Imagine the cutest puppy or kitten outside, shivering, because their owner couldn't find a pet-friendly rental. It happens more often than you may realize. In fact, between six and eight million cats and dogs enter shelters every year.
Do you allow pets in a rental property? If not, you could miss the chance to maximize your occupancy rate and ROI. After all, 68% of US households own a pet.
Don't finalize your decision yet. Instead, read on to review the pros and cons of allowing pets in your Greenville rentals today.
Pro: Bigger Rental Property Tenant Pool
Allowing pets will open your rental property tenant pool. Otherwise, the 68% of Americans who own pets won't apply.
Almost all pet owners say their pet is part of the family. They won't abandon their pet to live in your Greensville, SC rental.
Generating more applications will give you a pick in renters. Your occupancy rate will start to increase, maximizing your rental income.
After finding a home for themselves and their pet, most renters won't want to search again. They'll want to renew their lease. A longer lease tenure will further boost your ROI.
Con: Rental Property Damage
While most pet owners are responsible individuals, you can't control everything their pets do (especially when they're not home). Animals can cause damage to your rental property. They may:
- Dig at the carpets
- Bite wooden features
- Urinate on the floors
- Destroy the landscaping
If a pet owner doesn't clean up their pet's accidents or clean their cat's litter box, odors can develop within the property. Before that happens, consider charging a pet fee, deposit, and rent. You can use these funds to cover any rental property damage that occurs.
Pro: Higher Rental Payments
Local market trends will determine the rental rate. However, you can charge pet owners additional fees to increase their rental payments.
The pet fee is a one-time, non-refundable charge, usually between $50 and $500. The rent varies between $25 to $100. It's a monthly charge per pet.
The pet deposit is a one-time, refundable deposit. Like a security deposit, you can use this charge as collateral if there's damage.
Con: Noise Complaints
A dog that isn't well-trained can bark through the day and night. You may start receiving complaints from neighbors.
Set rules, including quiet hours, before renters move in. Have your property management company enforce these rules on your behalf. Otherwise, allowing pets could create tension within the community, leading to additional stress.
Will You Have Pets in a Rental Property?
Allowing pets in a rental property can improve your lease tenure and rental income. However, you'll have to worry about damage and complaints.
Don't rush to make a decision. Instead, consult an experienced property management company.
Our property managers at PMI Accelerate can help you make this choice. We have over 20 years of real estate industry experience helping landlords maximize their earning potential.
We're the top property management company in the US (with the awards to prove it). Contact us today for help making this decision!