Have you ever been able to say no to a big pair of puppy dog eyes? As a Dickson, TN landlord, you may be on the fence about allowing pets in a rental property. With almost 90.5 million US families owning pets, not allowing it could hurt your occupancy rate.
Don't rush to make a decision. Instead, read on to review the pros and cons to make an informed choice.
Pro: Larger Pool
Remember, there are over 90.5 million families with pets. If you decide not to allow pets, these renters won't apply. You'll miss the chance to improve your occupancy rate.
As your rental properties sit vacant, you'll start losing money. Instead, broaden your pool of potential renters by allowing pets.
Con: Noise Complaints
Allowing dogs in a rental property could lead to noise complaints. Not all pet owners invest time in training their animals. A young puppy may bark through the day and night, especially if they're left alone for long periods.
Consider establishing a rental property pet policy. Creating a pet policy for tenants can help you avoid stressful situations.
Not sure how to create a pet policy? Consult a property management company to create and enforce your rules.
Pro: Higher Rent Rates
Before allowing cats in a rental property, consider setting pet fee, deposit, and rent rates. Charging all three will allow you to generate more rent per tenant.
You can use these funds to cover property damage. You'll boost your rental property profitability if you decide to allow pets.
Con: Odors
You can't control everything that happens once you decide to allow pets in your rentals. For example, cats and dogs can have accidents on the carpets. They may destroy wood fixtures or your floors.
You can cover the cost of these accidents using a pet fee. Otherwise, odors will develop.
Pro: Longer Tenure
Many pet owners struggle to find rental properties that allow them and their pets. Finding an amenable landlord can feel like a relief. These renters will want to stay to avoid the hassle of finding another rental property later.
These renters aren't likely to part ways with their pets. In fact, about half of US pet owners say their pets are part of the family. Would you abandon a family member to live in your rental properties?
Allowing pets could help you encourage more lease renewals. Retaining tenants can improve your occupancy rate and earning potential. You won't have to deal with the stress of costly vacancies.
Con: Injuries
Before allowing dogs in a rental property, consult a property manager or legal counsel. Protect yourself before a dog injures someone. Otherwise, you may face legal issues.
As part of your rental property pet policy, make sure owners obtain renters insurance. Confirm their coverage includes animal bites.
Will You Permit Pets in a Rental Property
Deciding to allow pets in a rental property can feel like a daunting choice. Don't make this decision alone. Instead, consult a property management company.
PMI Greater Dickson has 20 years of real estate management experience. We help landlords like you maximize their rental income using state-of-the-art technology.
Need help making this choice? Contact us today to talk to a property manager!
