Millions of people have pets and around 78% travel with their furry friends.
You may be wondering why this information is important for you to know. As a rental property owner, you must decide if you're going to allow tenants to bring their companions.
There are numerous benefits of allowing pets in a rental property. However, there are a few potential downsides that you need to know.
We know this can be a tough decision, so we've put this guide together. Below, you will read about the pros and cons of pets on your property. By the end, you'll have all the information you need to make an informed choice.
Pros of Allowing Pets
You can benefit by allowing pets in a rental property. Pet owners are typically responsible as they have to care for their animals. This can translate into responsible tenants that will care for your property.
Higher Rental Demand
By allowing your tenants to bring their pets, it'll be easier to fill vacancies. Pet-friendly properties are in higher demand. This gives your property a competitive edge.
There are a lot of properties on the market, but there aren't many that allow animals. This limits the options for those who have pets. With more than 50% of renters traveling with animals, you'll have a greater chance of keeping your property filled.
Longer Tenancies
Once a pet owner finds a place to stay, they'll be more likely to stay longer as it's hard to find accommodations. This benefits you as it reduces turnover costs.
Potential for Higher Rent
Another reason to allow pets is the potential for more profits. People will be willing to pay if they can bring their animals. You can also charge a pet deposit.
This will help offset the costs associated with allowing pets on your property.
Cons of Pets in a Rental Property
Wear and tear is normal when you're renting out your property. However, you can expect more when you allow tenants to bring pets.
Pets can cause stains and scratches. There may even be a bad odor that you have to spend time getting rid of.
A pet deposit can help cover any property damage.
There is also a risk of noise disturbance. Loud birds or barking dogs may result in complaints from neighbors. It's important to implement guidelines and have a pet interview to reduce this risk.
You may also be concerned about liability. Insurance and a detailed lease agreement can help mitigate any concerns.
The Pet Puzzle: Creating the Perfect Rental
All the decisions you make about your rental property are important. Deciding whether to allow pets in a rental property can be tough. Knowing the pros and cons will make it a little easier.
You'll have to decide if having pets on your property is beneficial. The good news is, you can always change your policy before a new tenant moves in.
Our staff at Gates Management & Realty has over 50 years of experience combined. We can help you manage your rental property and support you through all the tough decisions. Give us a call today!