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. It is no doubt that pets brings joy to their owners and when they are happy in a residence, they are more likely to stay longer. It also turns out that a majority of U.S residents in their 30s, who constitute a large portion of the rental pool, own at least one pet. A whopping 75% of people in their 30s own a dog, while more than half own a cat, according to a recent study by Zumper.com.
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. The majority of our owners do allow pets as the greater Seattle area is a very pet friendly place, but a few of our rental properties do not allow pets. Pet-friendly properties lease an average of 25 days faster and have a 4% lower vacancy rate. The majority of renters — at least 80% — own a pet.
There are many renters with pets so you will quickly be able to find someone who would be willing to rent your property.
Pet Insurance and Pet Deposit
As a landlord, you can charge pet deposit or increase the rent for allowing pets. The rent premium is between 20%-30% more than average rent. For instance, an apartment rent is 1700 per month, properties that allow pets can charge $200 more than the ones don't, according to resident data base.
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. The Foundation for Interdisciplinary Research and Education Promoting Animal Welfare created a study showing how having pets in rental properties impacts both residents and owners. According to the data collected, residents remained in pet-friendly units for nearly four years on average, while residents of properties that restrict pets stayed for only 18 months.
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 some time throughout 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. Another concern is that some dangerous breed may cause health and dsafety concerns for the residents.
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 good rules and prarameters on how many pets can be allowed, what size, and by holding the tenant responsible for certain damages through their deposit, pet insurance etc. Keep this in mind when listing your rental property on the market! As your property manager we are trained and understand which breeds can potentially cause damage to the property, and we are happy to guide you through how to increase rent on your property by allowing pets.
Contact us on our page for more information/benefits on allowing pets for your rental properties!