Were you aware that 72% of renters have at least one pet?
Rental property owners have to keep this in mind when creating policies. They have to decide if they'd like to accept pets in a rental property.
Why are so many landlords hung up on this debate? Read on to see the top pet perks and drawbacks so you can choose.
Pro: Expanded Tenant Pool
Taking pets can bring in more potential renters. Many pet owners have a hard time finding suitable housing, so your pet policy could make your property stand out.
Pro: Higher Rental Income
With pet owners often willing to pay pet deposits or extra rent, allowing pets could increase your rental income. This is great for your rental business' finances.
Pro: Tenant Retention
Pet owners often stick around in rental properties since finding pet-friendly housing can be challenging. This can reduce turnover costs and vacancies.
Pro: Responsible Tenants
Pet owners are often responsible people who understand the importance of caring for their living environment. They may be more likely to stick to rental rules to maintain a pet-friendly status.
Pro: Emotional Support
Pets can provide emotional support to tenants, which contributes to their wellness. They'll also feel more satisfied with the rental property.
Con: Property Damage
Pets can harm a rental property by scratching floors, chewing furniture, or leaving stains. This may lead to costly repairs or maintenance between tenants.
Con: Allergies and Odors
Some tenants or future occupants may have allergies to pet dander or be sensitive to pet odors. This can linger in the property even after they leave.
Con: Noise Disturbance
Barking dogs or loud pets can disturb neighbors, leading to complaints and potential conflicts. This can strain landlord-tenant relationships and affect the property's reputation.
Con: Liability Concerns
Landlords may face liability issues if a pet injures another tenant or damages their property. This could result in legal disputes or increased insurance premiums.
Con: Enforcement Challenges
Enforcing pet policies and ensuring tenants comply with rules can be tricky for landlords. This is especially true if disputes arise over pet behavior or damages.
Landlord Tips
Considering these factors, here's some landlord advice. You could accept pets while still keeping everything in top shape.
Develop a complete pet policy that outlines rules, restrictions, and any extra fees or deposits needed for pet ownership. Communicate this policy to tenants before they sign the lease. Specify the type and number of pets allowed, as well as any pet-related responsibilities of the tenant.
Screen potential tenants and their pets as well. Ask for references from previous landlords and consider meeting the pet in person to assess its behavior.
Taking Pets in a Rental Property Could Be Great
Welcoming pets in a rental property isn't always disastrous. Weighing these pet perks and drawbacks can help you decide.
Are you in need of property management solutions in the Antelope Valley, California area? Contact PMI Antelope Valley to discuss our winning solutions. We've been helping rental property businesses for over 20 years.
