Do you own an investment property and wonder whether or not you should allow renters with pets? It's a valid question because, in the US, more than 70% of households are pet owners.
While there isn't a right or wrong answer to this question, there are several factors you can consider to help you decide. Although, if your property is not conducive for pets, the decision is already made for you. However, if you allow pets in a rental property, remember to include a pet clause in the lease agreement protecting you and your property.
This article outlines several pros and cons to consider before deciding, so keep reading to learn more.
Advantages of Pets In a Rental Property
There are several pros to allowing tenants to bring their furry family members, some of which can be financially beneficial. Here are three excellent benefits of allowing pets in a rental property.
1. Wider Rental Property Tenant Pool
The percentage of US houses with pets has increased steadily over the past few decades and now stands at over 70%. This means that there are a large number of possible tenants who are looking for pet-friendly rentals. By allowing pets, you can open your rental to this broader pool of potential tenants, which can help you find a suitable tenant faster.
2. Less Turnover with Happier Tenants
Renters who own pets know how challenging it can be to find pet-friendly properties. So, when they get one and sign the lease, they're likely not to want to move any time soon, keeping your rental occupied for longer. Additionally, pets are shown to boost mental health, so you have happier tenants.
3. Higher Rental Property Pricing
When you allow pets in a rental property, you can typically ask for higher rental payments than properties that are not pet-friendly. This is because allowing pets is seen as an added convenience for tenants, and they're willing to pay a premium for it.
Disadvantages of Pets in a Rental Property
Like a pancake, there are two sides to allowing pets in a rental. While there are benefits, there also are a couple of considerations that should give you pause, such as the following.
1. Possible Rental Property Damage
Pets can cause damage to a rental property, such as scratches on floors, stains on carpets, or chewing on furniture. These damages may require repairs or replacements, which can be costly.
2. Possible Noise Disturbances
Pets, especially dogs, can create noise and disturbance for other tenants or neighbors. This can lead to complaints and cause conflicts among tenants.
Who Do You Choose To Rent To?
As you can see, there are pros and cons to allowing pets in a rental property. Whether or not to allow pets should be based on carefully considering the specific property and the risks and rewards involved.
Some pros of renting to pet owners are an increased tenant pool, lower vacancy rates, and increased rent. Cons include potential property damage and noise complaints.
If you need top-quality full-service property and commercial management in Rockville, Maryland, get a free rental analysis today. At PMI Potomac, we can help you manage your investment properties so you don't have to.