The main goal of a landlord is to make income from the property. By owning a property your expectation is that you will get money in return for your investment. Allowing pets into your rental property may help you increase the rent of your property by adding a pet fee. Not many properties allow pets, the few that do so make up for the extra liability by charging higher rent.
Pros of Allowing Pets in your Rental Property
Here are some of the benefits you will get by making your property pet friendly.
Higher Rent
The main goal of a landlord is to make income from the property. By owning a property your expectation is that you will get money in return for your investment. Allowing pets into your rental property may help you increase the rent of your property by adding a pet fee. Not many properties allow pets, the few that do so make up for the extra liability by charging higher rent.
Longer Tenancies
Allowing pets in your rental property helps you to have a bigger tenant pool because according to study, nearly half of all renters have at least one pet. If your rental home is promoted to a younger demographic there is a great chance, they will have a pet. Limiting your homes to non-pet owners means you will have a smaller pool of individuals to pick from. The larger pool is more likely to find a suitable tenant.
More Responsible Tenant
Owning a pet is a big responsibility. Taking care of a pet needs a significant amount of time and attention. It can be expensive, stressful, and time-consuming. If a pet owner can take this life-long responsibility, chances are that they are likely to devote the same amount and effort to caring for your property, and they are likely to regard it as a home.
Bigger Tenant Pool
There are several studies that all point to the fact that a significant portion of the U.S. Population keeps pets. Owning a pet allows you to have a larger tenant pool to choose from. The larger the pool, the better the chances are of landing the right tenant.
Pet owners tend to stay long-term
There are very few rental owners who welcome pets, so pet owners have more limited choices and pets also need to be in a familiar environment, as moving frequently can stress them out. This makes the tenants stay for a longer period of time at a place.
Cons of Allowing Pets in Your Rental Property
As we know everything has two sides, the same allowing pets in your rental property also have some cons with so many pros. Here are some points which can describe the cons easily.
Property Damage
One of the biggest cons of allowing pets in your rental is property damage. It’s what all landlords are afraid of. In many cases this is the first reason why landlords are opposed to the idea of allowing pets into their rental properties.
For instance, pets can scratch, rip and tear walls and furniture. They can chew cables and wires and destroy landscaping.
Noise
The other disadvantage of allowing pets is the amount of noise they make. Barking, screeching, and meowing are expected when housing pets. Excessive noise can lead to a conflict with other tenants and neighbors
Bad Odor
Pets are notoriously smelly even if they were cared for properly. Offensive odor may build in common areas and these smells can be seriously difficult to shift. Also, animal hair is difficult to remove from upholstery and carpets. They can also give the property a dirty feel which can lead to difficulty bringing in new tenants.
Physical Injury
There is a physical injury to neighbors and yourself too. You may want to consider requiring pet owners to hold adequate renters insurance. Dog bites can lead to serious injuries.
