Setting yourself apart from competitors sometimes means having a unique offer. The same goes for the real estate industry. Some property managers may have fully furnished units, a fireplace feature, or bill-inclusive options.
Allowing pets in a rental property has been a hot topic in the industry for years. Only 9% of rental homes in the US allow pets with no limitations.
A pet-friendly property can be a good selling point, but is it right for you? Read on for an article that covers the pros and cons of allowing pets in the lease agreement.
Pros of Allowing Pets in a Rental Home
Can allowing pets in your rental property be beneficial? The answer is yes!
Higher Rent
Allowing pets in your rental home gives you an opportunity to charge higher rent. Because pet-friendly apartments are so hard to come by, pet owners are often willing to pay more to live with their pets. Charging higher rent also allows you to make up for the extra liability.
Bigger Applicant Pool
Seventy-two percent of renters have pets, yet many have trouble finding housing that can accommodate them and their pets. Allowing pets in a rental home can help you tap into a not-so-secret market. A larger applicant pool also means you get to choose the perfect tenant for your rental home.
Longer Tenure
Renters are unlikely to want to say goodbye to their beloved pets, even when looking for a new home. Property managers want to build rapport with tenants to maintain a steady income. Once a tenant feels at home with their pet, they're more likely to sign a long-term tenancy agreement.
Pet Owners Tend to Be More Responsible
A renter who is ready for a long-term commitment, such as taking care of a pet, is more likely to take better care of your rental property. Aside from keeping their pet fed, they have to clean up after them and provide enrichment. Responsible pet owners are some of the best tenants because they have that kind of discipline.
Cons of Allowing Pets in a Rental Home
Pets can be a welcome addition to any household. However, as an investor, there are also some considerable risks.
Unruly Pets or Pet Owners
There are model tenants who take good care of their pets and homes, and there are those who don't. Some irresponsible pet owners refuse to train their pets or clean up after them. Misbehaved pets can cause significant property damage, and worse, their owners may not want to do anything about it.
Neighbors May Complain
If your tenant isn't a responsible pet owner, you may get a lot of complaints from neighbors. Excessive barking and odor can cause discomfort to other tenants. You also have to keep in mind that some tenants may have allergies.
Should You Allow Pets in a Rental Property?
Allowing pets in a rental property has some considerable pros and cons. If you decide to allow pets in your rental property, take the necessary steps to reduce liability.
We understand how difficult it is to manage a property in Connecticut. PMI East Lyme is part of a larger franchise that has been transforming the industry for almost two decades.
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