Could you say no to a sweet pair of puppy dog eyes staring back at you from outside? What about a kitty shivering in the rain? For many animal lovers and renters in Redwood City, CA, the answer is no.
It's no wonder that approximately 70% of US households (with some counts as high as 90.5 million) own pets. If you don't allow pets in a rental property, you'll scare these potential renters away.
Not convinced you should allow pets? Read on for the landlord advice you need before making your choice!
Pro: Bigger Tenant Pool
Remember, 90.5 million potential renters in the US own pets. In fact, about half say their pets are as much a part of the family as a human. These renters won't choose to live in your property if it means parting ways with a pet.
Allowing pets in your rentals will open your tenant pool. You'll receive more applications and have your pick of renters.
Before selecting renters, hire a property management company. Their tenant screening services will ensure you select reliable tenants. You can avoid renters with a history of property damage or evictions.
Opening your tenant pool can increase your occupancy rate. If you don't allow pets, your properties may sit vacant. You'll lose thousands of potential rental income per unit if they're empty.
Con: Noise Complaints
Unfortunately, you can't ensure that every pet you allow is well-trained. Dogs may bark through the night and day. Cats may howl as they wait for their owners to return home.
Consider enforcing quiet hours. You can add this schedule to your property rules. A property manager can enforce these rules on your behalf.
Pro: Longer Tenure
Once a pet owner finds an animal-friendly rental, they may not want to leave. After all, finding rentals that allow animals isn't always easy.
Once they find your rental, they may not want to leave. You can encourage these renters to renew their leases. Their tenure will increase, improving your ROI.
Con: Injuries
An untrained dog may bite or injure a neighbor. Require pet owners to have dog bite insurance as part of your pet policy. You'll protect yourself from a potential lawsuit.
Pro: More Rental Income
Require tenants to pay a pet rent, pet fee, and pet deposit. You can use these funds to cover any property damage that occurs. Charging these fees will increase your rental income.
Con: Property Damage
A cat or dog may scratch at the carpets, bite wood fixtures, or cause other forms or property damage. You can use your pet fees to cover repairs.
Schedule routine inspections to ensure your properties are in good shape. Otherwise, you may not realize there's property damage until renters move out.
Invite Pets in a Rental Property Today
Allowing pets in a rental property could maximize your earning potential. However, it can also lead to expensive damages. Make sure to weigh the pros and cons before making your final choice.
Need help making this decision? Rely on PMI Redwood Realty; your full-service property management company.
We use state-of-the-art technology to streamline our services. Rely on our 25 years of local industry experience. Contact us today for help making this decision!
