Deciding whether or not to allow pets in your property can be a hard decision and one that you should think carefully about and make a decision that’s right for you and your property. To help you, this article will list the pros and cons so you can weigh these options and make an informed decision for your tenants.
Make Your Listing Stand Out
Properties being advertised as pet friendly can receive up to twice as many inquiries than those with a strict no pets policy. Pet ownership is at an all time high in the United States, so if you want your property to appeal to a larger scope of the population, allowing pets is a great way to increase traffic. More applicants also means being able to pick and choose which potential tenant would be the best fit for your property.
Because it’s hard for those with pets to find a rental property that will allow their furry friend, when they find a property they like, they’ll usually stay there longer. Also, most pet-friendly rentals require a non-refundable pet deposit, meaning it’s cheaper for them to continue to renew a lease instead of constantly signing a new one and paying another deposit for their pet.
By allowing pets in rental properties (especially large dogs) the market value of your property can go up, especially if very few other properties in your area allow pets. If you add pet amenities to your property, such as dog parks or pet washing stations, you can also bump up the rent. People will be willing to pay more to make their pets feel at home.
Taking care of a pet takes a lot of time, attention, and responsibility. This means that pet owners will likely have these same characteristics when taking care of your property.
The first thing that pops into many property owners’ heads when they hear about pets is damage. Chewing and clawing in and of themselves can tear up your doors and trims, but there’s also the potential of urinating on carpets and tearing up the landscaping.
Even if your tenants do their best to prevent lingering odors, it’s almost impossible to get rid of every pet smell without a very deep clean. Animals that aren’t property groomed or bathed can also leave lingering scents. These can be off-putting to future tenants viewing the property.
Annoyance to Neighbors
Pets can be noisy, especially when there are multiple dogs, cats, birds, etc. around the property. Not only are they vocal animals, but they can also cause noises when they run across the floor, causing noise for the neighbors below. This can lead to frustrated tenants and cause a higher turnover if the problem isn’t resolved quickly.
Increased Risk to Tenants and Staff
If staff have to enter a property in an emergency, for routine repairs, or any other reason, they could be attacked or hurt if the pet isn’t properly contained or if the tenant isn’t home. Other tenants could also be hurt if the pet isn’t on a leash while out on a walk or if they aren’t warned of the pet’s temperament. They could be bitten, scratched, or another tenant could have a severe allergy and simply be exposed and suddenly be itchy or have trouble breathing. Because of this risk, your insurance could go up.
Regardless of what you decide, it’s important to remember that you have to allow certified service animals in your property, which may also include emotional support animals. It is against the law to deny these people residence regardless of your policy. If you do, you may face serious legal consequences. Want more information on how we stand with pets in rental properties or simply just looking for more information? Contact Keyrenter Annapolis today!