Many pet owners cannot imagine living without their pets. Hence, when they are searching, they actively seek houses that allow pets in rental properties. When you think about the sheer number of households looking for a pet-friendly property, you might realize how beneficial it can be to allow pets onto your property. At the same time, you can’t overlook the consequences or risks that this decision may lead to.
So, let’s break down the pros and cons of allowing tenants with pets so that you can make an informed decision.
Pros of Allowing Pets Inside Your Property
Here are some compelling pros of allowing pets in rental properties:
Larger Tenant Pool
Did you know that a whopping 85 million families own a pet in the US? This is about 68% of US households! It means that if you own a rental property that allows pets, then you will automatically appeal to a large portion of the tenant pool. It will provide you with the opportunity to choose from a wide variety of tenants and find the best fit for your property.
Higher Rent
Today, many rental property owners don’t allow people with large pets to become tenants. If you’re a pet-friendly rental property owner, then you can rest assured that you will enjoy a higher market value. This will enable you to command a higher rent. It will also give you a leg up as pet owners will always prefer your property as opposed to a similar one that does not allow pets.
Longer Tenancy
It’s also not easy to find apartments that allow pets. This is why if a pet owner finds such a rental property, they do their utmost to keep it for as long as possible. They feel grateful because such properties provide them with a sense of security for their beloved pets that they can’t find elsewhere. This gratefulness and security translate into the willingness to prolong their tenancy by renewing a lease.
Responsible Tenants
Taking care of a pet is a full-time job that requires ample time and attention. It’s something that only the most responsible individuals can do. Responsible pet owners will most likely be responsible tenants. They will take care of your property with the same respect and vigor with which they take care of their pet.
Cons of Allowing Pets into Your Property
While there are many pros of allowing pets in rental properties, you can’t make your decision without considering these risks.
Loud Noise and Foul Odor
When you have multiple noisy pets, such as dogs and birds living on your property, it can become difficult to keep the noise down. The excessive barking of dogs can especially annoy neighbors. Additionally, if the pet owners don’t keep the litter box clean, then your property might start emitting a strong stench of animal feces.
Property Damage
Allowing pets onto your property always comes with the risk of property damage. An untrained dog or cat can soil your property, chew the wood and carpeting, and destroy the landscape.
Injuries to Other Renters
If the pet owner doesn’t train their pets, then they can hurt their neighbors. You certainly don’t want to deal with a renter with an angry dog bite! However, you can ensure that such incidents don’t happen by setting up some liability coverage through renter’s insurance.
The Final Verdict
Pet-friendly rental properties enjoy many undeniable benefits, and as the owner, you want to make the most of them. As far as the cons of pet-friendly rental properties are concerned, you can avoid these risks by performing a thorough tenant screening test. Check a prospective tenant’s renter history and double-check their references. You can also ask to meet the potential tenant with their pet to gauge if they will be the right fit for your property.
