The most recent statistics show that 68% of US households home at least one pet. It's also estimated that around 85 million American families own pets.
With so many people owning pets, there are many tenants with pets. You will need to understand the pros and cons of having pets in a rental property.
Owning a pet-friendly rental property could be a good business venture for a property owner. This guide will help you figure out what the pros and cons are for this decision.
Keep reading to find out if you should have pets in a rental property.
Pro: Opens Up Opportunities
One of the benefits of pets in a rental property includes more opportunities. You will have a much larger pool of potential renters if they can keep their pets.
Renting with pets is difficult, and most people already have one or two pets. Because of this, they are not going to consider a property that doesn’t allow pets in the building.
You could have as many as 10 times the amount of potential renters if this becomes an option for them.
Con: Pet Damage
A downside to allowing pets in a rental property is the damage. Pets are destructive creatures and could potentially cause damage to your property.
This includes things like urinating on the floor or scratching at the door posts. This is why you will need to have rules and a way to hold pet owners accountable.
Pro: Higher Rent Options
One of the advantages of tenants with pets is higher rent. The majority of properties that allow pets are a bit more expensive.
This is because owning pets is one of the extra features available to the renter. This means that you could be getting more for your property than you otherwise would be able to.
Con: Noisiness
Pets can be noisy depending on the type of pet it is. A lot of people on dogs, and they have a tendency to bark and whine during the day.
This is a risk that you take when you allow pets in your rental property. This is something to consider if there are other rental properties close by where people could be disturbed.
Pro: Long-Term Renters
Many people who have pets tend to stay in one place for longer. If a rental property allows pets, they may become long-term renters.
This is a huge benefit for landlords since it makes your job easier. You won’t have to try to find a tenant for quite a while if the one you have decides to stick around.
Pets In a Rental Property: Yes or No
If you own a rental property, you may be considering pets in a rental property. This is a hard decision to make since there are many pros and cons.
What you decide to do will depend on your goals and what you are willing to allow.
Do you need help managing your rental properties? Contacts today at Rental Network to get started.