Picture a big, sad pair of puppy dog eyes glistening back at you. Could you say no if that pup needed a home? In the process, you'd be saying no to 62% of your potential tenant pool.
Before allowing pets in a rental property, consider the pros and cons. Read on to make an informed decision today!
Pro: Larger Tenant Pool
Allowing pets will open your tenant pool, leading to more applications. About 85 million families in the US own some kind of pet. About 40% of Floridians own dogs.
Increasing your tenant pool will allow you to choose between applicants. Make sure to develop a tenant screening process. Choose quality renters who pay rent on time and don't cause a lot of property damage.
If you decide not to allow pets, you'll receive fewer applications. Your rental vacancy rate could increase.
Instead, boost your occupancy rate! Allowing pets can maximize your earning potential.
Con: Rental Property Damage
Once an animal lover and their pet move in, you won't have much control over what happens. Unfortunately, pets can destroy:
- Carpets
- Hardwood floors
- Wooden fixtures
Before allowing pets in your rentals, establish house rules. Define what renters are responsible for in the rental pet policy. For example, you should mention what damages will come out of their deposit.
To cover rental property damage, charge renters a pet fee, deposit, and monthly rent. These charges can increase your earning potential and give you peace of mind. If there is damage to the property, you won't have to cover it out of your own pocket.
Pro: Longer Rental Tenure
It's not always easy for pet owners to find animal-friendly rentals. Once they find one, they won't want to start the search again. These tenants may want to renew their leases.
Increasing lease renewals can improve your occupancy rate. You won't have to waste money marketing vacant units. Otherwise, a high vacancy rate can drain your accounts.
Schedule routine inspections if a tenant's rental tenure exceeds one year. Assess the property for damages and schedule routine repairs.
Con: Noise Complaints and Injuries
Some pets experience separation anxiety when their owners aren't home. They may meow or bark throughout the day. Neighbors could complain about the noise, and an untrained dog may bite a neighbor during a walk.
Require pet owners to have a pet insurance policy. Confirm that their policy covers dog bites to ensure you're not liable for these instances.
Partner with an experienced property management company. A property manager can enforce your rules, including quiet hours.
If there's a situation, rely on their legal expertise. They can help you avoid liability.
Imagine Pets in a Rental Property
There are many pros and cons to allowing pets in a rental property. Don't make the decision on a whim. Instead, consult an experienced property management company.
PMI JCM Realty Group is part of a franchise with 20 years of industry experience. We use state-of-the-art technology and award-winning strategies to support our clients.
Discover what makes us the number one property management company. Contact us today for help making this decision!
