Most Americans (about 62%) own a pet, but there's more to that statistic. At least half of pet owners in the U.S. view pets as family members, not just animals.
Across the country, it would seem the majority of rental property rules forbid pets for obvious reasons. Yet some tenants say they'd refuse to rent at a place with a no-pet policy against their ostensible "family member." Thus, every land owner has to consider one question: should you allow pets in a rental property?
In this guide, we take a look at the pros and cons of allowing furry (or not-so-furry) friends to reside in an apartment.
Pros: Pets in a Rental Property Are an Incentive
The main advantage of allowing pets in an apartment is that it increases your prospective tenant pool. It's more likely that your property will see less vacancy. Pet-friendly apartments are a hot commodity that prospective tenants fight tooth and nail for.
Plus, there are benefits to letting your current tenants have pets as well. Worried about losing that golden tenant? Use this as an incentive to lock them in for another year of lease.
Cons: Potential Property Damage
The main argument against pets is all the damage they cause. They scratch hardwood floors or do their business on carpets. They love to chew up couch cushions and anything they can get their paws on.
Some pets can be aggressive and pose a threat to neighbors and small children. For these reasons, many consider pets to be a liability in a rental property. Even well-behaved pets increase maintenance costs!
If you do allow pets, it's a good idea to include some liability insurance for them. If you don't, you'll have to bump up your tenant screening process to ensure they don't have a secret goldfish.
Pros: Higher Rent Prices
Landlords love timely rent payments, but do you know what they love more? Increasing rent. That's one of the things you're justified in doing when you allow pets.
Pet-friendly apartments almost always command a higher price. This is a chance to increase the ROI of your investment. At the very least, it's collateral for the cost of damages or liability insurance.
Cons: Complaints
What's worse than pets is often the irresponsible owners in charge of them. Nobody likes being unable to sleep at night because the neighbor's dog is yapping. If you do allow pets on your property, prepare for the possibility that you'll get complaints about them.
In most cases, noise complaints only require some apologies and an "it won't happen again." In extreme cases, it could get the HOA involved.
Manage with Green Tree Property Management
Pets in a rental property can increase your tenant pool and the rent you can charge them. On the other hand, they can drive up the cost of repairs and present a liability. There are pros and cons to either decision, so choose wisely!
Green Tree Property Management in Nashville can help you manage your property so you can focus on life. Get started with our ROI calculator and see how much you can earn with us.
