People the world over are embracing the addition of furry friends to their homes. Approximately 44% of U.S. households include dogs, and 26% include cats. Pets are so ubiquitous that many rental communities advertise their pet friendliness to attract new renters.
However, allowing pets in a rental property isn't all happy tails and sweet snuggles. There are a host of pros and cons that you need to consider. Read on to learn what they are!
Pro: Renter Stability
Have you ever had a tenant who just did everything right? They paid on time every month, took good care of the property, and didn't cause any issues. When you have a dream tenant like this, you want to make sure they don't go anywhere.
One of the best ways to make sure your best and most responsible tenants don't go anywhere is to give them an incentive to stay. This might mean allowing them to have pets in their home. You'll get bonus points if you're flexible with size and breed restrictions so they don't have to worry about losing their pet.
Pro: Increased Demand
Today's rental market is nothing short of competitive. More people are ditching mortgage dreams for the convenience and reduced expenses associated with renting.
This is great news for landlords, but it also creates a need for landlords to come up with more ways to attract new tenants and stand out amongst the competition. If you want to make sure your property stands out, then you may want to consider allowing pets in your rental property.
Con: Risk of Damage
Every animal you allow into your property carries the risk of property damage. This includes pets and support animals, alike. Even the animals with comprehensive amounts of training have accidents from time to time.
Many property owners find that they have to replace everything from carpets to drywall when owners of poorly controlled pets move out. The cost of damages often surpasses the amount on hand as a security deposit. You can bill your tenants through your online portal, but you also run the risk of former tenants skipping out on the bill.
Con: Turnover Issues
Some turnover problems are harder to resolve than others. Many landlords find it difficult to get the scent of pets out of their property, even after they've repainted and replaced carpets. Further, you may struggle with lasting pest problems (e.g. a flea infestation) that need deeper treatment.
Not only does this cost you more money to fix, but it also makes it harder to find new tenants for your property.
Are You Ready to Allow Pets in a Rental Property?
Allowing pets in a rental property is a great way to attract and retain tenants. It's also a great way to open yourself up to property damage and pest issues that are hard to overcome. Finding a way to balance the pros with the cons is a good way to go, and working with a knowledgeable property management company can help you do just that!
Are you a first-time landlord in the DFW metroplex and want to make sure you're getting the most out of your rental property? PMI Premier can help you with everything from tenant relations to lease agreements. Contact us today to learn more about how we can help you!
