Did you know that around 72% of renters own pets? Despite this, it can be challenging for tenants to find rental properties that allow pets. Deciding whether or not to allow pets in your rentals can be a hard decision. After all, you want to cater to as many tenants as possible, but you also want to prevent potential property damage. Today, we’re reviewing the pros and cons of allowing pets in your rental properties.
Contents of This Article:
- Do You Have to Allow Pets in Your Rental?
- Pros and Cons of Allowing Pets in Your Rental
- How Much Should You Charge for Pets?
- Protect Your Rentals With Property Management
Do You Have to Allow Pets in Your Rental?
Whether or not you allow pets in your rental is ultimately your decision as the property owner. There’s really no right or wrong answer. However, there are a few special instances where you must allow a pet to live with a tenant. For instance, service animals or emotional support animals are considered reasonable accommodations for tenants with disabilities and must be allowed in rental properties.
That said, most people either have pets or want to have a pet eventually. So, allowing pets in your properties can give you a wider pool of tenants who want to rent from you. However, there are also some disadvantages of allowing pets. Let’s review some of the pros and cons for both landlords and rental property management companies in Northern Virginia.
Pros and Cons of Allowing Pets in Your Rental
If you’re trying to decide whether or not you should allow pets in your rental property, you’ll want to carefully review the pros and cons. After all, there are several benefits to allowing tenants to move into your rentals with pets. However, there may also be some disadvantages. Here are some of the main pros and cons to consider while making a decision.
Benefits of Allowing Pets in Rentals
- Large Tenant Pool- Most people these days have pets or want to get a pet eventually, so allowing pets in your properties can attract a wider pool of tenants.
- Higher Rent Prices- You can charge higher rent prices or implement pet rent or pet fees to allow pets, increasing your overall rental income.
- Faster Leasing- If your property appeals to more people, you’ll likely get it rented or leased faster. After all, the longer your property sits, the more money you miss out on.
- Responsible Tenants- It takes a responsible person to take care of a pet. That said, a more responsible tenant will likely take better care of your rental property.
- Longer Tenancies- When you allow pets, your pet-owning tenants will likely stay longer because it may be difficult to find another rental that allows pets.
Disadvantages of Allowing Pets in Rentals
- Potential Property Damage- Pets can cause damage, even if the tenant moves in with their own furniture. For instance, they may scratch the floor or stain the carpet.
- Noise Complaints- Pets, especially dogs, can be noisy. Some may bark at cars or pedestrians or howl during the night, causing you to get noise complaints. This is something to consider, especially if your property is an apartment complex.
- Allergies- Some people are allergic to cats, dogs, or other pets. So, your next tenant may struggle with allergies if the property isn’t cleaned correctly after your pet-owning tenant moves out.
- Liability Risks- You could potentially face legal issues if a tenant’s pet injures someone on your property.
- Smell Issues- If your tenant isn’t on top of cleaning, pets can create a smelly environment. Unfortunately, the smell can get absorbed by walls and furniture and impact other tenants’ living spaces.
How Much Should You Charge for Pets?
Most landlords who allow pets in their rentals charge a pet deposit, pet rent, or a pet fee. That said, it’s important to know the differences between these charges so you can decide which works best for your rental property.
Pet Deposit
A pet deposit is like a security deposit for pet-woning tenants. It’s a refundable fee that tenants pay at the start of their lease and get back at the end, as long as there are no pet-related damages. This is a good solution if you don’t necessarily want to charge more but are worried about potential property damage.
Pet Rent
Pet rent is a monthly fee you charge tenants on top of their regular rent. That said, it’s usually just a portion of their regular rent charge, around $10 to $50 monthly. Instead of paying a large sum for a pet deposit, paying a small amount each month can be more feasible for some tenants. However, make sure you charge a fair amount to ensure it covers any potential damages.
Pet Fee
Pet fees are generally a one-time, non-refundable payment at the start of a tenancy. While there are no benefits for tenants with this option, a pet fee compensates landlords for taking the risk of allowing pets. However, there’s also a chance that the fee you charge won’t cover damages, and since it’s non-refundable, it may turn some tenants away.
Protect Your Rentals With Property Management
Allowing pets in your rental properties can be a great way to cater to a wider tenant pool and potentially earn more rental income. However, there are a few pros and cons to consider before deciding whether or not it’s right for you and your property. After all, pets can cause costly damage or affect certain tenants with allergies.
If you’re looking for help protecting and managing your rental properties, consider hiring a management team. Professional Property Management in Northern Virginia can help keep your properties clean, occupied, and well-maintained. Contact PPM today to learn more about our rental management services.