Do you have a pet? Sixty-seven million American families do, and many treat their pets as family members!
Pets are essential parts of a family and offer many benefits. You probably realize that when potential tenants call to rent apartments. They may ask, "Do you allow pets in your rentals?"
Allowing pets in a rental property has pros and cons. But it's something you should consider.
Keep reading to learn more about the pros and cons of allowing pets.
Cons of Allowing Pets in a Rental
Before illustrating the pros of allowing pets, consider a few cons.
Rental Property Damage
Animals can destroy property. An example of this is urination on flooring. Dogs and cats often do this, destroying the flooring and causing odors.
Scratching is another nuisance of allowing pets. They can scratch walls, floors, doors, and trims. This problem leads to replacing these items.
You may charge an extra security deposit to cover these fees. Unfortunately, in many situations, the costs can exceed the security deposit.
Noise Issues
Some animals are noisy. While this might not bother their owners, it can bother other tenants. It might also bother nearby neighbors.
When allowing pets, you must prioritize enhanced communication. In other words, stay in touch with your tenants. Doing so can help you resolve these issues faster.
Need Potty Area
Animals that live in cages won't need to go out. Cats might not either because they use cat boxes. But dogs need to go out.
As a result, you must provide a potty area for them to use. You'll also need to develop effective rental property rules for pet owners to follow. You may want to consider some helpful tips for landlords before allowing pets.
Pros of Allowing Pets in a Rental Property
After learning the derogatory parts, continue reading to learn a few pros.
Larger Tenant Pool
First, you'll experience a larger tenant pool for your properties. A larger tenant pool gives you a bigger choice of tenants. By allowing pets, you won't have to turn people away because they have an animal.
Longer Retention
Pet owners might also stay longer in their units. After all, they'll be happy they found a unit that lets them keep their pet.
As a result, they might not want to move, as finding another unit that accepts pets might be challenging. They may also make timely rent payments to avoid having to move.
You'll benefit because you won't have to market your properties. You can also reduce your number of new tenant screenings.
Higher Fees
Finally, you can charge more for your properties. While you take a risk they might damage the units, you can make up for it with higher rent charges.
Seek Help From an Expert
Do you need more advice about allowing pets in a rental property? We've got you covered!
PMI Knoxville is a full-service property management firm with over 20 years of experience.
Not only can we help you decide if you should allow pets, but we can do much more. We can help you find great tenants, perform routine maintenance, and handle repairs.
Are you ready to trust us with your rentals? Reach out today to learn more about our reputable firm.
