About 70% of U.S. households own pets. Many of these people are renters, and they're looking for properties just like yours! You have to make the difficult decision about whether or not you're going to allow pets in rentals.
Many landlords don't spend any time on this decision. They've decided that they don't like pets and that's the end of it! But is that really the best option?
We're here to discuss some of the pros and cons of allowing pets in a rental property so you can make an informed decision. Read on to learn more.
Benefits of Allowing Pets
So why should you allow pets in rental properties?
First, it's a great thing for your community. Local animal shelters in Spokane are full of loving pets looking for homes, and if landlords don't allow pets, those shelters will be overrun.
Allowing pets will also attract plenty of tenants.
Not all landlords allow pets, so tenants with pets will be fighting to rent your properties. You'll have far more potential tenants to choose from and you're likely to experience fewer long-term vacancies.
People with pets will also spread the word. When they're getting ready to move out, they may recommend your property to their friends or family members with pets.
Pet owners also have the potential to be more responsible than non-pet-owners. These people know the risks associated with pet-related damage, and they're often more than willing to clean up messes and pay for damage.
Downsides of Allowing Pets
So if that's all true, what are the downsides of allowing pets in your rental property?
Well, speaking of damage, it's always a possibility. Pets may chew or otherwise damage walls, floors, and outdoor areas. If you rent out furnished apartments, they could also damage furniture.
While pet owners are responsible for that damage, it could also end up costing you more money.
While this is uncommon, some tenants may not want to live on a property that allows pets. Tenants with extreme pet allergies may ask to terminate their lease early.
Can You Meet in the Middle?
Allowing pets is a calculated risk, so is there any way to make it a more appealing option?
First, you can charge a pet fee or pet rent. A pet fee is a one-time non-refundable deposit and pet rent is a small monthly fee added to the tenant's rent. This way, you'll be able to pay for damage if necessary without fighting with the tenant.
You can also limit the types of pets. You may not allow dogs in rentals, but you could allow cats. You could set size or breed restrictions.
You have options.
Will You Allow Pets in a Rental Property?
Deciding whether or not you'll allow pets in a rental property is tricky. Consider these pros and cons while you're making your decision! Will your property be pet-friendly or fur-free?
At Homeriver Group, we aim to help Spokane landlords with all of their property management needs. Let us help you make these tough decisions (and more) Contact us so we can start working together today.