If you are one of the 11 million individual investor landlords in the U.S., you have a significant issue on your hand. You must decide whether or not to allow pets in a rental property.
In recent decades, property owners have had the headache of drafting a pet rental policy. You still need to decide if you should have them in the rental. However, trends for the furry are rapidly changing.
Not knowing the pros and cons of leasing to tenants with pets can affect your investment. So continue reading to uncover everything about allowing pets into your building.
High Demand - Pro
To this day, it is difficult for pet owners to rent a house or apartment. So, homes that allow them inside are always at the top of their wish.
Whether in a quaint village or a bustling city, it doesn't matter. The property will receive multiple offers.
Added Pet Fees - Pro
Adding fees to the pet policy for a rental property is a savvy way to generate more revenue. During the busy festive season, this can make your life much easier.
In addition, the costs will also cover any potential damages. You can relax knowing you don't have to worry about the property.
If you don't wish to have extra fees, you can add a security deposit, which you can return after you inspect the home.
Longer Tenancy - Pro
The competition for a pet-friendly home is tough. Thus, tenants often decide to remain in the property and opt for a lease extension.
Otherwise, they will have to go through the process of looking for a rental in their desired location. It will lead to low vacancy rates and keep your passive income flowing.
Property Maintenance - Pro
Not all pet owners are irresponsible. Many pet owners are responsible and take good care of their animals.
Most pet owners are attentive to their pets' behavior and will take steps to prevent damage. Moreover, regular cleaning and property maintenance can help address issues caused by pets.
Noise Complaints - Con
Depending on the animals, some pets can make excessive noise and annoy the neighbors. This is especially true if they bark, meow, or make loud noises.
Authorities will notify you if people make a noise complaint about your tenant. If problems persist, you may need to consider evicting them.
Property Damage - Con
On average, homeowners spend $2,335 on home maintenance annually. You don't want to add to this cost due to pets.
They may scratch doors, chew on furniture, or cause stains on carpets and floors. Even well-behaved pets can accidentally cause damage, so it is vital to find responsible pet owners.
Difficulty Finding New Tenants - Con
It may take longer to find new tenants after people with pets move out. Some may not be willing to live on a property that previously had pets. They may have concerns about lingering odors or allergens.
By allowing pets, you can limit your pool of potential renters. But before making a final decision, you must educate yourself on pets vs. service animals.
Consider Pets in a Rental Property
It is irrelevant if you love or hate pets. The goal of your rental home is to generate as much income as possible while giving people a place to call home. You must leave your feelings towards animals at the front door.
After reading our guide, you know the pros and cons of pets in a rental property. So consider everything and decide whether it will benefit or impact your investment!
If you want to expand your real estate portfolio and create a pet-friendly home, search for properties in Houston, TX, today!
