Some landlords are surprised to hear that close to seven out of ten Americans own a pet.
This means that landlords have a tricky decision when it comes to welcoming pets in a rental property. As more people adopt pets, landlords need to assess their risk tolerance.
Is it time for you to accept renters with pets? Read on to learn the top reasons for and against pets in rental units.
Pro: Higher Rent
One advantage of allowing pets in rental properties in Empire is the potential to charge more rent. Pet-friendly properties are in demand, and landlords can capitalize on this.
They can have rental rates that are a bit higher for tenants with pets. This can lead to increased revenue for landlords over time.
Con: Bad Smells
One concern is the potential for bad smells. Pets like dogs and cats have the potential to leave lasting odors behind that can impact future tenants.
Landlords may need to invest in professional cleaning services more often to address these issues.
Pro: Larger Applicant Pool
Another benefit is the possibility of attracting a larger applicant pool. Many renters in Empire have pets and need suitable housing options.
By allowing pets, landlords open up their property to many more potential tenants. This boosts the likelihood of finding a nice renter fast.
Con: Loud Noises
Another drawback is the possibility of loud noises. Dogs and some other pets can bark or make other loud noises that disturb neighbors and other tenants. This can lead to complaints and potentially even legal issues if not addressed right away.
Landlords may need to set clear guidelines and enforce noise restrictions to reduce these problems.
Pro: Longer Tenure
Allowing pets in rental properties can also result in longer tenant tenure. Pet owners often stay in their rental homes for longer periods since it can be tricky to relocate.
Longer tenant stays mean less turnover for landlords to deal with. They save money and time hunting for replacement renters.
Con: Potential Property Damage
One significant drawback of allowing pets is the risk of property damage. They have the potential to harm the floors, walls, furniture, and other fixtures within the rental unit.
Scratches, stains, chew marks, and accidents are common issues that landlords may encounter when tenants have pets.
Pro: Enhances Property Security
Allowing pets in Empire rental properties can enhance property security. Many dogs have protective instincts and are territorial. As a result, having a pet on the premises can keep potential intruders or burglars at bay.
Pets may alert their owners to suspicious activity or strangers approaching the property, which gives another layer of security. This helps build a safer living environment for all tenants within the rental property.
Taking Pets in a Rental Property Could Be Wise
Welcoming pets in a rental property isn't something that all landlords feel comfortable doing. After unpacking these pet highs and lows, you can better understand what's right for your rental property business.
Whether you take pets or not, having a property management team to back you up is helpful. Contact PMI Inland Empire so we can tell you about our winning property management solutions. We've been helping landlords for over two decades.
