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More than 90 million families own at least one pet in the United States. That's 70% of all US households.
People love their pets, but should you allow pets in your rental property? After all, pets can cause damage, and you want to keep your building in good shape. On the other hand, you're limiting your tenant pool when you refuse to accept pets.
Here are a few advantages and downsides of allowing pets in a rental property so you can decide for yourself.
Pro: Access to More Tenants
When many people search for rental properties, they filter the results by properties that allow pets. If your rental doesn't allow pets, you lose access to tenants that have them.
Accepting pets in a rental property gives you a wider pool of applicants.
Con: Potential Damage
Regardless of how well-behaved an animal may seem, there's always a chance they can cause damage to a rental unit. There might be urine stains on the carpet, scratches on the floor, or chew marks on cabinets and doors.
You can limit the chances of property damage by restricting certain breeds or doing a pet interview.
Pro: Higher Rent
There are a few ways to offset the cost of damages. You can ask for a higher rent for one. Pet owners are usually happy to pay a higher rent if they can find a home to accept their cat or dog.
You can also ask for pet rent or take a pet deposit. Pet rent covers any damage to the property.
We recommend asking for a pet deposit. This holds tenants responsible for their pets and also gives you a good cushion to cover any damage. You can choose to refund the pet deposit or state it's only partially or non-refundable.
After all, there's always going to be some wear and tear, but you want to avoid damages as much as possible.
Con: Possible Danger to Other Tenants
Another con that's important to consider is the risk of injury to other tenants. Over 4.5 million people get bitten by dogs every year in the United States.
You don't want to be liable for any pet-related injuries. Consider how to protect yourself, your tenants, and your property if you do choose to allow pets.
Pro: Increased Revenue
As we mentioned earlier, you can ask for a higher rent and collect pet deposits when you accept pets. All that extra rent increases your gross rental income.
It adds up quickly, as long as you take the necessary precautions to balance pet rent and deposits with the cost of damages. One way to limit the damage done is to ensure you only accept responsible tenants. A rental property management company screens tenants for you, taking some of the stress off of you.
Should You Allow Pets in a Rental Property?
Weigh these pros and cons to see if allowing pets in a rental property is the right move for you. You can mitigate some risks by having a breed restriction or a pet size limit. Meeting the pet is also a good way to gauge the animal's temperament.
Let HomeRiver Group Miami help you manage your rental property! Drop us a line today to learn more about our services and how we can help you make the most of your Miami, FL rental property.
