Imagine a pair of sweet puppy dog eyes, begging for a home. For many pet owners, seeing that expression in a furry friend's wide gaze is a reality. It's not always easy for animal lovers to find a home for themselves and their pets.
On the fence about allowing pets in a rental property? Read on to weigh the pros and cons first. After reading this guide, you can make an informed choice with your investments in mind!
Pro: Higher Rental Payments
Though market value will determine your rent prices, allowing pets could help you generate more revenue. Instead of setting the rent higher, you can charge:
- Pet fees
- Pet rent
- Pet deposits
Pet fees are one-time payments that are non-refundable. They cover potential damage in advance. You can charge between $50 and $500 per pet.
The pet rent is a monthly fee you can charge on top of the tenant's normal rent. The fee varies between $25 and $100 per pet every month.
The deposit is a one-time refundable deposit to cover damages. You can charge between $200 and $500 per pet.
If the pet doesn't cause any property damage, this money can go straight into your pocket. Allowing pets will allow you to make more money per tenant.
Con: Property Damage
Allowing pets in your rental properties could lead to property damage. They could chew at wood fixtures, urinate on the carpets, or scratch wood floors.
Consider setting property rules before allowing pets. Define the renter's responsibilities and what damages you'll take out of their pet deposit. Keep up with property maintenance between renters.
Pro: Ease Getting Tenants
If you struggle with getting tenants, consider allowing pets in your rental properties. Over half of US pet owners say their pets are part of the family. They won't part with their furry friends to live in your investment property.
When marketing your investment properties, mention that you allow pets. Specify the types of pets allowed. Pet owners will be more inclined to choose your property if others don't allow pets.
Con: Odors
Pets can urinate on carpets or outside the property, allowing odors to develop. Remind tenants that they're responsible for keeping the unit clean.
Pro: Longer Tenure
For some owners, finding rentals that allow pets isn't always easy. Once they find a property that does allow pets, they may not want to leave. You could have an easier time getting and retaining tenants.
Retaining tenants can lower your vacancy rate. You'll generate more revenue long-term if you allow pets and lease extensions.
Con: Noise
Mention quiet hours in your property rules. Otherwise, you may have to deal with the annoyance of yappy animals in your renters. Neighbors may complain.
Allow your property management company to handle these disputes. They can enforce your property rules.
Will You Allow Pets in a Rental Property?
To recap, should you allow pets in a rental property? It's up to you! Consult an experienced property management company to make an informed choice.
Look no further than PMI Alliance. Our full-service property management company has nearly 20 years of award-winning service. We help property owners maximize their earning potential.
Our team tailors services to the unique requirements of each client. Contact us today for Dallas property management you can trust.
