Nearly 70 percent of households in the U.S. own a pet, yet only about half of landlords allow pets. This means that pet-friendly rentals are very attractive to tenants and have a true advantage over those who don’t allow pets. If you’re looking to appeal to a wider range of applicants, allowing pets is a surefire way to do so.
Of course, there are risks to allowing pets in your rental as well. In this article, we will outline both the advantages and the drawbacks of marking your rental property as pet friendly, so you can make an informed decision.
Advantages of Pet-Friendly Rentals
Making your single family home a pet-friendly rental can pay off in a variety of ways:
More Interested Tenants
Property owners who don’t allow pets limit themselves to only the households who don’t own a dog or a cat. This is only roughly 30 percent of U.S. households, which significantly decreases the interest in your rental. Pet-friendly rental properties attract many more applicants than ones that don’t allow pets.
Charge Higher Rent and Pet Fees
Pet-friendly rentals are in such high demand that you can charge higher rent as a landlord. In addition, pet deposits, pet fees, and pet rent all put more money in your wallet. As long as you screen properly and ensure you rent only to responsible pet owners, you have a great opportunity to make more money with your rental by making it pet friendly.
Pet Owners Make Quality Tenants
There are exceptions to every rule, but generally speaking, people who own pets are responsible. They take great care of their dog or cat, and in turn, they take great care of your rental property. People with pets are also grateful for landlords who allow pets, so they are more likely to feel a personal responsibility to care for your property.
Pet Owners Renew Leases More Often
Finding a quality pet-friendly rental is a challenge for tenants. Therefore, when you allow them to have a pet, they are more likely to renew their lease. In addition, moving is a stressful experience for animals, so pet owners generally try to avoid it if they can.
Risks of Pet-Friendly Rentals
All that aside, there is a reason why half of all landlords do not allow pets in their rental property — there are risks we all take
Potential Damage
Unfortunately, one of the risks of renting to pet owners is that dogs and cats can cause damage to the property. This is especially true with young animals. Pets can damage a rental property in a variety of ways, including chewing on wood, scratching, digging into landscaping, and leaving bad odors behind. This is one of the main reasons why a pet deposit is so important.
Noise
Dogs can be a major source of noise complaints from your neighbors due to barking. If you are going to allow dogs on your property, it’s essential to ask about the dog’s barking habits. You might ask prior landlords about this as well, because a barky dog can be a liability for you.
Allergies
Allergens and pets go hand in hand, so it’s important to keep that in mind with your rental property. If, after a tenant with pets moves out, you rent to someone who is allergic to dogs or cats, it can cause issues, so it’s important to be transparent about any pets who have lived on your property and be thorough about cleaning the property after they’ve moved out.
Managing rental properties in Phoenix can take a lot of work. With Balboa Property Management, you don’t have to worry. We are a full-service property management company for single family home rentals, so we can help you screen applicants and their pets, collect pet fees, and manage any issues that come up in a pet-friendly rental. Contact us to take advantage of our services!
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