According to the American Veterinary Medical Association (AVMA), roughly 44.6% of households keep dogs. Another 26% have cats, while only a small 2.5% have birds.
If you own a rental property, you'll need to decide what your limits are when it comes to pets on that property. Do you allow pets onto your investment even though there's the potential for it to damage its worth? Or are you going to be a stickler about refusing animals of all kinds?
Here are the pros and cons of pets in a rental property.
Pros of Pets in a Rental Property
The benefits of pet-friendly rentals are that they can increase marketability and how long people stay in your property. You can also use pets as a reason to increase rent and security deposits.
Increased Marketability
Properties with tenant pet policies often bring more applicants than those without. Pet-friendly rentals are often in high demand, as people want to bring their furry family members with them.
Higher Rent and Deposits
Landlords often charge higher rents or demand pet deposits when they allow pets on their properties. It's expected, and it helps the owner keep their property in good condition. It also keeps the pet owner accountable for any damages.
Longer Tenancy
Pets are good for both your mental and physical health, as they force you to care for another being. Owners of these pets often feel more confident with them around.
Happy tenants stick around longer. You want tenants to renew their leases because it means you won't have to market the property again.
Cons of Allowing Pets in Rentals
Allowing pets on your property isn't always a good thing, though. The best pet damage prevention is by keeping them away at all times. They may also cause allergies or noise problems for your other tenants.
Potential for Property Damage
Even the most well-mannered dogs have the potential to cause damage to a rental. Some can get lonely or frustrated while their owners are away.
Rental property inspections can help monitor for any damages.
Allergies and Health Concerns
Allergic reactions can happen even if a person doesn't live in the same apartment as an animal. Pet dander can travel, and it will cause problems for anyone who can't tolerate it.
Noise and Disturbances
Dogs are known to make a lot of noise, especially at night or when they hear another animal. Bigger animals usually make more noise. It's such a problem that HOAs often place limitations on the breed of pets allowed.
Know the Risks and Benefits
Pets in a rental property are one of those things that will become a big part of your marketing scheme. It's also something you'll need to account for when you create your budget and set your rental pricing. Weigh the pros and cons carefully before you make a decision.
PMI Phantom Realty provides rental property management services in the Killeen area. Our company is part of a nearly 20-year-old franchise spanning the industry. Schedule a consultation today to learn more and tell us about your property.
