There's no denying the joy a furry friend can bring your family. Around 90.5 million families or 70% percent of households in the United States own a pet. Many people consider their pets to be a member of their family and won't consider moving into a rental that doesn't allow animals.
As a landlord, there are many things to consider when thinking about if you should allow pets in a rental property. While you want to appeal to a wide pool of renters, you also don't want to deal with damage to your property caused by an animal. There are many negatives and positives to consider when making this decision.
This guide will discuss the pros and cons of allowing tenants with pets into your rental property. We'll also explore why having a clear pet policy is key if you decide to allow animals on your property.
Pro - More Renters Have Pets
72% of renters own a pet. One of the benefits of tenants with pets is that you can access a larger group of people. Only allowing renters without pets means you'll miss out on a big chunk of individuals.
Additionally, you'll have better tenants to choose from when you're looking at more prospective tenants. You can take the time to find a renter and pet owner that's responsible and who will take good care of your property.
Con - Potential Property Damage
Animals, especially if they're left unattended, can cause damage to your property. Some of the things they can do include:
- Chewing on the carpets
- Scratch the floors and walls
- Having accidents
These problems can quickly get worse if your tenant doesn't clean them up or notify you right away. That's why including a pet addendum in your lease is key, even if you don't allow pets. The rental lease should clearly state your pet policy and what your expectations are of your tenants.
Pro - Charge Higher Rent
Since many rentals don't allow pets, you can charge a higher fee by allowing animals in your units. Renting to tenants with pets will also give you a leg up over other rentals that don't allow them.
There are some instances where you can tack on a pet fee each month for tenants that have animals. You can require pet owners to pay an additional deposit for their animals when they move in. You can also decide whether or not that deposit is refundable when they move out, depending on local laws.
Con - Complaints From Other Tenants
Some animals, like dogs, can cause an increase in noise in your units. Excessive barking can result in complaints from nearby tenants and other neighbors.
Other pet owners might not clean up after their animals right away. This could cause issues with other tenants that share the same outdoor space.
Learn More About Allowing Pets in a Rental Property
The decision of whether or not you want pets in a rental property is entirely up to you. There are arguments on both sides that you need to take into consideration. Either way, clearly stating your pet policy on your lease will ensure your property stays protected.
PMI 4U is here to help you decide if you want a pet-friendly rental property. We offer a wide range of property management services. Contact us today to schedule a consultation.