Due to 97% of Americans seeing pets as family members, landlords are now thinking about allowing them in their rental properties.
Considering the pros and cons of welcoming pets is critical to making an informed decision that won't put your rental property at risk. But if you rush through the decision-making process, you could lose out on tenants or pay a fortune in repairs.
Sounds like your situation? Well, we've got the answers you're looking for. Here are the pros and cons of having pets in a rental property.
Pros
One significant benefit of allowing pets is that it opens you up to a larger tenant pool. Around 70% of households have an animal, so there's a higher chance of attracting a tenant to your property. But it's important to establish clear rental property rules as it'll show tenants where they stand and prevent potential damage.
Allowing pets also encourages tenants to renew their lease and stay in the property for longer. Having a pet can make rental accommodation feel more permanent, especially since moving with animals can be stressful. It's also more likely that you'll receive timely rent payments as pet owners are often more responsible.
Further, if you accept pets in the property, you can charge higher rent. This is guaranteed if other landlords in the neighborhood aren't pet-friendly, as it'll give you leverage over the competition.
Cons
As you can imagine, rental property damage can be a real problem when you welcome pets. This can range from chewing on furniture to digging holes in the yard.
Your tenant's pet may also annoy other neighbors, especially with barking. Unfortunately, the animal's behavior could cause your other tenants to move or make an official noise complaint.
Another common issue is pet odor. If the tenant hasn't cleaned the litter tray or has any accidents, a bad smell may linger in your rental property. Also, pets that aren't properly groomed or bathed may cause other smells, so it's important to take this into consideration.
If you are on the fence, investing in tenant screening is a great way to prevent choosing the wrong candidate. Make sure you discuss any issues with your property management company and they'll know what to do.
In most cases, property managers will get a reference check to see whether past landlords have filed any complaints. This will give you an idea of how the tenant treats the property and if they have control over their pets.
Will You Accept Pets in a Rental Property?
Hopefully, you're now ready to decide whether to accept pets in a rental property.
There are many pros of accepting animals on your property, such as receiving a higher monthly income and tapping into a larger tenant pool. But on the flip side, landlords must be careful of potential damage to their investment and issues, such as noise complaints. Good luck with your decision!
Ready to rent out your property? If yes, contact PMI Upstate SC and we'll get you started with the rental process.
