Imagine someone who was always there for you, who always had a smile or hug when you needed it most. Pet owners have that comforting support every day. In fact, half of all pet owners say their animals are part of the family.
If you're not allowing pets in a rental property, you're missing the chance to maximize your earning potential. Not convinced? Read on to review the pros and cons of allowing pets today!
Pro: Larger Tenant Pool
Nearly 70% of US households (85 million families) have a pet. That's 85 million opportunities for you to attract renters. Allowing pets will increase your tenant pool.
If you decide not to allow pets, local renters won't glance at your rental property. Most pet owners won't part ways with their animals to live in a rental.
Increasing your available tenant pool can maximize your occupancy rate. Filling vacancies will save you time and money. The longer your properties sit vacant, the less income you'll make.
Con: Property Maintenance
Not all pets are well-trained. If you decide to allow pets, prepare to pay for property maintenance. Pets might:
- Chew on wood fixtures
- Scratch thresholds
- Urinate on the carpets or hardwood
- Destroy your beautiful landscaping
You can cover these expenses if you charge a pet fee, pet rent, and pet deposit. Otherwise, hire a property management company. They'll keep up with maintenance projects on your behalf.
Pro: Higher Fees
The rental rate you charge will depend on current market trends. However, you can charge pet owners more.
Pet rent is a monthly fee. You can charge $25 to $100 per pet every month.
A pet deposit is a one-time fee that covers damages. This fee ranges between $200 and $500 per pet.
The pet fee ranges between $50 and $500 per pet. This is a one-time, non-refundable fee.
You can use these fees to cover any property damage that occurs. Allowing pets can maximize your profitability.
Con: Odors
Once you decide to allow pets, you can't control everything that happens within your properties. If a pet has an accident, odors can build.
Schedule routine inspections. Make sure you outline your rules in your tenancy agreement. Pet owners should be responsible for these damages.
Pro: Longer Retention
Retaining renters will boost your ROI and give you peace of mind. Once pet owners find a property that allows animals, they're likely to stay. You can retain these renters to avoid costly vacancies.
Con: Noise Complaints
Dogs can bark through the night (or day, when their owners aren't home). Neighbors may start to complain.
Mention quiet hours within the tenancy agreement to avoid these situations. Your property manager can enforce these rules on your behalf.
Will You Allow Pets in a Rental Property?
Deciding to allow pets in a rental property can feel like a difficult decision. Review the pros and cons before making your final choice. Consider discussing your options with an experienced property manager.
PMI Michiana has 20 years of experience in the real estate management industry. We help property owners like you maximize their profitability. Contact us today to discuss allowing pets with your property manager.
