62% of Americans own a pet, which means it's good to consider allowing pets in rental properties. Depending on the size of the space and condition, you should be aware of the tenant laws regarding pets when screening new applicants. Otherwise, you could be faced with pets in a rental property without your consent.
Before you oppose a pet policy in a rental agreement, you should know that pets can help you attract long-term tenants and give you the opportunity to increase rent.
But, pets in a rental property can also cause problems. So, let's take a look at the pros and cons of each scenario...
Pros of Pets in a Rental Property
Pet agreements for rentals vary from person to person. Generally, providing the option for pets can increase the number of tenants and help attract reliable occupants. For example, if someone is looking after an animal, they will care about their pet's living conditions.
So you won't have to worry about tenants leaving every year. Most likely, pet owners will want to lay down roots so they can create a home for their pets.
Increase Your Income
The majority of landlords don't allow pets, which means there's an opportunity to increase rent for tenants. Instead of sticking with the existing rent cost, you can increase the amount per pet. This means if someone has a cat and dog, you could earn a lot more from their monthly rental collection.
Therefore, allowing pets is an excellent option if you want to increase rent.
Pets are an important part of people's lives, so they want to live somewhere that they know they'll be safe. In return, a pet clause in a rental agreement encourages people to look after the communal areas as well as the property. If potential tenants see that the property is in good condition, it will attract more trustworthy people to the area.
Tenant satisfaction is essential if you want to keep properties for a long time and minimize the risk of damages.
Cons of Pets
Of course, there are some downsides to having pets on your property. For example, pets can cause damage to the flooring, walls, and cabinets in a home. Besides physical damage, it can also disrupt other tenants if an animal is loud and running around constantly.
Here are some other cons:
- High maintenance costs
- Liability risk
- Allergy reactions
It's up to each landlord, but you shouldn't overlook pets in a rental property if you want to increase income and have happy tenants.
Hire a Property Manager for Advice
A property manager is a great person to ask about the option of having pets in a rental property. They have experience managing tenants with animals and can give you insights into what is better for your situation. Plus, they can screen the tenants to ensure you have trustworthy people living in the space.
Our services offer everything from rent collection to maintenance repairs, so just let us know what you need, and we'll take care of it.