Almost 70% of all households in the US own at least one pet. So chances are, your perfect tenant might come with a furry friend.
If you own a rental property in Charlottesville, you might have considered whether it's a good idea to let tenants have pets. There are many downsides to allowing pets in a rental property, but there are potentially even more benefits. You just need to decide if it is worth it to consider pet owners as potential future tenants.
So keep reading to find out more about the pros and cons of allowing pets in a rental property.
What to Consider
When contemplating whether to allow pets, landlords should consider factors such as:
Assess if your property is suitable for pets. Consider the property's size, layout, and nearby pet-friendly amenities. Address the number of pets that would be allowed per unit.
Research local and state laws on pet ownership in rental properties. Some areas have specific regulations and requirements for pet-friendly housing.
Review your insurance policy to ensure it covers potential pet-related damages and liabilities.
Pros of Welcoming Pet-Owning Tenants
Many renters are pet owners, and by permitting pets, you can attract a larger and more diverse rental property tenant pool. This can contribute to lower vacancy rates and consistent rental payments.
Pet-friendly properties tend to be in high demand. This can result in quicker tenant placement and reduced marketing costs for landlords.
Landlords can charge extra fees, increasing overall rental income and offsetting any other pet-related costs.
By implementing strict pet policies and tenant screenings, landlords can attract responsible pet owners. This trait makes them likely to maintain and care for their rental unit properly.
Pets, especially dogs, can provide security to a property. They can deter potential intruders and provide a sense of safety for tenants. Pet-friendly properties often encourage a sense of community among tenants. This can foster a positive living environment.
Cons of Allowing Pets in a Rental Property
While there are benefits to allowing pets in a rental property, there are also potential drawbacks that landlords should consider. Here are some negatives to consider:
Pets can cause rental property damage. Their nature means they might chew, scratch, or dig, and this can lead to increased maintenance costs.
Having pets can be noisy, which can lead to complaints from neighbors.
If a pet injures someone on the property, the landlord may face liability issues. Tenant insurance can provide some coverage, but understanding the potential legal implications is crucial.
Landlords may have to invest more time and effort into maintaining the property. This can include frequent cleaning, addressing pet-related wear and tear, or odor control.
The presence of pets can contribute to property depreciation due to the increased wear and tear.
Pets in Rental Properties
Ultimately, the decision to allow pets in a rental property should be made with the best interests of both landlords and tenants in mind. You might not feel like it's worth it to allow pets, or you're actively considering it. There is no right or wrong decision when it comes to this.
If you're looking for a property manager in the Charlottesville, VA area, don't hesitate to contact us. PMI Commonwealth provides both residential and commercial property owners with the highest quality property management services.