It's incredible that 70% of households in America own at least one pet.
While lots of pet owners dream of buying houses for their fur babies to enjoy, the truth is that many of them are renters. This makes a landlord's job trickier.
Is it smart to welcome pets in a rental property? Read on to break down the perks and potential drawbacks of accepting pets.
Con: Loud Noise
A top concern with allowing pets in a rental property is the potential for loud noise, particularly in the case of dogs that bark a lot. Noise complaints from neighbors can lead to a strained relationship between the landlord and other tenants.
Before allowing pets, it's crucial to set clear guidelines on acceptable noise levels. Make sure you address any complaints right away to restore a peaceful living environment.
Pro: Higher Rent Potential
Allowing pets in a rental property opens up a broader tenant pool, as many individuals and families consider their furry friends as part of the household. With a pet-friendly policy, landlords may attract more potential renters, giving them the opportunity to charge a slightly higher rent.
This increase can contribute to a more lucrative rental income over time.
Con: Bad Smells
Another one of the most common concerns is the potential for bad smells. Pets, especially dogs and cats, can bring odors that may linger in the space. This can be a turn-off for future tenants and might require additional cleaning efforts between occupants.
Landlords need to weigh the risk of unpleasant smells against the benefits of attracting pet-owning tenants.
Pro: Longer Tenant Tenure
Pet owners often seek stable and long-term housing arrangements for their beloved companions. Accepting them can lead to longer tenant tenure since pet owners are often more inclined to stay in a pet-friendly environment for an extended period. This stability can reduce turnover rate, saving landlords time and money on finding new tenants frequently.
Con: Property Damage
Pets, by their nature, can cause wear and tear on a property. Scratched floors, chewed furniture, and accidents can lead to pricey repairs and maintenance. While a pet deposit can mitigate some of these risks, it may not cover the full extent of damage caused by a particularly energetic or mischievous pet.
Landlords must carefully assess the potential for property damage and consider whether the financial risks outweigh the benefits.
Pro: Enhanced Property Security
Allowing pets can contribute to enhanced security. Many pet owners have dogs that serve as loyal companions and natural deterrents to intruders. The presence of dogs on the property can give an extra layer of security.
This can be a valuable pro for property owners looking to attract responsible pet owners to their rental units.
Accepting Pets in a Rental Property Could Be Wise
The debate over whether to allow pets in a rental property has a lot of layers. There's no single solution that works for all landlords. Review the perks and drawbacks of this guide before making your final decision.
Whether you welcome pets or not, a property management team is here to help you run your business. Contact Wolfnest to learn how our property management team can make your job easier. We've been helping Salt Lake City landlords since 2012.