Did you know that over 90 million families own a pet?
While having a pet at home can be great for the whole family, they do come with a lot of responsibility. Pets can cause damage, make noise, and even cause allergic reactions in some people. In some cases, pets can even injure people as well.
This is why it’s so important to weigh the pros against the cons before you make the decision to allow pets in a rental property.
Considering the benefits of allowing pets in rental property? You’re in the right place. Here are some of the pros and cons to take into consideration.
Pros of Allowing Pets in a Rental Property
Pets are loved by millions of families around the country. Here are some of the benefits of allowing pets in a rental property.
1. Higher Rent
If you allow pets in your rental property, chances are you can actually charge higher rent every month. Many landlords increase the rent due to the added risk pets bring with them. Things in the property may get damaged and will need to be replaced more often.
Despite the risk, you will be able to bring in more money every month.
2. Easier to Find a Tenant
Allowing pets will give you a larger rental pool to find a tenant. This is because many tenants with pets will not even consider looking at a rental property that doesn’t allow pets. This means that you will have a better chance of finding a tenant for your property.
3. More Responsible Tenants
Tenants with pets tend to be much more responsible individuals. This is because owning a pet requires them to be responsible every day. In this way, finding a tenant with a pet ensures that you find a responsible tenant for your property.
Cons of Allowing Pets in a Rental Property
While having a pet has its benefits, there are some cons to consider as well. Here are 2 main cons to keep in mind before you make your final decision.
1. Damage to the Property
Pets can cause quite a bit of damage to your rental property. This makes allowing pets a financial risk if the tenant refuses to pay for the damage themselves.
2. Odors and Allergies
While renters with pets won’t be allergic, the same can’t be said for everyone else in the building. This means that you could potentially lose tenants if they are allergic or are scared of pets.
Should You Allow Pets in a Rental Property?
Allowing pets in a rental property can be an important decision to make. While allowing pets can let you charge higher rates and find responsible tenants easier, there are cons to consider as well. Things like damage to property and excessive noise can make your rental property less attractive to tenants that may not like pets as much.
If you have any questions or want to partner with an experienced property management company to help you manage your rental property, feel free to contact us today.