Around 38% of households own a dog. As a landlord, whether or not you should allow these pets in your properties is a serious dilemma. So what exactly are the biggest pros and cons of pets in a rental property? This article highlights some of the most significant factors you need to be aware of.
Pro: Higher Rent
One of the biggest advantages of allowing pets at your property is that you can charge a higher rent. Generally, only a small number of properties in an area are going to allow pets (particularly large dogs). The laws of supply and demand mean you can ask for much higher rent than the competition.
People are also likely to pay the higher price because the alternative is giving up their family pet.
Pro: Longer Renure
Given how hard it is to find a place where the property rules allow pets, people who rent pet-friendly apartments will likely stay longer. People with pets are much more likely to renew a lease, whereas those who don't have pets might shop around.
If you want to attract long-term tenants and not worry about finding new renters, it could make sense to make your properties appeal to pet owners.
Pro: Get More Applicants
If you want to market your properties to the largest possible demographic, you'll need to consider animals in rentals. A huge number of families own pets, and if your rental doesn't allow for them, they'll simply look elsewhere.
Some pets could cause property management issues by making excessive noise. For example, large dogs could bark, causing sound nuisance to the neighbors.
If there are multiple dogs in one apartment, the noise levels can quickly get out of hand.
Con: Pet Damage
Another disadvantage to allowing pets is that they could cause damage to the property. Pets like dogs and cats are likely to chew up wood, urinate on carpets and destroy exterior landscaping.
If you chose to rent to tenants with pets, always make sure you have a proper security deposit set up.
Con: Injuries to Other Tenants
Some pets, such as dogs, may be aggressive. When these animals live in a shared apartment space, they could be a risk to other people. For example, some dogs might bite.
In some cases, this could open you up to legal liability. With that said, such incidents could be covered under renters insurance. It makes sense to check where you stand legally on injuries before you allow pets in your property.
Now You Know About Pets in a Rental Property
As you can see, there are various advantages and disadvantages associated with allowing pets in a rental property. While you may end up with a higher quality tenant, pets could also cause nuisance and damage.
As a property owner, it's up to you to weigh up the pros and cons.
If you want to delve deeper into this topic, contact us and we can tell you more.