It's estimated that 34.5% of Americans are renters. Now, a good portion of these individuals likely own pets. And whether or not a rental unit accepts their pets is often a dealbreaker for these individuals.
If you're a landlord, you might be considering whether allowing pets in a rental property is a good idea for you. The truth is that pet-friendly rental properties come with a lot of different pros and cons.
As such, it's not right for everyone. To help you decide if you want to allow pets for your renters, we've made this guide. In it, we'll discuss everything you should consider before you make the decision.
The Pros of Allowing Pets In a Rental Property
The first and perhaps most important benefit of allowing pets on your property is the higher applicant pool. Around 62% of Americans own a pet.
That means that by not allowing pets on your property, you're closing yourself off to a huge number of potential renters. What's more, pet owners tend to be on the younger side, so you can benefit from renters who will stick around for a while with your pet policy.
The next pro is that you can charge more for rent when you make your property pet-friendly. The justification for this is that pets can often damage property, which requires compensation.
You can either factor this into the lease agreement or charge a separate pet fee to appeal to both owners and non-owners.
The Cons of Allowing Pets in a Rental Property
The biggest con that comes with pets on rental properties is property damage. Whether it's urinating, tracking dirt off the floor, or scratching the floors, pets leave behind minor forms of damage.
And sadly, as a landlord, you're responsible for the majority of this damage. Some pets, like dogs, can often be quite noisy. This, in turn, can be disruptive to many neighbors.
Speaking of neighbors, if you own an apartment building, you also have to consider potential injuries to your other tenants in the event of a pet attack. While these aren't common, they can happen with aggressive, untrained dogs.
How a Property Management Company Can Help You With Pets
Often the biggest concern that comes with pets on a property is the damage they can cause. Well, property management services like PMI St. George provide any maintenance that might be necessary after pets stay on your rental property.
We'll communicate and enforce tenant rules. We'll communicate with your tenant and vendors to take all the headaches out of rentals with pets. That way, you get all the benefits of your investment property without any of the drawbacks.
Ready for the Property Management You Deserve? Contact PMI St. George
We hope this guide helped you consider some of the pros and cons of allowing pets in a rental property. Here at PMI St. George, we know that different property owners have different preferences when it comes to pets.
That's why we meet you where you're at with individualized service. So, whether you want to allow pets or not, we can make sure that your rental properties are successful. If you want to learn more about how we can help you, contact us today.