About 66% of American households own at least one pet! That's a lot of pet owners, and a lot of them are renters. As a landlord, will you allow them to rent with you?
Many landlords don't believe in allowing pets in a rental property, but is it really that simple? We don't think so. We're here to explain the pros and cons so you can make an informed decision for yourself and your property.
Read on to learn more.
Pros of Allowing Pets in a Rental Property
First, let's talk about why so many pet-loving landlords have no problem accepting tenants with pets.
First, as we mentioned before, a large percentage of the population owns at least one pet! If you want a larger tenant pool, you mustn't alienate pet owners unless you have a valid reason to do so. This is extra important if you're struggling with extended vacancies.
Pet owners tend to be quite responsible. Of course, there are always bad apples, but the average pet-owning tenant understands that a good property that allows pets is a real treasure. They want to stay in your good graces and treat your property well.
You can generally expect timely rent payments and sometimes even professional-level cleaning upon move-out.
Tenants with pets may even recommend your property to other pet owners in their friend groups. This type of word-of-mouth advertising is so valuable.
Landlords also have the ability to charge slightly higher rent or a pet deposit if they allow pets on the property. This is a great way to protect against potential rental property damage and make a slightly higher monthly income.
If you love pets, consider allowing your tenants to have them!
Cons of Allowing Pets in a Rental Property
With all of this in mind, there are still some valid reasons not to allow pets in a rental property.
If you live on the property and you're allergic to pets, it's reasonable to not want them there. On a similar note, some tenants seek out pet-free properties due to allergies or phobias. If those are the tenants you want, a pet-free property makes sense.
Pets can cause property damage or excess wear and tear. The pet deposit will help take care of that, but it's something to remember.
Pets can be a liability. dangerous pets may cause legal issues for landlords. However, many landlords choose to place breed and size restrictions rather than banning pets altogether.
Will You Allow Pets in Your Rental Property?
At the end of the day, no one can make the decision whether or not to allow pets in a rental property but you. So what do you think? Do the pros outweigh the cons, or vice versa?
Being a landlord means sometimes making tough decisions like this one. A property manager can help you decide what's right for your property (among other things, such as marketing and more).
If you're a landlord in Austin, reach out to PMI Austin Experts today so we can start working together.
