Have you ever thought about allowing pets in your rental property? With over 66% of American households owning pets, it's becoming more of a necessity for most renters and a question for property management teams to answer.
However, it's a big decision with lots to consider. On the one hand, many people love their pets like family and look for homes where their furry friends are welcome. This could mean more potential renters for you. However, unruly pets could cause damage to your property.
Not sure what to do? Our guide, full of landlord tips, will help you decide if allowing pets in a rental property is the best choice.
Pros of Permitting Pets in a Rental Property
While it might seem like animals in rentals could cause problems, they can also bring many benefits (and, in some states, you're required to allow support animals, which means you might as well accept other pets, too). Here are some reasons why allowing pets might be a good idea for property owners.
Increased Rental Revenue
By welcoming pets into your rental property, you can potentially boost your rental income. This is because pet-friendly properties are rare, making them highly sought after by pet owners. Therefore, landlords who allow pets often charge more rent.
Extended Lease Periods
As a landlord, it's good to have long-term tenants. This means you can keep more money because changing tenants often costs more. Tenants with pets tend to stay longer because not many landlords allow pets. Plus, when tenants (and their furry friends) feel at home, they will likely extend their lease.
Enhanced Tenant Responsibility
Owning a pet takes time, money, and a lot of care. If a renter can handle this, they're likely to be good at looking after your property too. This is because, like with pets, taking good care of a home needs effort and respect.
Expanded Pool of Potential Tenants
When you allow pets on your property, more people can become possible tenants. Millions of renters have pets, so by welcoming their pets, you make your property attractive to a larger group of renters.
Cons of Permitting Pets in a Rental Property
Allowing pets in rental units might seem friendly but it can also cause problems. Here are some of the most prominent issues landlords have when allowing pets in a rental property.
Property Harm
Pets can scratch walls, rip furniture, and chew wires. Some pets also pee on carpets or chew wood, which are costly to clean and fix.
Noise Disturbances
Pets can create a lot of noise, which can be a problem. Dogs, in particular, can bark a lot, annoying neighbors. If there are many pets, like dogs, cats, and birds, it becomes even more difficult to manage the noise.
Bites & Attacks
Aggressive pets can harm other tenants. While it isn't a super common occurrence, it's one of the reasons why it's best to require pet owners to have renters insurance.
Hire To The Property Management Experts
Accepting pets in a rental property can help you boost your rental income and attract a more diverse pool of tenants. However, you'll need help managing your properties if you do so.
Carolina Property Management, LLC is your reliable partner in navigating the complexities of real estate and property management in the Charlotte Metro area. With our unwavering commitment to honesty, integrity, and excellence, we go above and beyond to ensure an enjoyable experience for resident and investment property owner clients.
Ready to get started? Your property management success story starts with a single call. Contact us today to learn more about our services.
