62% of Americans own a pet, and most consider their pets family members. In other words, when they move, the pets move with them. For renters, this can be tricky.
As a landlord, will you allow pets in a rental property? Even landlords who love their own pets are often hesitant. It's a tough decision.
We're here to lay out the pros and cons so you can decide for yourself. Read on to learn more.
Benefits of Allowing Pets in a Rental Property
Allowing pets in a rental property can offer several significant advantages for landlords (and, of course, for tenants). First, it broadens the tenant pool, attracting a more extensive range of potential renters. This will include the large number of households that already own pets (as we mentioned) as well as people who know they'd like a pet in the future.
This can lead to reduced vacancy periods and longer tenancies, as pet owners often have difficulty finding pet-friendly housing and choose to renew their leases. Vacancies can be expensive for landlords, so minimizing them in any way possible is fantastic.
Allowing pets can result in higher rental income, whether through pet fees or increased rent rates. Pet owners tend to be responsible tenants who appreciate the privilege and are more likely to take good care of the property. They don't want the stereotype of pets causing rental property damage to be proven true.
If you can establish clear pet policies and pet-related rental property rules, pet owners can be some of your best tenants!
Downsides of Allowing Pets in a Rental Property
With this in mind, there are some potential downsides that make the benefits a bit less appealing.
One is, of course, the potential for rental property damage. Even well-behaved animals can have accidents or scratch up walls when in distress.
You run the risk of allergies or phobias in future tenants who may prefer to live in pet-free apartments. While this is a smaller limiting factor for you, it will still limit your tenant pool in some capacity.
You may need more extensive cleaning and maintenance when pet-owning tenants move out. This isn't always the case, and you should already be cleaning between tenants, but it's something to keep in mind.
Again, landlords should establish clear pet policies and rules. You can charge pet rent or a pet deposit to minimize your costs when it comes to maintenance and repairs, and you can even set breed or size restrictions.
Will You Allow Pets in Your Phoenix Rental Property?
Only the landlord can decide whether or not to allow pets in a rental property, and it's a big decision! Will you allow furry friends, or will you keep your property pet-free? Ultimately, it's up to you but weigh the pros and cons carefully.
This is one of many tough decisions you must make as a landlord. At PMI Phoenix Metro, we can help with this and many other tough decisions. Learn more about our property management services and reach out for a consultation today.