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It is a question that every landlord faces. For some, the answer is obvious. For others, it becomes an agonizing dilemma of debate to deny or approve pets in a rental property.
Considering the pros and cons can help make the decision easier. That way, you can make a fully informed decision about managing your rental property.
Pro: Larger Potential Applicant Pool
Allowing pets will significantly increase your applicant pool. Millennials have a reputation for choosing pets over having children. You can tailor your property marketing to highlight your pet-friendly rental property to attract more applicants.
Pro: More Responsible Tenants
People who have pets tend to exhibit more responsible behavior than those without. However, this is a generalized statement, and you should still do thorough tenant screening. You don't want to face an eviction because you placed a tenant solely based on their pet ownership status.
Pro: Potential for Income
When you offer the ability for tenants to have pets, you can charge for it. This is an added feature that tenants are willing to pay for.
It is also something that not all rental properties allow. Because of this, you can make more rental income by charging a higher monthly rental rate.
Pro: Longer Tenancies
Tenants with pets tend to live in their rentals longer than those without. One reason for this is the increased tenant satisfaction because their furry family members are welcome. Another reason is the difficulty of finding alternative suitable housing that allows pets.
Con: Increased Risk of Property Damage
Animals, no matter how well-behaved, create an increased risk of damage. Their nails can create increased wear and tear on the flooring. If they have an accident, this can also cause damage.
Consider charging a pet deposit and/or pet rent to account for this. By planning for damages, you can charge from them up front and not worry about the damages caused when they happen.
If there is additional damage that the pet deposit does not cover, you can have the tenant pay for the repairs. Even if your tenant has a service animal, they are responsible for the damages their animals cause.
Con: Noise Complaints
This is more of a drawback for dogs than other types of pets. As the landlord, you may have to address noise complaints from your tenant's neighbors. This can cause problems with your rental property neighbors and make your job as a landlord harder.
There are also noise ordinances that may apply to your property. This can cause your tenants to incure financial penalties for violating them.
Allow Pets in a Rental Property
Deciding whether or not to allow pets in a rental property is a personal decision for landlords. Before you choose, consider the pros and cons that could impact your rental property ROI.
Speaking with the experienced team at PMI Northeast Atlanta can help you evaluate these pros and cons. They can also apply them to your rental property for a customized evaluation.
Protect your rental property while maximizing profits when you trust your property management to the experts at PMI Northeast Atlanta.
