About 62% of Americans own a pet, and many of these pet owners consider their pets family members. They're not about to leave their animal companions behind when they move, and sometimes when they travel, so as a landlord, you need to decide if you'll let them rent to you.
Should you allow pets in a rental property? Is it more trouble than it's worth? Let's talk about it.
Read on to learn the pros and cons of letting pets in your rental.
Pros of Allowing Pets in a Rental Property
Allowing pets in a short-term rental property can be great for both landlords and tenants.
As we mentioned, many people in the United States have (and travel with) pets. By not allowing pets, you'll be limiting your tenant pool. Allowing pets may attract responsible and caring renters who are more likely to stay longer because they understand that many rentals aren't pet-friendly.
This can be good for landlords because it means less time searching for new tenants and less chance of the property being empty.
Responsible pet owners often take extra care to ensure their pets don't cause damage to the property, and many are willing to pay additional pet fees or deposits to cover any potential issues.
Allowing pets, with a reasonable pet policy, can create a positive and welcoming environment in a rental property for both tenants and their furry friends.
Cons of Allowing Pets in a Rental Property
While allowing pets in a rental property has its benefits, there are also some downsides to consider.
Some pets can accidentally cause damage to the rental property, like scratching floors or chewing on walls. This can result in extra costs for landlords to repair or replace these items.
On that note, not all pet owners are equally responsible, and some may not clean up after their pets. This may lead to potential messes and odors in shared spaces, which could upset other tenants.
Some of your potential tenants may have allergies to pets, and allowing animals in a rental property could limit your tenant pool (though, less so than disallowing tenants with pets). Noise can also be a problem, as some pets may bark or make noise that could disturb neighbors.
To address these potential issues, landlords may need to set clear rules and guidelines for pet owners if they allow pets at all. It's important to note that service and support animals are not pets, so landlords who disallow pets still need to allow support animals in most cases.
Will You Allow Pets in a Rental Property?
Only you can decide whether or not to allow pets in a rental property. Allowing pets can widen your tenant pool, keep your tenants happier, and allow you to make some extra money. On the other hand, pets have the potential to cause damage.
Do you need help with decisions like these? A good property management company can help. At PMI Denver Metro, our property managers have years of experience in the field, and we're ready to help Denver landlords thrive.
Schedule a consult with us today.
