Imagine falling asleep with a sweet ball of fur curled against your side every night, knowing they're safe and sound in your secure rental property. Your tenants deserve the same peace of mind. However, deciding to allow pets in a rental property shouldn't be a rash decision.
Read on to review the pros and cons of allowing pets in your Davie, FL rentals. After reading this guide, you can make an informed choice!
Pro: Responsible Tenants
Taking care of a pet is a huge responsibility. Pet owners are responsible for ensuring their pets have:
- A healthy diet
- Constant access to water
- A comfortable and warm bed
- Protection from illness, injury, or stress
- An opportunity to express natural behaviors
- Regular opportunities for exercise
- Medical treatment when necessary
- Training and socialization
Someone who is responsible for the well-being of another creature is likely to take care of their surroundings. You'll have peace of mind knowing responsible tenants are living in your investment properties.
Con: Property Damage
While pet owners are responsible, they can't watch their pets 24/7. Unfortunately, some amount of property damage may occur. A pet may:
- Chew on wood door frames
- Urinate on the carpet
- Destroy landscaping
Odors could make the rental property less appealing to future renters. Charge a pet fee to cover potential damages before they occur.
Pro: Charge Higher Rent
The majority of pet owners see their pets as part of the family (and on the same level as humans). These pet owners won't part with their furry companions to live in your rental property. However, they may be inclined to pay a higher rent fee.
Charging a pet fee in addition to the base rent will allow you to generate more revenue.
Con: Noise Complaints
Other tenants may complain of noise if a pet isn't well-trained. The barking could scare away future tenants.
Consider hiring a property manager. They can resolve these disputes on your behalf.
Pro: Longer Vacancy
It can take time for pet owners to find an animal-friendly property. Once they do, they'll want to stay to avoid the stress of finding another ideal rental. Adjust your property marketing strategy to appeal to pet owners.
You can increase lease renewals if you allow pets. Increasing renewals will save you time and money.
Con: Potential Injuries
If an animal isn't trained, there's a risk that they may injure someone. Over 4.5 million people are bitten by dogs every year in the US. Over 800,000 people receive medical attention for dog bites annually.
Unfortunately, the majority of people who fall victim to dog bites are young children. Even the sweetest pet can bite when provoked.
Consider Pets in a Rental Property
Don't rush to allow pets in a rental property. Instead, consult an experienced property management company. With help, you can make a smarter choice with your tenants and goals in mind.
Eager to discuss your options with a property manager? PMI Best Assets has nearly 20 years of industry experience.
We can help you and your tenants. Contact us today to discover how our services can support your real estate goals.