Allowing pets in a rental property is an endless debate that landlords worldwide continue to ponder.
Cute and friendly animals bring charm to a living space, but sometimes they're more of a nuisance than a blessing. Tenants with pets often stay for the long haul, but banning pets can lead to some tenants sneaking pets onto the property.
To help you figure out if pet-owning tenants are the right choice for you, we've put together this quick guide. Give it a read to learn more about the pros and cons of pets and rental homes!
Pro: Tenant Variety
A large percentage of renters want the option to have pets on the property. Even those without pets at the moment don't like the idea of not having the option later down the road.
This means that your rental property tenant pool widens significantly when you allow pets.
Pro: Increased Rent
It's not always easy for pet owners to find rentals that allow pets. This means they're often more willing to pay higher rents and fees to get the homes that do allow pets.
With the addition of pets, you may find yourself making a far larger return than before. While you'll want to keep the increases in rental payments reasonable, it's still a big benefit that you don't want to overlook.
In addition to paying more, pet owners tend to stay in one place for longer. It's more of a hassle for them to try and find another pet-friendly rental property.
It makes sense that you'll see more lease renewals from them.
Con: Potential Damage
Rental property damage is a real problem that you need to consider. It can eat away at your earnings. It could even make it difficult to fix the property up in time for new tenants.
Even strict rental tenant terms aren't enough to prevent grumpy pets from giving you an expensive repair bill.
Con: Noise and Disturbances
No matter how much training a person does with their pet, animals still make excessive noise at times. They can run into walls during play or growl when someone walks past the door.
These invasive sounds are a big turn-off for many people, even if they have pets as well.
While many people adore a rental property with lots of pets, others can't stand the idea. They don't want the possibility of waking up in the middle of the night to a cat yowling. They want to avoid the smell of wet dogs on a rainy day.
Some will even try to negotiate to keep their living space as free from pets as possible.
Deciding to Allow Pets in a Rental Property
With so many pros and cons, there's no right answer when it comes to allowing pets in a rental property. You'll need to weigh the issue against what you're comfortable with and what your property can handle.
If you're still uncertain, a professional property management company can give you better insight.
PMI Chattanooga is a local company backed by a Fortune 500 franchise with decades of experience. Our professional services can bring your property management to the next level, so check us out today!