From 2019 to 2020. the number of pet owners increased by 7%. For many people, pets are family. When they move, they want to go somewhere they can bring their pets.
When managing rental properties, it's important to decide if you should allow pets in a rental property. If you're trying to decide whether you should allow pets, keep reading. We'll break down all the pros and cons and help you answer the question: should you allow pets?
Benefits of Pets In a Rental Property
There are many good reasons for allowing poets in a rental property. Rental property management should seriously consider allowing pets because of all their benefits.
Many pet owners are resistant to moving because it can be hard to find rental properties that allow pets. When they discover a rental property that allows pets, they are more likely to stay. Residents with pets will stay for up to four years or more, whereas people without pets are more likely to move after 18 months.
Tenants with pets also take excellent care of their pets, which means they will take perfect care of your property. They want their pets to thrive in a safe, healthy environment. Pet owners will be better residents, stay longer, and take care of your properties.
More Tenant Opportunities
The number of people adopting pets is only going up. Allowing rental property pets will increase the number of retail applications you receive.
When searching for rental properties, many applicants will only allow search results that allow pets. If you don't allow pets, these people won't even see your property.
If you're still on the fence, you can pick and choose what kind of pets you allow on the property. The most common types to allow are cats and small dogs. Determining pet allowance on a case-by-case basis keeps you in the search results and prevents any potential property damage.
Receiving higher payments is one of the biggest motivators for rental property management allowing pets. You can add a monthly payment, also known as pet rent. This extra payment helps cover any potential damage the pet might inflict.
The deposit on a pet rental property is also larger than non-pet properties. On top of the traditional deposit, you can charge a non-refundable pet deposit and a pet deposit that is only refundable if there is no property damage.
By not limiting the size of the pet allowed, you can increase the deposits and fees for larger pets.
Downsides of Pets In a Rental Property
There are downsides to allowing rental property pets. To complete our tips for landlords allowing pets, we need to go over some cons to allowing pets in a rental property.
Pets that spend time outdoors are susceptible to fleas and other bugs. If one pet catches fleas or another disease, it can spread to other pets in the apartment complex.
When tenant's animals get infected, it can make them want to leave. You will need to pay to decontaminate the building as well.
A way to avoid bugs is by not allowing any pets that go outside, which is why most rental property management leases only allow cats. If you rent out to a tenant with pets, make sure their animals are clean and pest-free.
The majority of pets are extremely well-behaved. But, some pets can cause accidental damage to your property. Depending on the pet, it can scratch the walls and floors.
The damage to your property can be expensive to repair. But, that's why many properties will charge pet rent and a pet deposit. This extra money covers repairs for any damage that might occur because of the pet.
Noise complaints can be common when you have many tenants in one complex. But, complaints can happen more often when someone has a noisy animal.
When dogs are poorly trained, they can bark, whine, and cry all day. This disrupts the peaceful environment you created for tenants. If it becomes too annoying, some tenants may decide to move.
There are ways to avoid this and still include pets. Again, this is why most places only allow cats. You can also request a background check about the behavior of the pet and tenant.
Make Managing Rental Properties Easy
As someone who spends time managing rental properties, deciding whether to allow pets is a big decision. There are many benefits to allowing pets in a rental property. They can increase applications, raise prices, and increase your income.
Do you need help determining how to handle pets on your rental property? Our team at Denver Property Management can help you create the perfect lease to accommodate pet owners and increase your income! We can take all the stress out of property management in the Denver area.
Contact us today and let us manage your Denver rental property!