About 62% of Americans own at least one pet and those pets are considered family members. When these people have to move, they take their pets with them, and they often move into rentals.
As a landlord, will you allow pets in a rental property?
It's a tough decision and there are a lot of factors to consider while you're making it. We're here to help you out. Read on to learn the pros and cons of allowing your tenants to have pets.
Cons of Allowing Pets in a Rental Property
Allowing pets in a rental property can introduce various potential downsides for property owners. Even landlords who love pets may refuse them for that reason.
First, these potential disadvantages include the risk of property damage, allergens, and odors from pets, which may lead to additional cleaning and maintenance costs. Of course, landlords can require pet deposits or set higher rent prices to offset this problem,
Pets can also disrupt neighbors and lead to noise complaints, increasing the likelihood of legal and insurance issues for the landlord. This isn't the case for all pets, but large dogs especially can be problematic.
Liability concerns, higher insurance premiums, and the challenge of enforcing pet policies make it challenging for landlords to allow pets, even if they want to.
In some rare cases, a pet-friendly policy may limit the tenant pool, as not all renters are comfortable with animals on the property. However, as we mentioned, many households have pets, so you are somewhat limiting your tenant pool either way.
Landlords can offset these problems. Breed restrictions, high rent costs, and pet deposits make allowing pets a better idea.
Pros of Allowing Pets in a Rental Property
So why would landlords allow pets, then?
One of the primary benefits for landlords is a larger tenant pool. Again, many people have pets in their households. This can lead to increased demand for a pet-friendly property less tenant turnover (and fewer vacancies, of course).
Pet owners often appreciate landlords who accommodate their pets, and they may be more likely to renew their leases and keep the property in good condition. They may also recommend your properties to other reliable tenants with pets.
Landlords can charge pet deposits and additional pet rent (as long as the city allows it). This can provide an additional revenue stream that can offset any potential pet-related risks or expenses.
In other words, if damage is your biggest concern, you can avoid the bulk of your damage costs and still keep tenants happy.
Pets in a Rental Property: Will You Allow It?
Only you, as the landlord, can decide if you want to allow pets in a rental property. It's a tough decision. Remember that you don't have to allow all pets; there is a middle ground.
Are you a landlord in Southern New Hampshire who needs help making decisions like these? PMI Granite State can help. We offer comprehensive property management services to make the lives of landlords easier.
Get your free rental analysis or reach out for a consult today.
