'Pet-friendly' is now more important for renters than air conditioning and pools. According to Industry Dive, twice as many apartment seekers filter their rental searches using this criteria over other amenities. This isn't surprising, considering that last year, 59% of renters indicated they had at least one pet.
You may have a pet that you view as a family member too. But despite this, potential renters with pets can pose a dilemma for you as a landlord.
Allowing pets in a rental property can have both positive and negative implications. We provide a comprehensive guide to help you understand what these are.
Pros of Pets in a Rental Property
Real estate is a substantial investment that many owners use to earn passive income. Ideally, the goal is to maximize your returns.
What if you could achieve this by allowing pet owners to rent your property? Here are some pros of pets in a rental property that have the potential to make this possible.
Expanded Tenant Pool
You expand your tenant pool and potentially increase your occupancy rate by allowing pet owners to rent your property. In addition, pet owners spend a lot taking care of their loving companions. Chances are they would be willing to pay a premium for pet-friendly housing.
Increased Demand and Reduced Vacancy Rates
Landlords can take advantage of the higher demand for pet-friendly properties as Alabama has no limit on dog ownership. Longer tenant tenure is also more likely and will help to ensure steady rental income while reducing turnover costs.
Higher Rental Income
Rentals in higher demand give landlords more flexibility when determining rent. Higher rents or pet-related fees are easily justifiable leading to increased income. According to Steadily, some Alabama landlords charge monthly pet rent between $10 to $50 in addition to a refundable deposit or one-time pet fee.
Cons of Pets in a Rental Property
Keeping your property well-maintained plays a significant role in maximizing your returns. Property damage from pets can affect this. Some things you may want to consider before renting to pet owners include:
Potential for Property Damage
Pets can cause significant property damage including odors, scratches, and stains. Your tenant would be responsible for repairing these. However, if they don't, you'll have to bear the cost to ensure your property's value isn't compromised.
Health Concerns and Allergies
You'll also spend more on property maintenance between tenancies. Animal-related smells can accumulate, especially in shared spaces, leading to potential hygiene issues. An in-depth cleaning will be necessary to neutralize odors and remove allergens.
Noise Complaints and Disturbances
Noise can also be an issue depending on the type of pet your renter owns. Barking and other pet-related noises can affect neighbors. Establishing clear noise guidelines might help to avoid disputes.
Balancing the Risks and Potential Rewards of Pets in Your Rental
Having pets in a rental property has many associated benefits and challenges. How can you enjoy the benefits while safeguarding yourself from the risks? A well-defined pet policy can help you achieve this.
PMI Integrity Properties can help you protect your investment. Our residential property management services include regular in-person inspections that can identify potential problems and keep your home healthy. We also use state-of-the-art technology to ensure prompt maintenance and timely updates. Schedule a consultation today!
