About 70% of U.S. households include a pet (or more than one pet). Many of those families will be looking for rental housing at some point, so as a landlord, you have to decide whether or not your rental property will be available for them.
Will you allow pets in a rental property, or are furry friends a no-go?
There's no right or wrong answer here, but we're here to help you decide. Read on to learn the pros and cons of letting tenants with pets live in your rental properties.
Pros of Allowing Pets in a Rental Property
If you love pets, or you just understand that many pet owners can be great tenants, you may be leaning toward allowing pets in your rental property. Let's start with the benefits of allowing tenants with furry friends.
As we've already mentioned, a large percentage of households include at least one pet. As a result, allowing pets expands your potential tenant pool. Tenants aren't going to leave their pets behind for your property.
On top of that, pet owners may be more likely to stay in a rental property for longer periods. Finding pet-friendly housing can be a challenge. This can lead to lower turnover rates and reduced vacancy periods for landlords (and all landlords know that vacancies are expensive).
Allowing pets may lead to more applications, fewer vacancies, and happier tenants overall. Tenants like landlords that allow them as much autonomy as possible.
A pet owner may be a more responsible tenant. It takes responsibility to raise a pet, and many good tenants know that they have to go above and beyond to prove their responsibility to landlords.
Landlords can also charge pet fees and slightly higher rents if they allow pets. This can cover the costs of potential property damage.
Cons of Allowing Pets in a Rental Property
What if you don't like the idea of allowing pets in your rental property? There are, of course, some downsides that come alongside the decision to allow pets.
Of course, pets can cause damage to rental units. This can include scratching floors, chewing on furniture, and even damaging carpets. These things may result in expensive repairs or replacements for landlords.
Requiring an extra pet fee can protect you against this, however.
Pets can leave behind allergens or a bad odor that may linger in the rental unit. This could be uncomfortable for future tenants with bad allergies or even for neighboring tenants if the pet is in an apartment building.
On that note, barking dogs and other pet-related noise can disrupt the peace and quiet of the rental property. This may result in complaints from neighbors or other tenants.
Will You Allow Pets in Your Rental Property?
It can be tough to decide whether or not to allow pets in a rental property. At the end of the day, there's no right or wrong answer. You get to choose what feels right for your property.
If you need help with this, as well as the many other challenges of being a landlord in Tulsa, Oklahoma, a property management company like PMI Green Country can help. Our team is ready to provide you with personalized property management services that suit your unique needs.
Schedule a consult with us today.
