It's astonishing that seven out of ten households have one or more pets.
Rental property owners have to ask themselves if they'll allow pets or not. It's a massive debate that has countless points to weigh.
Are you stuck on whether you should accept pets in your investment property? Read on to unpack the positives and negatives of allowing pets in a rental property.
Pros of Allowing Pets
Creating a pet-friendly rental property could be your golden ticket. Here are the top highlights:
Expanded Tenant Pool
Allowing pets opens the door to a larger pool of potential tenants. Many people are pet owners, and by welcoming their furry friends, you can attract responsible renters who may otherwise look elsewhere.
Higher Rental Income
Pet-friendly rentals often command higher rental rates. Tenants with pets are willing to pay a premium for accommodations that accommodate their animals. This can boost your monthly income from the property.
Longer Tenancy
Pet owners are aware of the limited availability of pet-friendly rentals. This means that they're less likely to move frequently. This can result in more stable, long-term tenants.
Reduced Vacancy Rates
A pet-friendly rental property is likely to have shorter vacancy periods. With a higher demand for such properties, you can minimize the time your rental sits empty.
Extra Pet Deposit
You can charge an extra pet deposit, which gives another layer of financial stability in case of any pet-related damages. This can help cover any potential costs associated with pet wear and tear.
Cons of Allowing Pets
You're not alone if you feel hesitant about allowing pets. Here are some potential pet drawbacks:
Property Damage
One of the primary concerns for property owners is the potential for pet-related damage. Scratched floors, chewed furniture, and accidents can add up to significant repair costs.
Allergies and Health Risks
Some current residents or future tenants could have pet allergies. This can limit your potential tenant pool and pose health risks for those with severe allergies.
Noise and Disturbances
Pets can be noisy, which can lead to disturbances for neighbors. Barking dogs, meowing cats, or even exotic pets can disrupt the peace and quiet of your rental property.
Liability
If a pet were to harm someone or another pet on the property, you as the property owner could potentially be held liable. This could result in legal and financial consequences.
Insurance Concerns
Your property insurance rates may increase when you allow pets. Some insurance companies may even refuse coverage for certain breeds of dogs or exotic pets due to their perceived risk.
Pets in a Rental Property Could Make or Break Your Business
When it comes to rental property management, you have to be in tune with yourself to decide if allowing pets is a wise or risky decision. After knowing the potential risks of allowing pets in a rental property, you'll know if the perks are worth chasing.
Whether you allow pets or not, a property management company can take the reins. Contact PMI West Suburban to hear about how our property management solutions will help you.
