Did you know that about 80 million households in the United States own either a dog or a cat? With so many people owning pets in this country, the debate has come up as to whether it is worth it for a landlord to allow pets in a rental property.
What are the pros? What are the cons? This guide breaks down each side.
Pros
One of the biggest reasons you should allow pets in a rental property is that there is a large target audience for it. With 80 million people owning pets in the United States, some are likely looking for a place to live.
Allowing pets in your rental lease terms can give you a leg up on your competition. That is because these pet owners may not be able to take their pets to your competitors. As a result, you could almost attract tenants by default.
Pets also tend to make a house a home. An individual or a couple is likely to be happier living with their pet compared to living without one.
Studies show that pets tend to decrease stress and improve heart health. That means that your tenants are likely to be happier where they are because they have their pets.
This can turn into a good thing for you because you will likely need these tenants to extend their lease at some point. It is a safe bet that they are more likely to do so if they are happy living in your rental unit with their pets.
If you want to attract a wider audience and increase the chances of tenants renewing their leases, this is the way to go.
Cons
Despite there being good reasons to allow pets, you do have to think through if the cons of allowing them are worth it. Two main cons tend to come up when you allow pets.
The first is the increased potential for rental property damages. Cats and dogs could end up damaging the walls or the floors in a unit if they are not carefully disciplined. Not to mention if they go to the bathroom all over the place in the rental unit, it is likely to leave an unpleasant odor behind.
All of these things could make it more difficult to rent a unit out to a future tenant.
You also have to think about how your other tenants feel about pets. If the majority do not like pets or are severely allergic to them, you may end up unintentionally driving good tenants away.
Should You Allow Pets in a Rental Property?
So, should you allow pets in a rental property? The answer honestly depends on your circumstances.
You should take the time to survey your current tenants and see how they feel about this. Also, make specific rental property rules that address pets in the building.
If you still think it is worth it, you could see more rental income and more people renewing leases.
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