As a property owner, there are many hard decisions you have to make when choosing which renters to allow at your property. One of these choices is whether or not to allow pet owners. Most pet owners consider their pet as family and wouldn’t even consider living somewhere that would require them to give up their furry friend. However, there are some concerns when it comes to the damage pets might cause. To make this decision a little easier, here are a few pros and cons to consider.
- More Applicants
According to recent statistics, more than half of renters own pets. If you set a strict “no pets” policy, you give up on the majority of prospective renters. However, if you choose to be more flexible and allow pets, you reward yourself with a much larger pool of applicants to choose from.
- Longer Tenancy
Because there are so few rentals that allow pets, pet owners have a hard time qualifying for rent. This means that when they are approved to live somewhere, they tend to stay there much longer than those without pets. As a landlord, this means lower vacancy rates and longer leases.
- Responsible Tenants
Being a pet owner means these prospective tenants can take care of themselves and choose to take care of another living creature. This can give you peace of mind as their landlord that they’ll be responsible and mature enough to take care of your property.
- Higher Rent
Since few rentals allow pets, those that do tend to charge more. Pet owners expect this and are usually willing to pay the difference. Whether this is an extra security deposit for each pet or simply a higher monthly rent, this means more money and peace of mind for you.
- Increased Damage
Many times, the first thing a property owner imagines when they think of pets is damage. This is hard to argue, as pets can be likely to damage carpets and hardwood floors as well as subfloors and drywall. They could even try to chew through doors or damage the landscaping. Although there are pets more well behaved than others, wear-and-tear tends to go beyond normal if pets are involved.
Although some pets are better than others, smells and pets tend to go hand in hand. Whatever the smell may be, they tend to linger, especially in carpeted areas. These can also be difficult to remove, especially if the tenant has lived there a long time.
Even if a tenant’s pet is very well behaved, problems can still occur. Maybe they end up barking in the middle of the night, causing noise complaints. Or they might feel threatened and bite another tenant. Unfortunately, a pet’s behavior can be hard to predict or control.
If you’re still on the fence, it might be in your best interest to try it out. There may be some risks associated with allowing pets, but the benefits tend to outweigh them. Allowing pets opens your property to a wider range of applicants and will allow you to do business with people that care about more than just themselves.