Statistics reveal that 70% of US households own a pet.
Although the majority of households own pets, a large percentage of landlords don't allow pets.
As a landlord, the thought of your tenants bringing pets along with them into your rental units might sound like a bad idea on the surface. But, there are actually a number of advantages to allowing pets in a rental property.
Have you been missing out on the benefits of allowing animals in your rentals? Read on to find out whether pets should be allowed under your rental property rules.
Reasons to Allow Pets in a Rental Property
One of the biggest reasons to allow pets in a rental property is it will put your rental on the map. Because a majority of landlords don't support animals, making your rental pet-friendly will instantly increase demand.
Not only will you have very little problem getting it rented out quickly, but you'll also be able to pick and choose from a larger pool of prospective tenants.
What's more, pet owners can often make better tenants. There are a few reasons for this.
Firstly, pet owners tend to have higher incomes than non-pet owners. Pet owners also tend to be responsible types of people. If they can care for and support their animals to a high standard, there's a good chance they will also take good care of your rental.
Pet owners also have more social capital, and usually gain more respect and trust from their community.
Another advantage of allowing pets is you can also charge more for your unit. You can either increase the rent outright, or you can charge a pet fee per month per pet. Over a year, this added income can mount up, at little to no cost to you.
Wondering what to charge for your rental? Use our free rental analysis service for an answer in minutes.
Issues With Allowing Pets in a Rental
Of course, allowing pets in a rental doesn't come without some risks. Depending on the type of tenant and type of pet, you might face:
- Damage to flooring
- Marks on door frames or walls
- Unpleasant odors
- Damage to carpets
- Damage to gardens
- Flea infestations
Fortunately, most of these issues can be covered by a comprehensive security deposit. What's more, if your renter is a responsible pet owner, you'll probably experience a minimum of damage.
For instance, dogs that get walked, played with, and exercised regularly are less likely to dig up or damage a garden. Dogs that get bathed regularly are less likely to rub dirt against door frames and walls.
Dogs that are kept clean and well-groomed also won't have odor issues, and probably won't soil your carpets.
As far as fleas go, if pet owners keep up with their dog or cat's flea and tick medication, you won't have an infestation on your hands in your rental properties.
Do You Need Help Managing Rental Properties?
Allowing pets in a rental property can give you access to a wider selection of prospective renters, and allow you to earn extra income. You might even find that pet owners make for better tenants.
However, you still need to carefully screen all pet-owning applicants and modify your safety deposit and rental agreement to account for any possible pet damage.
As a landlord, all of these tasks can become a lot of work, especially if you have multiple rental properties.
If you want to turn your rentals into a well-oiled income-generating machine, without the administrative hassle that comes with being a landlord, it's time to call us.
We are the best-ranked property management company in Sarasota, Manatee, and Charlotte counties. Contact us today for all your rental management needs.