Can you say no when there's a pair of glossy, wide puppy dog eyes staring back at you? For the sake of your investment properties, you may have to. Before making a final choice, however, weigh the pros and cons of allowing pets in a rental property.
Allowing pets could help you boost your occupancy rate, but there's a con for every pro. Read on before making your choice!
Pro: Increased Tenant Pool
Allowing pets in your rental properties will increase your tenant pool. Otherwise, you may not receive many applications.
About 62% of Americans own pets, with 35% owning more than one. About 51% consider the pets as much a part of their family as a human member. These pet owners won't live without their pets.
Opening your tenant pool will allow you to choose between applicants. Develop a tenant screening process. Make sure the applicant doesn't have a history of paying their rent late or upsetting neighbors.
Pro: Higher Rent Prices
You can generate more money if you allow pets in your properties. These fees include:
- A one-time pet fee
- A monthly pet rent
- A one-time pet deposit
The pet fee will cover any costs associated with allowing pets in the property. This fee can range between $50 to $400 per pet.
A monthly pet fee is charged in addition to the tenant's rent. This fee can cover wear and tear on the property. Amounts vary between $25 and $100 per pet each month.
The deposit, which is refundable, covers any damage caused by the pet. Fees can range between $200 and $500 per rent.
These renters are likely to submit timely rent payments. They'll want to make sure their furry friend has a home.
Pro: Increased Tenant Satisfaction
Allowing pets in your properties could boost tenant satisfaction. Tenants may be more inclined to stay if they can live with their pets. Otherwise, they may leave in search of a pet-friendly rental.
Increasing tenant satisfaction could help you retain tenants. Keeping great tenants will give you an ongoing source of income.
Con: Rental Property Damage
Allowing pets could lead to an increase in rental property damage. Pets can damage walls and doors, chew furniture, and scratch the floors.
Use the pet fees you collect to cover these damages.
Con: Noise Complaints
Before allowing pets, consider establishing rental property rules about quiet hours. You may receive complaints if the owner's pet is loud and disruptive.
Angry neighbors could lead to conflicts. Consider hiring a property management company. A property manager can defuse these situations.
Con: Accidents and Injuries
Allowing pets may lead to liability issues. For example, a tenant's pet may injure a neighbor on their property. As the landlord, you'll be held responsible.
Consider getting insurance coverage. Otherwise, have your property managers enforce strict pet policies to mitigate liabilities.
Will You Allow Pets in a Rental Property?
Struggling to weigh the pros and cons of allowing pets in a rental property? Consider consulting a property management company. They can help you make an informed choice.
PMI Lynchburg is a full-service real estate asset management company. We use state-of-the-art technology to help clients maximize their earning potential.
Our award-winning team has nearly 20 years of industry experience. Contact us today to benefit from our expertise!