About 44.6% of American households have dogs, while 26% have cats (American Veterinary Medical Association). If you decide against pets in a rental property, you'll lose the chance to improve your occupancy rate. Instead, you'll deter these renters from even applying.
Before that happens, review the pros and cons of renting to pet owners. Recognizing the potential impact of pets on a rental property will help you make an informed decision. Read on!
Pro: Find Responsible Renters
The rental vacancy rate in America is now 6.6% (industry research company IBIS World). If you decide against allowing pets, you'll close your tenant pool. You may struggle to find and attract renters in Blue Springs, MO.
Opening your tenant pool to pet owners can help you find responsible tenants. Pet owners have to take care of themselves and their companions. They won't risk losing a home for their pets by breaking the rules.
Consider establishing a pet policy for rental properties. You can set clear expectations before owners and their pets move in. This can give you peace of mind when renting to pet owners.
Broadening your pool of potential renters will improve your occupancy rate and earning potential.
Con: Potential Injuries
You can't control what happens once an owner and their pet move into your rental. Consider the impact of pets on a rental property and nearby renters. For example, a dog might bite someone, which can lead to a personal injury lawsuit.
To avoid getting involved in a lawsuit, require pet owners to have bite insurance. Adding this to your landlord pet agreements can protect your best interests.
Pro: Charge Higher Rental Rates
You can charge higher rental rates if you decide on renting to pet owners. Consider charging a pet fee, monthly rent, and deposit.
These payments can cover any accidents and damages to the rental property. Charging all three can increase your monthly earnings.
Con: Impact of Pets on a Rental Property
Unfortunately, animals can damage your beautiful rental property if they're not well-trained. Cats may scratch at wood fixtures and dogs may urinate on the carpets.
Remember to charge a pet fee, rent, and deposit. Outline your expectations about property damages in your landlord pet agreements and hold renters accountable.
Pro: More Lease Renewals
Once a pet owner finds a great place to live for them and their furry friend, they may not want to leave. You can encourage pet owners to renew their leases. Decreasing vacancies will boost your occupancy rate and ROI.
Con: Noise Complaints
After their owner leaves, a lonely animal may bark or meow. You may receive noise complaints.
Establish quiet hours in your pet policy for rental properties. A property manager can enforce these rules on your behalf.
Consider Pets in a Rental Property
To recap, what are the pros and cons of allowing pets in a rental property? Allowing animals can increase lease renewals and your monthly revenue. However, animals may damage the property or make noise.
Consult a property manager to weigh the pros and cons. Our team at PMI KC Metro has 14 years of local experience helping owners like you achieve their real estate goals.
Trust our comprehensive services, commitment to excellence, and technology to maximize your profitability. Contact us now for a free consultation.
