Around 62% of Americans have pets, but does that really mean you should allow them in your rental property?
Deciding whether or not to allow pets into a rental property is a bigger decision than it might seem on the surface. It's important to weigh the pros and the cons before blindly allowing pets into your property or being firmly against them.
In today's post, we'll tell you what some of those pros and cons are. Read on and you'll know exactly what pets in a rental property really mean for your investment.
Pro: Bigger Tenant Pool
One of the real benefits of allowing pets in your rental property is that you'll have a larger pool of applicants to choose from. When you have pet restrictions, you're potentially blocking 62% of people from even applying for your rental.
Including pet owners in the application process allows you to enjoy a thorough tenant screening process. When you have lots of applicants and thorough tenant screening, you're bound to find the best possible tenants for your investment property.
Con: Rental Property Damage
With the good comes some bad. The main thing you need to worry about when you allow pets in your rentals is property damage. There's no denying that pets are capable of causing minor to significant damage to a rental.
Of course, every rental property owner has to be prepared for significant wear and tear. When you're dealing with pets, however, it can venture into real damage, whether it's ripped-up carpets or scratched flooring.
One way to combat this is to charge a pet deposit. This is essentially an insurance policy to cover any repairs you may have to make from pet damage.
Pro: Charge Higher Rent
Since pet-friendly rentals are more difficult to come by, you'll be able to charge slightly higher rent than other similar rentals. If you're able to deal with the wear and tear that may come from the pets, it can mean a more lucrative rental unit.
Con: Disturbing Other Tenants
Certain pets can be loud, which may disturb other tenants in your rental. This is mainly an issue with larger dogs who might be anxious when their owners leave home. If you're worried about noise, it might be best to exclude pets.
Another thing you can do, however, is allow some pets. Cats are relatively quiet, as are small dogs, so you can keep a relatively wide tenant pool without having to worry about disturbing tenants.
Pro: Longer Tenancies
When a tenant finds a good unit that allows them to live happily with their pet, they're more likely to stick around long-term. Vacancies are every rental property owner's enemy, so the longer you can keep a good tenant around, the better it is for everyone.
Will You Allow Pets In a Rental Property?
When it comes to rental property rules, this is a big one. Now that you've got all of the facts about pets in a rental property, it's time for you to make your choice.
One way to make this decision a bit easier is to hire property management. At PMI Gold Coast Properties, we can help you figure out what makes sense for your Long Island rental property, in addition to providing important property management services. Contact us today to learn more.