenant-landlord relationships. It shows tenants that you're willing to be flexible and accommodating, and that goes a long way. It may lead them to recommend your property to others.
Having clear pet policies and requesting a pet deposit can allow landlords to enjoy all of the benefits of pet-friendly rentals with few risks.
Will You Allow Pets In Your Rental?
It can be tough to decide whether or not to allow pets in a rental property. At the end of the day, you have to decide if it's worth the potential risk. It can be fantastic for both you and your tenants, so choose wisely.
There are so many tough decisions associated with being a landlord. We want to help you make them. PMI® Realty Management NW offers full-service property management to help you thrive in this industry. Schedule a consult today!