Imagine a big pair of puppy dog eyes staring back at you, yearning for a home. Can you say no? Unfortunately, many landlords are pressed to make the same choice.
Families come in all shapes and sizes, with 51% of Americans claiming their pets are a member of the family. Allowing pets in a rental property can help you attract new tenants. However, it could also lead to rental property damage.
Not sure which choice to make? Read on to review the pros and cons before permitting pets in your Boise, ID properties.
Pro: Larger Tenant Pool
If you decide not to allow pets, you're closing yourself off to a large tenant pool. In fact, 72% of renters have pets. Unfortunately, finding adequate rental housing is such a problem that many dogs and cats end up in shelters.
Though pets live in two-thirds of American homes, renters struggle to find properties that welcome animals. While 78% of apartment buildings accept pets, many rentals have weight limits and breed restrictions.
You can use this to your advantage. Pet owners are looking for rentals that allow their pets. Inviting them to stay in your property can boost your occupancy rate and ROI.
Con: Rental Property Damage
You can't control everything that happens once pets move into your properties. Rental property damage is a risk. Consider establishing rules before renters move in.
Have them pay a pet fee, deposit, and rent. You can use these funds to cover any damages.
Pro: Longer Tenant Tenure
You could extend your tenant tenure if you allow pets. Remember, pet owners are struggling to find pet-friendly rentals. Once they find you, they may not want to leave.
You can generate more lease renewals. Retaining renters will boost your ROI.
Con: Noise Complaints
Use tenant screening services to ensure you're finding reliable renters. Don't choose renters with a history of noise complaints. If their pet barks at all hours of the night, it could upset neighbors.
Pro: Timely Rent Payments
Pet owners want a great place for themselves and their pets. They won't risk getting evicted. These renters are more likely to send timely rent payments.
Con: Odors
If an owner hasn't trained their pet, their animal could have accidents on your carpets. Odors could develop within the unit.
Make sure to charge a monthly pet rent. Use these funds to replace the carpets after your tenants leave. Otherwise, you may struggle to attract new renters later.
Start Allowing Pets in a Rental Property
For many landlords, the pros of allowing pets in a rental property outweigh the cons. To make an informed choice, consult an experienced property management company. They'll help you evaluate your options based on your unique goals.
Wave Property Management is dedicated to helping clients accomplish their investment goals. We'll help you build your financial security using cutting-edge software and consistent property management.
We believe in accuracy, transparency, and attention to detail. Stress more, earn more, and get your time back. Contact us today for help with your rental properties.
