Imagine a pair of big, puppy dog eyes staring back at you, begging for a place to stay. Can you say no? Some property owners do, for the sake of protecting their investments.
Don't rush to say no to allowing pets in a rental property just yet. Instead, read on and review the pros and cons. After reviewing this guide, you can make an informed choice as a landlord!
Allowing pets in your rental properties can open you to more applicants who are willing to pay additional fees. Here are a few benefits you can experience once you allow pets in your rentals.
Bigger Rental Property Tenant Pool
Choosing to allow pets in your rental properties will broaden your rental property tenant pool. After all, most Americans (62%) own a pet. About a third (35%) own more than one.
Nearly all pet owners say their pets are a part of their family. These pet owners won't give up their pets to live in your rental property. Instead, they'll look for other options in Flint.
Higher Rental Payments
Market value will determine how high you can set your rent rates. However, you can command a higher rent if you allow pets by charging pet fees. Americans are already used to spending more money on their pets.
You can charge a pet fee to cover potential damages. If damages don't occur, you can pocket this money for later use.
Once pet owners find a place to stay, they'll want to stay to avoid the struggle of finding another pet-friendly dwelling. You could increase lease renewals if you allow pets.
Increasing your lease renewal rate can save you time, money, and stress later. You can avoid wasting resources on marketing and screening applicants.
Pet owners are usually responsible individuals. Retaining these renters long-term could prove beneficial. You'll have peace of mind knowing someone is treating your unit with respect.
Don't rush to allow pets yet. Here are a few cons you may encounter.
Potential Rental Property Damage
You can't anticipate how a tenant's pets will behave. They may cause rental property damage by:
- Chewing on wood
- Peeing on carpets
- Destroying landscaping
Remember to charge a pet fee to cover these expenses.
Excessive barking can become annoying to other tenants. Consider hiring a property manager. They can keep noise levels to a minimum or handle disputes on your behalf.
An untrained pet could physically harm another tenant. Consider requiring pet owners to have renter's insurance before they move in.
Accidents happen. Unfortunately, pets having accidents in your building's hallway can cause odors to accumulate. If pets aren't groomed or bathed, odors could build within individual units.
Consider Allowing Pets in a Rental Property
Don't rush when weighing the pros and cons of allowing pets in a rental property. Instead, consider consulting an experienced property manager. They can help you make an informed choice based on your goals and concerns.
Look no further than PMI Mid Michigan! We have a strong track record of success and the prestigious awards to prove it.
Need help with your rental properties? Contact us today for your free consultation.