More Americans currently have pets than children, and people adjust their home-buying habits to accommodate their animal companions. They're also a core consideration when looking for a rental unit.
There are pros and cons to allowing pets in a rental facility, but most landlords find them worth the risk. Read on to learn why.
Pro: You'll Find More Tenants
62% of Americans own a pet. 97% of them say that pets are an important part of their family.
No one is going to give up a family member to move into a rental property.
This is especially true when the real estate market is so huge. Landlords have a lot of competition, and there's virtually no way for those who don't allow pets to remain competitive.
If you have an open pet policy, you'll be able to find quality tenants more quickly.
This also means shorter vacancy periods. If you don't allow pets, you may wind up with an unoccupied property for several months on end. This costs more than even the worst (unlikely) pet damage, making pet-friendly leases well worth the cost.
Con: Pet Damage Possibilities
A primary reason that landlords often don't allow pets is that they worry about damage to the unit. This makes sense. Cats and dogs do sometimes scratch up doors and carpeting, and there's no way for you to make sure that they're properly trained.
However, remember that humans can also be destructive. Babies and toddlers don't really pose any more of an issue than cats do. They can even be louder sometimes.
Pro: Renting on Your Terms
Instead of restricting pets from being in properties entirely, set some limits about what to allow.
You can create a policy where people are only allowed up to two pets. This limits the potential for damage inside the unit. When there aren't too many animals to take care of, people can devote more time to training and cleaning up after the pets they already have.
You can also only allow certain types of pets or those up to a certain size. Some properties only allow cats because they're less destructive and quieter than dogs. Others set weight limits on pets so that small dogs are allowed but not big ones.
Pro: Higher Income for Landlords
Landlords can charge additional rental income for tenants with pets. This "pet rent" can get you an additional $25-$50 worth of money each month.
If any pet-related damage does happen, it will cover the destruction. If it doesn't, you have some extra cash to pocket.
It's also more likely that good tenants will renew leases. No one wants to scour for a new pet-friendly rental property or pay another pet fee. Your long-term renter potential will increase.
Beyond Pets in a Rental Property
Pets in a rental property usually lead to responsible tenants rather than property damage. Lower vacancy rates, more tenant options, and a higher income are great advantages for landlords.
Now that you know the pros and cons of a pet-friendly rental, it's time to get property management assistance in Atlanta, GA. Get a free rental analysis to learn exactly how profitable your unit can be.