The Insurance Information Institute reports that approximately 70% of households in the US have a pet. With such a significant percentage of the population being pet owners, landlords must discern if permitting pets is worth it to them.
It might be challenging for a landlord to decide whether to permit pets in their rental properties. Pets can bring tenants joy and companionship, but they can also harm your property and sometimes disturb other residents.
Keep reading to explore the pros and cons of allowing pets in a rental property.
PRO- Increased Tenant Pool
Many prospective renters already have pets that they need to be accommodated in a leasing agreement. If you allow pets, you might be able to draw in responsible pet owners who might not have otherwise looked at your property.
PRO- Longer Tenancies
Since not all properties allow pets and animals quickly bond with their environment, pet owners tend to be longer term renters. Tenants are dissuaded from moving from place to place because they don’t wait to put any undue stress on their animal.
The biggest benefits of residents staying for longer periods of time are fewer vacancies and less turnover. The longer you can count on steady income the better.
PRO- Higher Rental Income
Landlords can take advantage of the fact that renters who have pets are likely to pay extra for a rentals. They pay more, whether that is through increased rent or a pet fee. Allowing pets on the property costs the landowner very little upfront costs.
CON- Potential Property Damage
Having pets on the property can accelerate wear and tear on the property. Cats and dogs can scratch up the floors, put stains on the carpet and even ruin the furniture. If you are allowing pets, you need to consider these potential damages.
CON- Complaints from Other Tenants
Pets, especially dogs, can be incredibly disruptive. Residents who don’t have other pets may be annoyed by dogs trying to jump up on them outside or barking outside of their door. If there is a surplus of complaints, this can even lead to legal action.
Landlords need to set clear expectations for any pet owners living on property so they can ensure it doesn’t disrupt other tenants.
If you decide to allow pets on property you must protect yourself. If you aren’t careful a tenant may try to hold you liable for any bites or injuries incurred by an aggressive encounter with a neighbor’s pet.
Some pet owners may even try to hold you liable if their animal gets injured on the property. If you decide to permit pets on site you can protect yourself by requiring that renters’ insurance covers pet-related incidents.
Should You Have Pets in a Rental Property
Ultimately it is at the discretion if the landlord and property manager if they want to allow pets in a rental property.
The choice of whether or not to let pets on the property should be based on what is best for your business model. If you decide to allow pets, you need have clear guidelines and expectations in place to ensure the well-being of your property and other tenants
Need help with more property management questions? Contact our team at Veno properties today!