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It is raining cats and dogs in America. More than 90 million American families own at least one pet. That's roughly 70% of the nation's households.
Yet many landlords turn their backs on pet owners. You shouldn't. You should take the pros and cons of pets in a rental property seriously.
What are the economic benefits of allowing pets? What are the downsides? What are some tips for landlords you can follow that will mitigate the cons of pets?
Answer these questions and you can make an informed decision about pets in your rental property. Here is your quick guide.
Tenant Pools
You will expand your tenant pool if you allow pets. You should mention that you support animals in your advertisements so prospective tenants know about your policy.
You should have some space in your property open for tenants who do not have or like pets. You may want to give them a separate kitchen or common area, as pets can make noise or leave hair on furniture.
Rent Prices and Pet Deposits
You can charge a higher rent price for tenants with pets. You may need the extra money in order to clean up pet hair or cover the cost of property damage.
A pet deposit functions like a security deposit. It is a one-time payment that a renter makes at the start of their lease agreement. The money can cover the additional expenses of a pet without being too imposing.
Property Damage
The biggest drawback of allowing pets is property damage. Dogs and cats can scratch walls and knock over furniture. Birds can leave droppings under furniture or fly into windows.
Make a mandate in your lease agreement that pet owners take steps to clean up after their pets. You should also include a clause about inspections. You should visit the apartments of pet owners every month and make sure everything is clean and undamaged.
Caged or confined animals pose less risk to your rental properties than uncaged animals. You can allow anyone to bring fish, lizards, and spiders into your property.
You can choose to impose a size restriction on dogs. Smaller dogs pose less of a property damage risk than large ones.
More than 330,000 Americans visit the emergency department every year due to dog bites. You can require a tenant to remove their dog after it bites someone else. You can avoid dog bites by staying away from unfamiliar dogs and fencing them off while you conduct inspections.
Noise Levels
Dogs can create a lot of noise, especially if you have many dogs in your building. You can ask the dog owners in your property to muzzle their pets so they don't bark so loudly. Feel free to install soundproofing material in your apartments to mitigate the noise.
The Pros and Cons of Pets in a Rental Property
Pets in a rental property can have substantial benefits. You can expand your tenant pool, and you can charge more for allowing pets.
But pets can make a rental property very uncomfortable. They can damage property and bite people. Dogs can bark loudly, especially late at night.
You should set clear rules about pets. Owners should clean up after them and place muzzles over them. You can limit your property to caged animals like snakes or fish.
You can come to a decision about pets with help. HomeRiver Group Sumter helps Sumter-area landlords. Contact us today.
