As a rental property owner, you may be wondering if allowing pets in your rental is a good idea for your rental management company. There are pros and cons to this decision and weighing out each one is important in order to make the best decision for your rental property.
Here are some things to consider:
Pros
More Possible Tenants
A 2021-2022 survey conducted by the American Pet Products Association (APPA) found that 70% of households own a pet. This is a large portion you’d be excluding by choosing to restrict pets.
Therefore, by allowing pets in rental units, you’re automatically opening your rental property up to a wider pool of possible tenants.
Boost Demand for Your Property
In areas where rental properties that allow pets are scarce, you may find that your rental property is in high demand. This could lead to you having your pick of tenants instead of having to settle for someone who may not be the best fit.
Good Occupants
People who have pets are often more responsible than those who do not have pets. This is because they have to be mindful of taking care of another living creature and ensuring that their pet is well-behaved.
This attribute is something you want in your tenants as it could lead to them taking better care of your rental unit and being more likely to renew their lease – something a rental management company can help you figure out.
Possibility for Higher Rent
Since there is often a higher demand for rental properties that allow pets due to the increasing average of households with pets, you may be able to charge a higher rent for your property. You can tack on a pet fee which can cover any potential damage you’re afraid of as well.
It’s important to note that it’s illegal to charge pet fees for emotional support animals and service animals.
Occupant Satisfaction
Allowing tenants to bring their pets with them when they move into your rental property is a great way to ensure that they are happy with their rental.
According to Heart, studies show that dogs reduce stress, anxiety and depression; ease loneliness; encourage exercise and improve your overall health. For example, people with dogs tend to have lower blood pressure and are less likely to develop heart disease.
Pets make for happy tenants that are stable. And, happy tenants that renew their lease are good for rental property owners!
Cons
Possibility for Damage
One of the biggest concerns that rental property owners have about allowing pets in their rental is the possibility for damage. Pets can scratch floors, walls, and doors; they can also have accidents that may damage carpets or flooring.
Noise Concerns
Another concern that rental property owners have is the potential for noise complaints from neighbors. Dogs bark and cats meow, and this can be disruptive to others who live nearby.
This can cause for problems beyond one household and should be taken into consideration when making your decision.
Pet Dander and Hair in Air Ducts
If you allow pets in your rental property, you may find that there is an increase in pet dander and hair in the air ducts. This can be a problem for tenants who have allergies or asthma.
Partner with Amanica
If you’ve decided that you would like to allow pets in your rental property but are feeling overwhelmed with the idea of how to best go about it, consider partnering with Amanica.
Amanica is a rental management company that will help you find responsible tenants and work with you to create a pet policy that is fair for both parties. And when you’re in between rental tenants, take our advice on 9 maintenance items you should knock out.
