About 70% of U.S. households include at least one pet. That's a lot of households, and you can be sure that many of them are renters. They need homes for themselves and their furry friends!
As a landlord, you need to decide if you're going to allow pets in a rental property. It's not an easy decision, but we've broken down some of the most basic pros and cons so you can figure out what's right for you. Read on to learn more.
Pros of Allowing Pets in a Rental Property
First, let's discuss all of the reasons that someone may want to allow pets in their precious investment property.
As we mentioned before, a large percentage of American households include pets. All types of guests and tenants own pets, and by limiting your reach to people without them, you're dramatically shrinking your tenant pool. This could lead to a higher vacancy rate than you're comfortable with, especially if the rental market gets tough.
People with pets are often willing to pay pet fees or slightly higher rent. They understand the slight risk of damage or higher cleaning fees that come with having a furry friend. They're also often more reliable renters because they want to avoid any excess damage so they can stay on your property.
If they have friends who are pet owners, they may be likely to recommend your property to them when they're ready to move out. That's free advertising for you!
Overall, respecting tenant freedom makes you a more desirable landlord. While there are risks that come with allowing pets on a rental property
Cons of Allowing Pets in a Rental Property
On the other hand, not everyone wants to allow pets on their properties. If you'd rather keep pets out of your lease terms, you may have your reasons.
Pets do have the potential to cause damage to property and harm to other tenants. Of course, requiring a pet fee and potentially restricting pets to certain sizes or breeds (outside of support or service animals, of course) could mitigate these risks.
If you live on the property and you don't like pets, perhaps you simply don't want to share space with them. Similarly, if you have tenants who don't like (or are allergic to) animals, you may want to respect their space until they're no longer there.
Pets may also cause higher insurance costs, but this will depend on your insurance provider.
Will You Allow Pets?
Allowing pets in a rental property is a tough decision. Only you can make it! With so many people owning pets, it's often the best choice to screen your tenants well and then allow their furry friends, but it's your call at the end of the day.
If you struggle to make landlord decisions like these, PMI Property Pros in Milwaukee can help. We can fully customize our property management services to suit your specific needs. We can't wait to work with you!
Schedule a consult with us today.
