Property managers have to make many hard decisions on what they will and will not allow in their rental properties. One of these big decisions is whether or not to allow pets. Before you make this decision, it’s important to weigh the pros and cons to see what will work best for your property. To help make the process easier, here are the good and bad to help you make an informed decision.
Allowing pets in your rental property (especially large dogs) makes the market value of your property go up, letting you charge more for rent, especially if there are few other properties in your area that do so. Pet deposits and other fees can add up as well, making allowing pets a good investment. If you add pet amenities such as a dog park or pet washing stations, you can bump up the rent even more. People are simply willing to pay more money to make their pets feel at home.
Make Your Listing Stand Out
Properties being advertised as pet friendly can receive up to twice as many inquiries than those with pet restrictions. Pet ownership is at an all-time high in the United States, so if you want to appeal to a larger audience, allowing pets is a great way to do just that. More applicants also allows you to have the ability to pick and choose which potential tenant would be the best fit for your property.
Because it’s so hard to find a rental property that will allow pets, when pet owners find a property that welcomes their furry friend, they’re more likely to stay for longer simply because there aren’t many other options. Most pet-friendly rentals also charge a non-refundable pet deposit, which means it’s cheaper for the tenant to stay in one place and renew their lease rather than continuously paying an extra fee to move.
More Responsible Tenants
Taking care of a pet takes a lot of time, attention, and responsibility. This means that pet owners are usually very careful, responsible people and will treat your property with respect and care.
Damage and Odors
The first thing that comes to most property owner’s minds when they think of pets is damage. Chewing and clawing can tear up your doors and trim and any urination can cause damage to carpets, not to mention leave a lasting odor through the property.
Annoyance to Neighbors
Especially if there are multiple dogs, cats, birds, and other pets around the property, pets can get noisy very quickly. Not only are they vocal animals, but they also make noise as they run across the floor, causing noise for the neighbors below. This can lead to frustrated tenants and a possible turnover if the problem isn’t resolved quickly.
Increased Risk to Tenants and Staff
If a pet isn’t kept on a leash while outside the property, other tenants could be bitten or scratched. They could also have an allergy and be exposed then suddenly be itchy or have problems breathing. If staff have to enter a property in an emergency or for routine maintenance, they could also be hurt if the pet isn’t properly contained or if the tenant isn’t home. Because of these risks, your insurance could go up if you decide to allow pets.
No matter what you decide, it’s important to remember that you must allow certified service animals in your property, which may also include emotional support animals. It’s against the law to deny these people residence regardless of your pet policy. If you do, you could face serious legal consequences.