Deciding on having pets at your rental property can be difficult. However, it is a major deciding factor for potential renters and can be a reason why your property is having such a hard time being rented out.
Here are some pros and cons to consider why landlords should allow pets in their rental property.
Pros of Allowing Pets in Rental Property
There are many benefits that are overlooked for allowing pets. Here are the benefits of allowing renters to have pets in your rental property.
Enlargens Pool of Potential Renters
With the option to have pets in a rental property, it will attract more renters to check out the property and consider it to be their next rented unit. There are a lot of landlords who do not allow pets, making it hard for renters with pets to find a new home.
There are many renters with pets so you will quickly be able to find someone who would be willing to rent your property
Charge Pet Rent or Increase Rent
By allowing pets, it becomes a profitable venture. As a landlord, you can increase the rent or charge pet rent. For instance, if rent is $2,000 a month, you can charge a separate $500 rent for pets the tenet has.
It is also possible to charge a non-refundable deposit when the tenant moves in to cover the possible damages a pet could bring on.
Pet Owners Are Likely to Be Long Term Renters
Once a pet owner and their pet settle into the rental unit, looking for another place can be exhausting and more expensive. Pet owners are responsible and are more likely to be long term renters.
Owners with dogs especially are wary to move constantly as changes in the environment can be stressful to their pets.
Taking care of tenants is important especially if they've been there a long time so here are some tips to find and keep tenants for the long haul.
Cons of Allowing Pets in Rental Property
Although allowing pets has benefits, there are some factors to consider to make an informed decision. Here are some cons that pets in a rental property bring on.
If the tenants have dogs, most likely they will bark at all hours of the day. This can be frustrating for those who live around the rental property. Pets also like to run so if someone lives underneath the rental property, it can be expected that complaints will be made.
Pets may damage the rental property by ruining the carpet with urine or hair, bites marks on wood, scratch marks, etc. If the rental property has carpet that's been damaged, there are great carpet cleaning services to alleviate this issue.
No Pets Allowed
If the rental property is in a condo or townhouse association that does not allow pets, then you cannot go above this rule to approve them. It is important to double-check with the association's rules.
Make a Decision
Weighing the pros and cons will help make an informed decision about whether or not you will allow pets in your rental property.
Note that cons can be avoided by establishing how many pets can be allowed, what size, and by holding the tenant responsible for certain damages through their deposit. Keep this in mind when listing your rental property on the market!
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