It's vital to know that 62% of Americans own at least one pet.
This means that landlords have a big decision to make when it comes to accepting renters with pets. While there are some unsettling risks, there's still a lot to gain from this move.
What should landlords know about accepting pets in a rental property? Read on to break down the pet perks and drawbacks.
Pro: Longer Tenure
Allowing pets in your rental property can lead to longer tenant tenure. Pet owners often find it challenging to locate pet-friendly housing, and once they do, they're more likely to stay in one place for an extended period.
This longer tenure can save you the hassle of finding new tenants often and reduce vacancies in your property.
Con: Foul Smells
Foul smells are a major concern associated with pets in rental properties. Pets can create odors that linger in the living spaces, and these odors may be challenging to eliminate.
Landlords must consider the potential costs and efforts involved in addressing foul smells caused by pets, which can affect the property's appeal to future tenants.
Pro: Higher Rent
By permitting pets, landlords can often charge higher rent. Pet owners, recognizing the scarcity of pet-friendly rentals, may be willing to pay a premium for a suitable place that accommodates their furry friends.
This can contribute to increased rental income and improved return on investment for the property owner.
Con: Potential Property Damage
Landlords should be prepared for the possibility of repairing or replacing damaged items. This can be an added expense and inconvenience.
Pro: Expanded Tenant Pool
Allowing pets broadens your potential tenant pool. Many responsible pet owners are looking for suitable housing, and by opening your property to them, you tap into a larger market.
This expanded tenant pool can be beneficial, especially in competitive rental markets where attracting quality tenants is crucial.
Con: Loud Noises
Noise disturbances can be a concern in properties that allow pets. Barking dogs, in particular, can be disruptive to neighbors and may lead to complaints.
Landlords need to establish clear guidelines on noise levels and ensure that tenants with pets are considerate of their neighbors to maintain a harmonious living environment.
Pro: Enhanced Wellness
Allowing pets can contribute to the wellness of your tenants. Pet-friendly environments create a positive atmosphere that fosters a sense of home for tenants.
This positive living experience may encourage tenants to take better care of the rental units. They'll be more open to having great relationships with you as well.
Accepting Pets in a Rental Property Is Your Decision
Accepting pets in a rental property isn't always a simple decision. It's up to you to weigh these perks and drawbacks to see what feels right for your business. With enough precautions, you can enjoy the perks of pets without major risks.
No matter which decision you make, a Richmond property management team can help your business. Contact PMI Richmond to discuss our incredible property management solutions. Our team has many decades of combined experience.
