Did you know that 72% of renters in the US own a pet? Allowing pets in a rental property means increasing the pool of prospective tenants and earning more rent-wise. Yet, many landlords are worried about the damage pets may do to their properties.
While there isn't a clear winner, each option has upsides and downsides. Therefore, to help you make a thoughtful decision, here are some landlord tips and some pros and cons of allowing pets on your property.
Pro: Higher Rent
It's pretty standard for pet-friendly landlords to request pet rent, so you should be able to do it and earn more.
If you're worried that this will make your accommodation less competitive in the market, don't be: not many rental properties allow pets. Plus, tenants don't mind paying a bit extra for a pet-friendly space.
Pro: Longer Tenancies
Pet owners tend to rent longer because it's challenging to find landlords with pet-friendly policies in their properties.
Any landlord knows that there any many benefits of renting to long-term renters. Basically, long-term tenancy allows you to keep more of your income, as tenant turnovers tend to be pricey.
Pro: More Responsible Tenants
Living with a pet is a huge responsibility. It can be costly, time-consuming, and stressful at times.
In general, if a tenant is willing to take this life-long responsibility, it is pretty likely that they will be responsible and will honor their tenancy agreement as well.
Keep in mind that even if your lease bans pets, by law, you have to make reasonable accommodations for assistance animals (including emotional support pets).
Con: Property Damage
Certainly, property damage is the biggest con of allowing pets in your rental. Pets can scratch the floors and furniture, rip carpets, chew cables and wires, and destroy walls.
In addition, animals that are not adequately cleaned or groomed may bring fleas and mites into your rental.
Con: Strange Odor
It's common knowledge that some pets can smell (particularly if they are afraid or nervous). To get rid of animal-related odors in the rental, you can encourage your tenant to use air purifiers (pet-friendly ones) and wash the floor regularly.
Yet, that might not be enough. Tenants might be bothered about the offensive odor build-up in common areas, leading them to file complaints.
You could assume that allergens are not a big deal if neither you nor your current tenants are allergic to pets, but that's incorrect. Allergens easily get into air ducts and carpets and remain there for a significant time.
This means that in the future, if your prospective tenants are allergic to animals, they could end up experiencing an allergic reaction while visiting your rental. That might lead them never even to consider living in your property.
Pets in a Rental Property
You may think that allowing pets in a rental property is a bad idea, but here's a bit of landlord advice: you can avoid many issues animals may cause by screening your tenants and adding a pet clause in the rental agreement.
Contact us now if you need to find or screen a tenant or if you're searching for other property management services.