A whopping 70% of U.S. households own at least one pet. With so many people renting rather than owning homes, that means many of them could be your future tenants.
You might be wondering whether or not allowing pets in a rental property is a good idea. After all, couldn't they cause damage? We're here to talk about it.
Read on to learn a few pros and cons of allowing pets in your rental properties.
Downsides of Allowing Pets
Despite there being so many pet-owning potential tenants who are ready to move into your rental properties, it isn't always the best choice to allow them. There are a few downsides to consider before you make your decision.
First, there is a real threat of pet damage. While it's not as common as some landlords would have you believe, it's always a risk. If you have furnished properties, there may be an even greater risk of damage.
Some of your current tenants may be unhappy if you allow pets on the property. Again, this isn't common, but if someone has a severe pet allergy, they may have only moved onto your property because of your no-pet policy.
You may also be at risk of liability lawsuits, though you can mitigate this risk.
Benefits of Allowing Pets
As we mentioned before, countless households have pets. When you allow pets on your rental properties, you're going to attract more potential tenants. If you struggle with vacancies, this is a huge benefit.
Pet owners are grateful to landlords who allow pets, and they're more likely to renew their leases as a result. They know how hard it is to find other pet-friendly rentals. They may also recommend your properties to friends and family members who have pets.
When you allow pets, you're also doing a good thing for your community. Harrisburg animal shelters are full of pets who are waiting for homes! Your tenants will be able to take in those animals.
Can You Meet in the Middle?
So what if you want to allow pets, but you're also worried about mitigating risks? There are ways that you can meet in the middle and protect your property and other tenants while still allowing pets.
First, you have the option of restricting what types of pets tenants can have (though this doesn't apply to service or support animals). For example, you may only allow cats or animals that are below a certain size.
You can also charge tenants with pets extra fees. Pet deposits and pet rents are common. Those extra fees will help you cover potential damage in the future.
Requiring renter's insurance from all tenants can also help you avoid risks.
Will You Allow Pets in a Rental Property?
Deciding whether or not to allow pets in a rental property isn't an easy decision for all landlords. Keep these downsides and benefits of pets in rentals in mind when you're deciding what's right for you.
Are you looking for more landlord advice and help with maintaining your property? At Homeriver Group, our team of property managers can help.
Contact us so we can start working together today!