Almost 87 million Americans own pets. Many of these people live in rented homes.
As a landlord, deciding whether you accept pets will impact the tenants you attract and the property's vacancy rate. But if you don't weigh the pros and cons, you could make an uninformed decision and put your investment at risk.
If you're on the fence about accepting pets, you've come to the right place. Here's everything to know about pets in a rental property.
Pros
Before crafting a tenancy agreement, note there are many positives to accepting pets. Tapping into a larger tenant pool is only the beginning. Other advantages include:
Higher Rent
A major benefit of accepting pets is that you can charge more. Start by determining the property's market value to see what you're working with. Because fewer listings accept pets, it means that your ad will stand out, giving you leverage over the competition.
More Lease Renewals
Landlords want to have consistent lease renewals to stop their property from being vacant. A great way to prevent this is by accepting pets into your rental property. As a result, you needn't worry about finding new tenants.
Tenants Are More Responsible
Owning pets requires a huge amount of time and attention, making them more responsible tenants. This is great news for landlords. Generally, tenants who own pets will treat your property with more respect.
Cons
Now you know the pros, it's time to consider the cons. This could make or break your decision. Common disadvantages include:
Damage
The biggest downside of accepting pets is the potential property damage. Regardless of how "well-behaved" pets are, there's always a risk that the dog or cat will damage your property, especially if the tenant is occupied. Common incidents include chewed baseboards and stained carpets.
Neighbor Complaints
A neighbor's worst nightmare is a poorly behaved-pet. Whether it's a noisy dog or cat, you don't want to hear that neighbors aren't happy with your tenant. If this happens, contact your property manager and they will keep both parties content.
Loss of Tenants
Unhappy neighbors can become a problem if you own multiple properties in a unit. The problem is that these residents may end their lease, leaving your properties unoccupied. Luckily, you can avoid this by establishing strict rules to minimize noise and mess.
Bad Odors
A major problem with pets is a bad odor. If the tenant hasn't cleaned the litter tray or dealt with a pet's mess, it could upset other neighbors and make the building smell. In the rules, remind tenants they should regularly groom and bathe their pets to prevent these problems.
Regardless of your decision, you can avoid issues by hiring a property management company. These professionals will regularly communicate with tenants and deal with complaints in a timely fashion.
Will You Accept Pets in a Rental Property?
Now you know the basics, decide whether to accept pets in a rental property.
At PMI Space Coast, we have years of experience keeping tenants happy and helping you maximize your profit. If you're in the Melbourne, FL area and want to get started, contact us today to chat with a team member.
