Are you aware that seven out of ten households in America have one or more pets?
People who own properties don't need to worry about adopting animals, but renters can struggle to find suitable homes. This predicament puts rental property owners in a unique situation.
Have you been wondering if you should allow pets in a rental property? Keep reading to learn about all of the benefits and drawbacks so you can make the right choice.
Pet-Friendly Rental Properties Can Charge More Rent
One of the main reasons why property owners decide to allow pets to move in is that they can charge more rent each month. There are also other kinds of pet fees that you can boost your profits.
Many pet owners are fine with these pet fees since they understand that pets have the potential to give landlords more expenses.
Some of Your Profits May Go Toward Repairs
Some rental property owners are hesitant to allow pets because they're worried about expensive damage. If pets aren't well-behaved, then they could scratch up the environment.
You may also need to replace the carpets since pets could have accidents indoors. It's also good practice to remove the carpets after a pet owner leaves in case the next renter has dander allergies.
You'll Have More Applicants When You Allow Pets
As you can see, pet owners are a huge demographic in the American population. Restricting them from your property will shrink your applicant pool by a significant amount.
If you don't ever want to worry about vacancies or having limited access to responsible renters, then you may want to consider allowing pets.
Other Tenants May Not Appreciate Pets
Good pet owners will train their dogs to be quiet unless there's a real threat to know about. If you allow irresponsible pet owners to rent one of your units, then you run the risk of disturbing everyone else around them.
One of the most helpful landlord tips is to always meet pets in person before you approve them. This gives you the chance to observe their behavior.
You'll Have Fewer Vacancies
Another wonderful perk that comes with approving pet owners is that they might rent longer than people without pets. The reason why this happens so often is that finding pet-friendly rental properties is a hassle.
Reducing your turnover rate is the key to maximizing your long-term profits. You can make more money even after you cover the higher maintenance costs of permitting pets.
Allowing Pets in a Rental Property Could Be a Smart Move
As you can see, there are plenty of pros and cons of allowing pets in a rental property. Since there is no right or wrong answer, this guide will help you make the smartest decision for your individual goals.
Whether you allow pets or not, keeping your rental property running is a lot easier with a property management company. Contact us to learn how we can help you get the most out of your Vancouver, WA rental properties.
