Pet owners treat their fury friends like family. Although they may not be pitching in for rent, they are a large part of the decision-making process when choosing where to make their next home. As a property owner, you have to decide if it’s in your best (and financial) interest to allow pets. Here are some pros and cons to consider:
Pros of allowing pets on your property.
1. If you allow pets, you will be choosing tenants from a much larger pool than if you do not allow them. If you limit pets, then you could miss out on great, quality tenants that could be an asset to you down the road.
2. Studies show that 65% of pet owners earn over $50,000 a year. Therefore, they are more likely to pay rent on time every month. Less time spent chasing down payments. Pet owners typically exude responsible characteristics, as well.
3. When pet owners find a place to rent from, they tend to have longer tenancy than non-pet owners. This is for a variety of reasons, but mainly because it is difficult to acclimate a pet and it is also difficult to find pet-friendly options that fit their needs.
4. Generally, there are less pet friendly options then there are ones that allow pets. If tenants have fewer options, you may be able to charge slightly higher rents as demand increases. Not to mention, you will also be taking in a pet deposit to cover any potential damage.
Cons of allowing pets on your property.
1. One of the biggest concerns when allowing pets on your property is the damage they can cause. Anything from chewing on the carpet to clawing at cabinets, there are a wide variety of issues that could go wrong. And while having a deposit to cover damage is convenient, it is often time consuming and complex to fix the damage caused.
2. Pets could be disturbing to existing tenants and neighbors. This means more complaints coming your way and conversations with the pet owners to control their animals.
3. There is significant liability that needs to be considered. While you may be able to limit weight and breeds, you must have some trust that the owners will be responsible with their pets. Incidents could occur in which medical attention may be necessary and you should be prepared.
4. The ultimate worry would be loss of other tenants. You do not want to sacrifice the current tenants you have for the new ones with pets. The goal is to keep tenants for as long as possible and you do not want them to want them to move because of the incessantly-barking dog downstairs.
Indeed, there are many items to consider when you are managing your property. At MGR, we work with a variety of owners and can help guide you toward making the best decision for your investment. At the end of the day, you want to be in a situation where you can maximize your investment and this decision could have direct impact on that outcome.