Allowing pets in a rental property can be a difficult decision for landlords. On one hand, it can expand your tenant pool and boost income. On the other hand, it can lead to property damage and other complications.
So, if you're a landlord and struggling with which rental tenant terms are right for you, keep reading. This article will highlight the pros and cons. That way, you can make a better decision on whether or not you want to include pets in a rental property.
Pros of Allowing Pets in Your Rental Property
Many pet owners struggle to find rental properties that accommodate their pets. Some rental properties may even charge outrageous hidden fees for allowing pets.
This leads to an unfulfilled market of renters, with no access to their specific housing needs. Which is where you can come in and set appropriate rental property pricing.
Higher Profit Margins
Some landlords think that allowing pets in a rental property can cause rental property damage and lead to profit losses.
However, with the correct tenant screening, and rental tenant terms, you can actually maximize profits. In fact, you may even be able to charge higher rent, especially if your property offers pet-friendly amenities.
Higher Occupancy Rates
Allowing pets in your rental property may result in higher occupancy rates. In fact, many pet owners like to settle into a known location where they know their pets will be accepted long term.
In turn, this can lead to higher profit margins. As we know, finding new tenants becomes more costly than keeping current ones.
Cons of Allowing Pets in Your Rental Property
Of course, like any business decision, you may face some issues. And rental property damage is definitely a big concern for landlords.
There are also issues with legalities associated with what kind of breeds will be allowed into the community. It's important you consider all of these factors, so keep reading!
Rental Property Damage
It's no secret that pets can cause wear and tear to a property. They may scratch floors, chew on baseboards, or leave behind odors that are difficult to remove. Addressing this damage can be costly and time-consuming, potentially lowering your income.
Tenant Screening Challenges
When considering having pets in a rental property, the screening process completely changes. You want to encourage responsible pet owners.
However, this can be hard to manage. Especially if it's your first time working with pet owners. Luckily, there are options for these types of issues.
For example, you can outsource a tenant screening service to better provide you with a list of potential renters. Doing so can also provide you with a detailed bio of the pet's name, age, and breed.
Rental Property Pricing
Allowing pets in a rental property can lead to higher rental property pricing. But you may also need to invest in additional maintenance and repairs. Some pets can reduce property value through wear and tear.
A Better Seacoast, NH Rental Property
The decision to allow pets in your Seacoast, NH rental property is a significant one, and it requires careful consideration of the potential advantages and drawbacks.
Hopefully, after reading this article, you have a better understanding of the pros and cons of allowing pets in a rental property. But if you need further assistance, contact us today.
