Imagine a big pair of puppy dog eyes as a smiling, panting pup stares back at you. Could you turn them away if they were looking for a home? Most animal lovers can't.
If you don't allow pets in a rental property, your vacancy rate could rise. After all, half of the pet owners in the US consider their pets part of the family.
Not convinced you should allow pets in your properties? Read on to review the pros and cons!
Pro: Increased Rental Property Tenant Pool
If you decide not to allow pets, you could close yourself off to potential renters. About 68% of households in America (85 million) own pets. In Texas alone, 43% of households have a dog.
Allowing pets will broaden your pool of potential renters. Otherwise, pet owners won't even consider applying.
As you generate more applications, you'll have an easier time finding reliable renters. Pet owners are usually responsible individuals. You can gather tenant screening reports to confirm you're choosing trustworthy renters.
Increasing your tenant pool will lead to a higher occupancy rate. Improving your occupancy rate can lead to more rental income.
Con: Rental Property Damage
Once renters and their pets move in, you won't have much control over their actions. Dogs and cats can:
- Chew on wood fixtures
- Destroy your landscaping
- Urinate or throw up on carpets
- Scratch doorways
Outline each pet owner's responsibilities in your rental tenant terms. Inform them that you'll subtract the cost of any rental property damage from their security deposit.
Pro: Higher Rental Payments
Consider charging pet owners a pet rent, pet fee, and pet deposit. These charges will lead to higher rental payments. You can maximize your earning potential if you allow pets.
Con: Noise Complaints
Cats and dogs can cause noise (especially when their owners aren't home), which could lead to noise complaints. Add quiet hours to your rental tenant terms. Otherwise, have a property manager enforce your rules and handle these complaints.
Pro: Longer Tenure
Finding a pet-friendly property isn't always easy. Pet owners may be more inclined to renew their leases. A longer tenure can improve your occupancy rate.
You won't have to worry about long-term vacancies, marketing available units, or screening applicants. Instead, you can retain renters to improve your ROI.
Con: Legal Issues
Require dog owners to have pet insurance before they move in. Confirm their policy covers dog bites. Otherwise, someone could hold you responsible if there's an incident.
Consider Having Pets in a Rental Property
Deciding whether to allow pets in a rental property doesn't have to feel like a hard decision. Instead, contact a property management company in Austin, TX. Rely on their experience and expertise to make an informed choice based on your goals.
Our team at PMI Austin has 20 years of real estate management experience. We use award-winning strategies to ensure each client's success, even in a competitive market.
We can help you make this decision while maximizing your earning potential. Contact us today to request our property management services.
