62% of Americans own pets, and 51% consider these furry friends as part of their family. Considering that many of these people are renters, you can bet that there's a sizable group looking for a place that'll take not only them, but also their pets.
If you don't already own a pet-friendly rental property, then it might be time to consider expanding your tenant base. However, there are several pros and cons of allowing pets in a rental property.
Read on to see what they are to determine whether it's a worthwhile endeavor for you.
Pro: You'll Have an Expaned Tenant Pool
One of the most obvious pros is you can attract a larger pool of potential tenants. This is especially true if other rentals in the Huntsville, AL area forbid pets.
Those looking for pet-friendly accommodations will flock to your properties.
Pro: You Can Charge Higher Rent
Since it's difficult to find pet-friendly rentals in the area, people will be willing to pay a premium for suitable accommodation. You won't have to worry about offering competitive prices, as the pet-friendly aspect will be sufficient enough.
You can even charge a pet deposit on top of a regular deposit. That way, if there are any damages, you won't have to pay too much out of pocket to fix them.
Pro: You'll Get Longer Tenancies
Renters love stability, especially if they have furry friends in tow.
If you're having issues with turnover rates and vacancy periods, then allowing pets in your units can reduce these. As a result, you'll have more consistent rental income.
Con: Potential Damages
Speaking of damages, it's likely that some pets are misbehaved, and they can chew furniture, cause stains on carpets, and scratch floors. Plus, they can leave behind fur, dander, and odors. This will require additional repair and maintenance costs for you.
However, the pet deposit mentioned above should easily take care of this con. Using property management services can help too, as you won't have to deal with coordinating anything.
Con: Noise Disturbances
A healthy and well-trained dog barks between 40 to 100 times a day, but the exact amount will depend on the breed and environment. Of course, a stimulated and happy pup may only bark a few times daily, but all it takes is one unhappy and untrained canine to bark continuously throughout the day and disturb your tenants.
These noise disturbances can lead to complaints and even legal issues.
Con: Allergies and Health Concerns
Unfortunately, many people are allergic to animals, and they may have health issues that are aggravated by exposure to them too.
While you can attract a larger tenant pool by allowing pets on the property, you might also alienate those who can't live in a place with pets due to health reasons.
Should You Allow Pets in a Rental Property?
Now you know some of the pros and cons of allowing pets in a rental property. It's up to you to weigh them up and decide whether it's worth your time and effort to do so.
Whatever you decide, a property management company can assist in all the tedious work so you don't have to.
If you'd like property management services, then get a free rental analysis from us today.