Deciding to allow pets to occupy your rental property is a big decision. Vetting a renter is hard enough, and with a pet comes extra responsibility. How big is the pet? Will it make a mess of your property? These are all valuable questions and should be asked before you decide to rent out.
With that said, do you want to know the pros and cons of pets in a rental property? Read on below to discover everything you need to know!
Pros of Pets in a Rental Property
Avoiding Pet Sneakers
Most renters won't have any other option but to sneak a pet onto the property. Getting rid of a pet is heartbreaking and not easy. To avoid this, people will likely sneak a pet onto your property and hide it from you. Being open and honest from the beginning will stop this from happening.
Charge Higher Rent
Check around the area, and if there aren't many pet-friendly options available around town, you can charge slightly higher prices on your rental. Quite a bit of the time, pet owners have no choice and have to pay a premium.
Longer Rental Periods
Pet owners are more likely to stay in a rental for a more extended period of time. Finding a pet-friendly place can be challenging, so when they find a good one, they hold onto it.
Bigger Pool of Renters
Listing your place as pet-friendly will give you far more options. Nearly 50% of prospective renters own pets. By not listing it as pet-friendly, you are potentially removing half of the prospective rental clientele.
Cons of Pets in a Rental Property
You might be more familiar with the cons of renting your property out as pet-friendly. Below are the most common reasons not to trust pet owners.
Damage to the Property
The biggest fear of every property owner is the potential damage a pet could cause. Some pets, especially dogs, can damage your property extensively. Unfortunately, with only a month's damage deposit, it might not cover all the damages, and you can be left with a hefty bill.
Cleanliness on the Property
Once again, if the owner doesn't look after the animal like they should, it could mean that the animal can cause unwanted odors around the house. In addition, such stenches can be difficult and costly to remove.
Taking Care of Your Asset
A rental property is a major asset for anyone, and you want the property taken care of as best as possible. One way to ensure this is to forbid pets in a rental property. However, by properly vetting renters and their pets, you can take of your asset for many years.
Are you looking for a property manager who can take care of the rental process? Get in touch with our people today and see what we can do for you!