According to the Humane Society, over 72% of renters have some kind of pet. While these are often dogs or cats, not every landlord allows them on their properties. As a result, some pets are forced into shelters by their owners.
As a property owner, you need to understand the pros and cons of allowing pets in a rental property. The existence of a dog doesn't always mean your property will become damaged and lose value. However, that doesn't mean the owner is responsible enough to prevent that.
Here are some of the pros and cons of allowing pets into your investment.
Pros of Pets in a Rental Property
There are plenty of reasons to allow pets onto your rental property. As a landlord, the most important reason is that most U.S. households own a pet. On top of that, the recent pandemic has resulted in an abundance of pet adoptions.
As such, allowing pets onto your property greatly expands your tenant pool. It's one of the most important search results for anyone who owns a pet and wants to keep them.
In addition, millennials are the largest pet-owning demographic. They're also the ones most likely to rent a property rather than purchase one.
Cons of Pets in a Rental Property
The biggest drawback of pets is how it affects rental property maintenance costs. Dogs can dig up your grass, scratch up walls, and generate noise complaints from neighbors. Pet owners may not see this as an issue, but the property owner will.
Property managers can help keep an eye on pet owners for any noise violations or problematic behavior. If you want to avoid all that trouble, don't allow pets. However, this will limit your applicant pool by some amount.
How to Address Pets in Rental Tenant Terms
Rental property rules should always address pets in some way. If you allow them, include things like pet fees to cover damages, size limitations, and what kind of pets they can have.
Try to meet the pet along with the owner to get a good idea of their temperament. Ask how the owner cares for their pet and if they have any concerns. Only approve pets that you've met beforehand.
You may want to set terms for eviction in your lease, such as excessive noise or unhygienic behaviors like leaving feces in the yard. Your property manager can help figure out rental property pricing that matches up with other pet-friendly properties.
Manage Your Property More Effectively
Allowing pets in a rental property is a great way to expand your applicant pool. The downside is that there are a lot of considerations that go into it, such as how much to charge as a pet fee and what kind of animals are allowed. Prohibiting pets protects your investment but may make it more challenging to fill a vacancy.
PMI Savannah Metro provides property management services for Savannah and its surrounding communities. You can trust us with all of your residential and commercial property needs. Contact us today to schedule a consultation.
