Should You Allow Pets in Your Rental Property?
Allowing pets in a rental property has been a long-standing topic of debate. The final decision on whether you are going to allow pets or not will come down to personal preference, but here are a few things to consider.
Disadvantages of Allowing Pets:
- Increased Risk of Damage to the Property – While carpeting tends to be the first piece of damaged property that comes to mind, other damaged items may include chewed corners, scratched windowsills and the need to repaint or cover holes in the wall.
- Noise Complaints – Especially if you are a multi-unit property manager, barking or other animal noises may disrupt other tenants.
- Future Rentability – Even after you clean your unit from top to bottom, some traces of the pet may still linger. This may turn away future tenants who are allergic to pets or are simply not pet lovers.
Advantages of Allowing Pets:
- Larger Tenant Pool – You would be surprised at how many apartment hunters are also pet owners. By allowing pets, you have a larger number of tenants to choose from and therefore have the freedom to be more selective.
- Higher Rental Rate – Due to the fact that pet-friendly rentals are more difficult to come across, there is higher competition. A FIREPAW study showed that rental rates could be increased up to 25% when pets are allowed.
- Lower Turnover of Tenants – With many apartments not allowing pets, if your tenant and their pet are satisfied with your unit, they will be more inclined to stay as opposed to move and repay pet deposits. This means lower turnover rate for landlords and less work to acquire new tenants.
Another factor to consider is that some tenants may bring pets into your rental unit, even if your lease clearly forbids them. This could result in the need to evict the tenant, which requires a lengthy process or additional costs to repair pet damage on the property. Many landlords find themselves looking at costs they were not prepared for since they did not allow for pets in the first place. One option is to allow pets, but with restrictions and put upfront costs and damage fees in place to minimize your cost.
If you are considering making your rental apartment a pet friendly unit, contact Harland Property Management today. Our expert management consultants will make sure the correct lease agreements are in place for protection against damages and additional costs due to pets.Our years of experience in the rental management industry provide our clients with peace of mind knowing their rental investment is being protected. Call us at 858-367-0343 to speak with a management consultant and receive an instant quote.