You might notice more people applying for rental properties with pets lately. If you see this trend, you might wonder if you should allow pets.
Allowing pets in a rental property provides many benefits, but you must also realize the drawbacks of allowing pets. Pets are popular among American families. Therefore, you should think long and hard about this decision.
Keep reading to learn the pros and cons of allowing your tenants to have pets.
The Pros of Allowing Pets in a Rental Property
Your rental property business can experience several outstanding benefits by allowing pets. Here are a few:
Accessing a Larger Tenant Pool
Two out of three American families have a pet. This means that 66% of people in this country own pets. You'll instantly access a larger tenant pool by opening your properties to pet owners.
A larger tenant pool results in more people to choose from. Having more people to choose from is a benefit for you. You'll find better and more responsible tenants.
Charging Higher Rent
When allowing pets, you can charge more rent. For example, you might charge an extra $100 monthly for tenants with pets.
You can also charge an extra security deposit to pet owners. The extra money covers the added damages that pets may cause.
Extending the Tenant Retention Rate
Additionally, your tenants might stay longer. Tenants know that finding rentals that allow pets is challenging. They might not want to spend time looking for units that allow them when they already have one.
When you extend a tenant's stay, your tenant retention rate improves. You save money when your tenants live there longer.
The Cons of Allowing Pets in a Rental Property
On the flip side, you should be aware of the drawbacks. Allowing pets has a few downsides, including the following:
Potential for Property Damage
Running background checks helps you find good tenants. But when you allow pets, you open up the potential for damage. Pets can be messy and can damage flooring, walls, and trim.
Potty Area Needs
You'll also need an area for the pets to use for bathroom purposes.
For example, assume you allow dogs. The tenants must take their dogs out to use the bathroom. You must provide an area for this activity.
Noise
You might get more noisy tenant complaints when allowing pets. Some pets, such as dogs, can make noise that disrupts other tenants.
Getting complaints can lead to stress, so you must create strong rules relating to noise. These rules can help you manage your stress.
Seek Professional Help for This Decision
Allowing pets in a rental property is a big decision. You shouldn't take it lightly. After all, it has pros and cons.
Many rental property owners seek professional help for big decisions. They want advice from experts.
PMI Minneapolis-St Paul is a full-service property management firm. We specialize in details relating to rental properties. Our expertise can help you make major decisions for your rental units.
Are you ready to learn more? Reach out to us for reputable property management services and advice.
