62% of Americans own pets, and almost all of them consider their furry friends as part of their families. This means that when they relocate, there's no chance they're leaving their pets behind.
It's difficult to find pet-friendly accommodations though, and it can be a frustrating search for tenants. So why not open your units up to these people?
If you want to explore allowing pets in a rental property, then keep reading. We'll list several pros and cons to think about.
Pro: You Can Attract More Tenants
The rental market in Kansas City isn't doing bad at all, but attracting more tenants is always a great idea. And by opening your door to pet owners, you can do exactly that.
When you expand your rental property tenant pool, you can afford to be pickier too. And when you're more selective with renters, there's a higher chance that you'll get rental payments on time and that your property will stay in fantastic shape.
Pro: You'll Earn More Money
Having a bigger tenant pool means fewer vacancies and less money spent on marketing and screening new renters. In addition, pet owners tend to stay in units longer; it's challenging to find pet-friendly properties, so they'll want to settle somewhere decent if possible.
More importantly, you can charge higher rent for these renters. They'll also be willing to pay other fees, such as pet deposits. That way, they can ensure there's a roof over their heads.
Con: There May Be More Rental Property Damage
It's common for pets to misbehave, especially if the owners haven't done a good job of training them. This can result in chewed-up furnishings that need to be replaced. Even well-behaved animals can cause extra wear and tear on things such as flooring and lawns.
While this might be annoying, keeping up with maintenance and charging deposits and fees can mitigate these issues. And if you have a property management company's help, you won't have to handle these things yourself either.
Con: Current Tenants May Get Upset
Your current renters may be used to peace and quiet, and the addition of pets on the property may ruin that. Some animals make more noise than others, especially untrained ones.
Your current tenants will also have to deal with feeling unsafe around some animals (such as larger dogs) and may suffer from allergies. These problems can be enough for them to either break their leases or not sign for another year.
Having Pets in a Rental Property Is Something Positive
As you can see, you'll ultimately make more money and have less of a headache dealing with tenants if you allow pets in a rental property.
You may indeed have to worry about additional maintenance and potentially upsetting current renters. But the reality is, that the pros far outweigh the cons. So it's a wise business decision to change your property to a pet-friendly one.
If you need property management services, then contact PMI Station today. We offer free rental analyses.
