Can you believe that around 70% of households in America own at least one pet?
Homeowners don't have to worry about adding furry friends to their family since they can do whatever they want on their property. However, pet ownership can make life more complicated for people who rent.
If you own a rental property, then you have to decide if you'll be allowing tenants with pets to move in. Keep reading this guide that breaks down the top pros and cons of allowing pets in a rental property.
Pro: You Can Attract Way More Tenants
Renting with pets can be quite a challenge since pet owners have fewer options to consider. This means that you can enjoy a much bigger pool of applicants by letting pets live on your property.
Since the tenant screening process can weed out a lot of bad eggs, it's always nice to have more good applicants to review.
Con: Pets Can Cause More Property Damage
One major downside of having a pet-friendly rental property is that you could increase your chances of having property damage. Pets can go to the bathroom indoors, scratch the walls and doors, and leave behind lots of allergy-inducing dander.
You'll need to ask yourself if you're willing to deal with these risks. Many pet owners argue that allowing unruly children in rental properties is more expensive than allowing well-behaved pets.
Pro: Tenants With Pets Tend to Rent Longer
One of the greatest benefits of tenants with pets is that these renters tend to stick around longer than others who don't have pets. The reason why is that not all rental properties allow pets.
This means that you can avoid expensive vacancies as long as you provide a safe, comfortable home for people who have pets.
Con: Pets Can Bother Other Tenants
As much as people love their pets, some owners are diligent enough when it comes to training. This means that pets can bark at all hours and disturb other renters. Irresponsible owners can also leave their pet's droppings outdoors.
One way that you can keep the peace is to meet the pets before you approve an application. This will allow you to determine if they behave well.
Pro: You Can Charge Higher Rent
A brilliant way that property owners work around the risk of property damage is by charging pet rent. This means that you can collect even more money each month by allowing pet owners to move in.
You should be able to earn more money even after you've factored in your expenses.
Now You Can Decide If You'll Allow Pets in a Rental Property
There are lots of points to consider when it comes to allowing pets in a rental property. After reading this guide, you can make the best decision for your needs.
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