It's heartwarming that Americans adopt over 4.1 million shelter animals per year.
While every pet deserves a home, renting with pets can be difficult. Lots of rental property owners wonder if pets will wreak havoc on their businesses.
Is it a good idea to accept pets in a rental property? Read on for our breakdown of the bonuses and drawbacks of tenants with pets.
Pro: Expanded Rental Property Tenant Pool
Allowing pets broadens your potential tenant pool. Many renters in Charlottesville are pet owners who seek pet-friendly accommodations. By opening your doors to pet owners, you increase the chances of finding dependable tenants for your property.
Con: Rental Property Damage
Some pet owners don't give their pets enough entertainment and exercise to behave. This can lead to rental property damage that ranges from scratches on floors and walls to stains on carpets and furniture. The cost of these repairs could eat into your rental income and affect your property's condition.
Pro: Higher Rental Payments
Pet owners understand that their furry friends come with extra charges in the rental industry. As a result, they don't mind paying more in rent or pet fees to secure a nice home. This can translate to increased rental income for you, which helps to offset any potential risks associated with allowing pets.
Con: Potential Noise and Disturbances
Some pets may bark or create noise disturbances that can upset other tenants or neighbors. This could lead to complaints and conflicts that create unwanted tension. It impacts the peaceful enjoyment of your rental property for all parties involved.
Pro: Longer Rental Tenant Terms
Pet owners often enjoy setting down roots because there are lots of challenges when searching for pet-friendly housing. This can result in more stable tenancy and reduced turnover, which saves you time and resources on finding new tenants and preparing the property between leases.
Con: Increased Liability Risks
Welcoming pets in your rental property may expose you to potential liability risks. If a tenant's pet injures another tenant or causes damage to neighboring properties, you could be held legally responsible. This highlights the importance of thorough screening and clear terms about pet ownership in your lease agreements.
Pro: Welcoming Community Environment
Allowing pets can enhance the whole atmosphere of the community. Pets provide companionship and can foster a sense of camaraderie among tenants. Pet-friendly environments often feel warmer and more welcoming, which can contribute to a positive living experience for all residents.
Con: Higher Rental Property Pricing
While some pet owners may be willing to pay higher rent, others may seek to negotiate lower rent or avoid extra pet fees. Balancing the desire to attract pet owners with maintaining competitive rental pricing can be challenging. It may need careful consideration of market demand and the property's condition.
Accepting Pets in a Rental Property Can Be a Tricky Choice
Taking pets in a rental property isn't a decision you should rush into. Each rental property owner has different risk tolerances. Weighing these pet factors will guide you toward what's right.
Would you like some help running your Charlottesville rental properties? Contact PMI Commonwealth to discuss how our property management solutions will help. We've been empowering investors for over two decades.
