You're a meticulous landlord, priding yourself in pristine properties. Your sparkling rentals boast fresh paint, gleaming floors, and not a scratch on the white picket fences. You've poured time, money, and emotion into making it a welcoming space, hoping to attract the perfect tenants.
But then, you're faced with a decision that gives you pause: should you allow pets?
This scenario is a common predicament for landlords, weighing up the benefits and drawbacks of allowing pets in a rental property. Here's what to know before making a decision.
The Pros of Allowing Pets in a Rental Property
Opening your rental property to tenants with pets can be scary, but it can be a rewarding move. Potential benefits of smart pet-inclusive tenancies include:
Larger Tenant Pool
Think about the larger pool of potential tenants you'll attract. Pets are part of many American families, and a 'no pets' policy could significantly reduce your prospects. By welcoming pets, you're not just renting out a space but providing a home for a diverse group of responsible pet owners.
Longer Tenancies
Moving with pets can be a hassle. Once pet owners find a welcoming abode, they're more likely to renew their rental agreement. This helps reduce your turnover rates and the costs associated with finding new tenants.
Higher Rent
Landlords allowing pets usually ask for more rent compared to those who don't. Think about asking for a pet deposit or a non-refundable fee for pets. This helps protect you financially from any damage pets might cause.
Higher Quality Tenants
Caring for a pet requires a certain level of responsibility and commitment. Tenants with pets are likely to reflect these qualities in how they maintain their living space. This helps to keep your property maintenance costs down.
The Cons of Allowing Pets in a Rental Property
While opening your doors to pets has many benefits, it's only fair to consider the flip side. Here are some potential downsides to allowing pets in your rental property:
Property Damage
Even the most well-behaved pets can leave their mark. Scratched floors, chewed corners, or the occasional accident can lead to wear and tear beyond the usual.
It's not just about the damage but also the cost and effort to repair it before the next tenant moves in.
Noise Concerns
A barking dog or a cat that enjoys nocturnal adventures can lead to noise complaints from neighbors or other tenants. This can create tension and require your intervention to keep the peace, adding another layer of management to your plate and causing more landlord stress.
Liability Issues
Pets, no matter how friendly, can pose liability risks. If a pet injures someone on the property, you might find yourself tangled in legal issues, despite using pet clause precautions.
Plus, some insurance companies raise premiums for pet-friendly properties due to the increased risk of damage or liability.
Call a Property Management Company in Marietta, GA
Allowing pets in a rental property requires careful consideration, balancing personal values, market demands, and the well-being of the property. At PMI Cobb, we focus on helping landlords in Marietta, GA with the management of their rental properties.
Don't hesitate to call us at +1 470-235-4086 to schedule a consultation with a property manager or request a free, no-obligation rental analysis.
