Almost 60% of the population of Alabama own pets, with almost 50% of them owning dogs. As more people choose to own a furry friend, the demand for pet-friendly rentals is increasing.
As a landlord, this is a great opportunity for you to fill vacancies and grow your business.
But it isn't always a straightforward decision. You need to consider all angles before deciding to open up to accepting pets.
In this article, we explore some of the pros and cons of allowing pets in a rental property. This will help you to make a clear and informed decision about updating your rental policies.
The Pros of Allowing Pets
There are a couple of big benefits to letting people keep pets in your rental property. Let's look at a couple of them in more detail.
More Opportunities to Rent
Due to the volume of people with pets, this increases the pool of potential tenants for your property.
Most renters know that it is hard to find properties accepting pets. So if you are open to them, you will get a higher number of applicants. This can help you keep vacancy times low, which will maximize your profit margins.
It is also viable for you to charge more in rent. Adding in a security fee will cover any extra cleaning or repairs needed after the tenants leave.
It is a fact that having pets around us makes us happier. This is great, as happy tenants are more likely to pay their bills on time and be more communicative.
It is also more inclusive to those with disabilities or emotional support animals.
The Cons of Allowing Pets
Although there are some benefits to allowing pets, you should also consider the cons as well. Here are a few reasons to think about before letting in tenants with pets.
Maintenance and Cleaning
One of the biggest cons of allowing pets is the cleaning and repairs needed to maintain the property. They can often scuff the walls and floors, or bring in dirt on their paws.
Scratching furniture is also a big problem when allowing cats in a rental property. So be aware of this if you're renting a furnished unit.
Most pets also shed a lot of hair. This can exacerbate allergies for future tenants, and others who live in the building.
Insurance and Complaints
This likelihood of damage can often push up your insurance prices. So be careful to include that in the rental price when deciding the monthly fee.
Finally, pets are notoriously noisy and this can disturb others. Especially if you have dogs in a rental property, it can be a recipe for complaints.
Take these things into account when writing your rental contracts. Clear rental property pet rules keeping animals controlled will help keep the peace.
Landlord Tips for Pets in a Rental Property
As a landlord, it can be a tough call whether you choose to allow pets in a rental property. By considering the pros and cons, you can make a decision that is right for you and your business.
If you are struggling to make the decision and need further support, then a property manager can help. Here at PMI Wiregrass, we are experts in the local rental market.
We can help with everything from tenant management to property maintenance and marketing! If this sounds ideal, then get in touch to organize your free rental analysis today!