About 63.8 million American households a pet. How many of your tenants are pet owners? If you're not allowing pets in a rental property in Palm Harbor, you're missing the chance to maximize your earning potential.
However, allowing pets means worrying about rental property damage and noise complaints. Not sure whether to start allowing pets? Read on for help making this choice!
Pro: Rental Property Tenant Pool
With 63.8 million pet owners, you have 63.8 million opportunities to attract tenants if you allow animals in your properties. Otherwise, you could limit your rental property tenant pool.
Closing off your tenant pool could lead to a higher vacancy rate. You could struggle to attract renters. They won't bother applying if your property isn't rent-friendly.
Pet owners won't choose to live in your rental over keeping their furry friends. Allowing pets will give you more tenants to choose from. You can find the best fit without worrying about a high vacancy rate.
Con: Rental Property Damage
Accidents happen. Unfortunately, they're more likely to happen if you allow pets in your rentals. If rental property damage occurs, you'll need to cover it immediately.
Otherwise, the property will deteriorate. You can cover any property maintenance costs with a pet deposit.
Pro: Longer Tenure
Once they find a place to live with their animals, pet owners won't want to leave. Instead, the rental will start to feel like a permanent residence.
Retaining pet owners will increase your occupancy rate. You won't have to worry about long-term vacancies.
Con: Noise
Excessive barking could annoy the neighbors. Create rental tenant terms that include quiet hours before allowing pets. Have a property manager enforce these rules on your behalf.
Pro: Higher Rental Payments
Current market trends will determine the rental rate. However, you can charge pet owners a little more. Charge pet owners a pet fee, pet deposit, and pet rent.
The pet fee is non-refundable, ranging between $50 and $500 per pet. The pet rent is a monthly fee ($25 to $100 per pet each month). Both can compensate for property damage or wear and tear on the property.
The pet deposit is a one-time, refundable payment. It ranges between $200 and $500 per pet as collateral for damages.
Charging these fees will increase your rental property pricing. You can increase monthly rental payments without exceeding market rental rates.
Con: Injuries
Untrained dogs could injure neighbors. Before deciding to allow pets, require renters to have adequate renters insurance. Make sure their policy protects you against dog bites on the property.
Will You Allow Pets in a Rental Property?
Weighing the pros and cons of allowing pets in a rental property can feel daunting. Don't make this decision alone. Instead, consult an experienced property management company.
With their help, you can make an informed decision with your goals and needs in mind. Look no further than PMI Pinellas.
Our team has 20 years of property management experience helping owners like you. We can use state-of-the-art technology and proven strategies to maximize your earning potential. Contact us today for help making this choice!
