Pros and Cons of Allowing Pets in Your Rental Property

Pros and Cons of Allowing Pets in Your Rental Property

Did you know that 97% of US pet owners think of their pets as part of their family? Many of these people find their pets to be as much family members as their human counterparts.

Many people will not choose a rental where pets aren't allowed. Accepting pets in a rental property can be very lucrative. However, it's understandable you may not want to deal with all the drawbacks pet owners may come with.

Like most decisions, there are pros and cons. Keep reading to explore the perks and disadvantages of allowing pets inside your rental property.

Pros of Allowing Pets in a Rental Property

The most apparent advantage of opening your rental to pet owners is you get a larger pool of renters. A good example would be if it were legal to say no to tenants with children.

Kids can also cause plenty of damage. Even if you could deny kids, you'd decrease potential income. Of course, there are more reasons why you may consider allowing pets on your property.

You Can Charge Higher Rent

Property owners can charge renters premium rates and pet security deposits for the damage animals may cause. Many people will pay more if they can keep their pets.

You May Attract Better Tenants

Pet owners are liable to be more responsible tenants because caring for an animal isn't easy. They're responsible for food and medical expenses, among other necessities for their pet.

It's not uncommon for people with pets to pay on time and avoid property damage.

Pet Owners Often Have Longer Tenancy Rates

Pet rentals aren't a common find. As a result, many pet owners tend to renew their leases. Long tenancy rates also come from not wanting to stress their companions by moving too often.

Cons of Accepting Pet Owners

The advantages of accepting pet owners have been made apparent, but what are some cons of allowing pets on your property?

An Increased Chance of Property Damage

Sometimes, the most responsible tenants break things. This goes doubly for the ones with pets. Bite marks, scratches, foul odors, and stains can still happen occasionally.

There May Be Excessive Noise

Many animals are not quiet; birds and dogs can become disruptive. It's especially annoying at night when people are winding down for the next day. Some tenants may also find cats' tendency to roam irritating.

Animals Can Be Liabilities and Cause Allergies

The most well-trained animals can still bite or scratch people. It's advisable to have safety protocols built into your rental pet policy. Pet skin and fur may also travel through air ducts and trigger allergies in other tenants.

Why Should You Use PMI?

Daytona Beach is an attractive place to live. But there is a lot you can do to make renting here a more attractive prospect. Considering pets in a rental property is a fantastic idea.

PMI Daytona Flagler can help market you to prospective pet-owning renters and manage these specialty properties. You can rely on us to help attract responsible tenants - contact PMI today for further assistance!