When you advertise your property, one query is almost guaranteed to come up from potential tenants: do you accept pets? It's an increasingly common request, with over half of all renters in the US currently owning a pet.
So, are pets in a rental property a positive or a negative thing? The answer isn't as clear-cut as you might expect. This guide will share some pros and cons of accepting pets in your rental property.
Pros: You'll Attract More Potential Tenants
You'll reach more potential renters when you advertise your property as pet-friendly. Many will have a pet or support animal and have to rule out specific rental properties from their search.
It makes them a captive audience for your rental.
You'll get plenty of inquiries and have a shorter gap between tenancies. That can help to keep your rental income consistently high.
Cons: Higher Maintenance Costs
Some pets will add to the wear and tear of a property. You'll have cats that can scratch carpets and furniture and dogs that will chew through fixtures.
There is also the risk of accidents in the house, leaving unpleasant smells and stains. Even well-behaved pets will wear through a place faster than pet-free homes. So it will leave you with more repair costs.
It also means you'll have to spend time fixing up the property before getting a new tenant.
Pros: You Can Offset Your Expenses With Pet Deposits
If maintenance costs put you off welcoming pets, consider this approach. Charging tenants a pet fee or deposit is possible and will act as a form of insurance against damage.
It means you get the benefits of attracting pet-owning tenants without incurring the cost of property damage.
Adding pet fees to a house rental or charging a rental premium for accepting a pet can make your rental investment more profitable in the long run.
Cons: Neighbor Disruption
Some pets, like dogs, can disturb neighbors with their barking or aggressive behavior. Other common household pets, like outdoor cats, can cause issues like messing in neighbors' yards.
That could leave you with potential conflict with other residents. You might receive complaints. It could even lead to costly legal disputes in some circumstances.
Pros: Extended Tenancy Contracts
Many tenants with pets find it challenging to secure a pet-friendly rental. If a reliable tenant with a well-behaved pet loves your property, this is good news.
They are more likely to extend the rental agreement, and you'll benefit from a long-term tenant.
Long-term tenants are always a safer option for landlords, and they also help you save money as you won't have to keep readvertising the property.
Cons: It Could Change Your Insurance
You'll need landlord's insurance for your property. But having a house with a pet could invalidate that insurance unless it's already part of your contract.
Always check your insurance before agreeing to have a pet in your rental property.
Pets in a Rental Property
Are pets in a rental property a good thing? The truth is, there are advantages and disadvantages. What's most important is to ensure you cover the financial costs of pets when taking on a tenant.
If you need more help finding and managing tenants in Punta Gorda, Florida, check out PMI Heartland Realty's property management services.
