Did you know that 38.4% of US households own a dog and 25.4% of US households own a cat? These large numbers may have you wondering whether or not you should allow pets in a rental property.
Allowing pets in your rentals is a decision that you must carefully consider, as it comes with both advantages and disadvantages. Let's dive into the pros and cons of adopting a pet-friendly policy in your rentals.
The Pros of Allowing Pets in a Rental Property
If you choose to allow pets into your rentals, then it is important to ensure that you strike the right balance between accommodating pet owners and protecting the interests of other tenants. These are the perks you can enjoy by expanding your rental tenant terms to allow pets.
Larger Rental Property Tenant Pool
By allowing pets in your rentals, you may have an easier time attracting tenants to your properties. As mentioned before, many people are pet owners, and by embracing a pet-friendly approach, landlords can tap into this demographic and fill vacancies much faster.
One big benefit of allowing your tenants to own pets is higher rental payments. Landlords have the opportunity to charge pet fees or higher rent for tenants with pets. This will provide additional income, which could compensate for the potential risks associated with accommodating pets.
Tenant Satisfaction and Longer Tenure
Allowing pets will likely keep your tenants happier for longer. Tenants with pets may be more inclined to stay longer in a pet-friendly property, which also fosters positive landlord-tenant relationships.
Lower Vacancy Rates
Pet-friendly properties may experience far lower vacancy rates. In a competitive rental market, allowing your tenants to have pets can be a crucial factor that attracts tenants who may otherwise struggle to find a place that allows their pets to reside.
The Cons of Allowing Pets in a Rental Property
While there are many advantages to allowing pets in your rentals, there are also a few drawbacks. These are the disadvantages of including tenants with pets.
Rental Property Damage
One of the primary concerns with allowing pets is the potential for property damage. Pets may scratch floors, chew furniture, or soil carpets, leading to costly repairs.
Allowing pets introduces the risk of liability. If a tenant's pet causes harm to another tenant, the landlord may face legal complications.
The fact that 10-20% of the adult population is allergic to cats and dogs could be an issue when it comes to allowing pets in your rental. Allowing pets may lead to complaints, or, in extreme cases, health issues for other tenants.
Pets, particularly dogs, can create noise disturbances that may bother other tenants. Barking, whining, or other noises can lead to conflicts between neighbors and affect the overall harmony of the community.
Trust Us With Your Property Management Needs
Allowing pets in a rental property comes with both advantages and disadvantages. In the end, however, the final decision is entirely up to you.
If you need assistance managing your Memphis rentals, then get in touch with PMI. We have over 100 years of combined property management experience and a full understanding of the Memphis market. Feel free to contact us at any time.