Pet ownership is a cornerstone of American life. With 66% of households owning at least one pet, landlords face a dilemma. Unlike humans, pets don't understand that there's a rental deposit, so they're likely to cause damage.
Landlord pet policies forbidding pets like dogs and cats might protect your property from damage, but it also means there's a huge percentage of the population who won't be able to rent. Interested in learning more about the pros and cons of pets in a rental property? Read on to find out more.
Pro: Increased Tenant Pool
Given the huge number of American families owning pets, you're missing out on many potential tenants if you forbid them. If you're looking for tenants in an area with huge demand, this is less of an issue.
But, if you're trying to find renters in a challenging market, not allowing pets could mean your property stands empty for a long time.
Pro: Pet Owners Will Stay Longer
As a landlord, you've probably noticed that many tenants don't tend to stay long. It's not uncommon to have tenants move out as soon as a rental contract ends. At times, the reasons are superficial; for example, they might just want a change of scenery.
To maximize your return on investment, it's best to find tenants who'll stay long-term. Pet owners tend to stay much longer, reducing the costs of high turnover. Often, this is because most other landlords don't allow pets. So, by allowing pets, you give your tenants a solid reason to stay.
Pro: Higher Rental Income
Not only can allowing pets make it easier to attract quality tenants to your property, but you can also boost your income. If you have tenants with pets, you may be able to charge pet deposits to account for the risk of damage. You could also charge higher monthly rent for pet owners.
Con: Potential for Property Damage
Of course, the reason many landlords don't want pets in their properties is because of the potential for damage. Even if you rent to responsible owners, pets can still cause significant wear and tear. For example, a dog's claws will scratch up hardwood floors over time.
Con: Potential Inconvenience
Tenants with pets could also cause inconvenience. If dogs bark a lot, neighbors might make noise complaints. Pets also complicate the process of moving out. Pets leave behind danger and odors, which could be very problematic if the next-door tenants have allergies.
Another potential inconvenience involves legal complications. If a pet bites someone on your property, you could face legal liability. You may need liability insurance if you want to be 100% covered.
Pets in a Rental Property: Yes or No?
As you can see, there's no easy answer regarding pets in a rental property. While allowing pets could attract better tenants and increase your rental income, pets could also cause inconvenience and damage.
When dealing with complex decisions like this, many landlords turn to rental property management. Are you looking for a reliable management company in Northeast Florida?
PMI River City is here to help. With decades of experience helping landlords make effective property management decisions, we can help set you up for future success. Contact us today to learn more.
