Around 48,255,413 U.S. households own a pet. With more people than ever buying into this trend, experts predict a growth in this number in the future.
If you are a landlord, this gives you a dilemma. There are several factors to consider that can influence your investment for the good or the bad. Property damage, higher rent, and maintenance are likely words spinning in your brain.
Our guide to pets in a rental property is the cure for your headache. So keep reading to uncover the pros and cons of this predicament!
Pro: Higher Rent Potential
As a landlord, your primary objective is to generate passive income. Thus, higher rent is the most significant benefit of allowing pets in a rental property.
As we approach 2024, the average rental price is $1,326 monthly. Size and location affect the cost, but by allowing pets into your home, you could earn between 10-30% more.
Pro: Positive Tenant-Landlord Relationship
Allowing pets can build positive relationships between you and your tenants. When you accommodate pet owners, it can create goodwill and loyalty. Over time, this leads to better communication and cooperation during the tenancy.
Having a positive relationship will give you peace of mind.
Pro: Expanded Tenant Pool
Almost a quarter of rental homes nationwide don't allow pets. By allowing them inside, you open the door to hundreds of thousands of potential renters.
When pet owners find a space, they are less likely to leave due to the difficulty of finding housing. In return, you will have lower vacancy rates throughout the years.
Pro: Responsible Tenants
Owning a pet is a big responsibility and requires much love and care. Therefore, renters who own one are likely to be reliable and trustworthy.
People who bring a friend into properties to rent will go out of their way to ensure the furnishings are well-kept. They will be grateful for their inclusion and won't want to risk searching for a home in a demanding sector.
Con: Property Damage
Tenants with or without a pet can cause property damage. However, research shows 85% of landlords or agents reported pet damage to the home.
Some things dogs, cats, or other animals can break are:
- Floors
- Windows and Doors
- Furniture
- Baseboards
- Appliances
- Yards
Con: Noise Complaints
Thousands of noise complaints are made to the authorities monthly. Unfortunately, pet-related issues seem to be a contributing factor.
In Woonsocket, Rhode Island, the sound limit for a residential area is 55 to 65 DBA. This occurs from 10:00 p.m. to 6:59 a.m. daily. The average dog can bark over double this amount.
Con: Allergies and Odors
Some tenants may have allergies to pet dander, which can lead to health issues. In addition, pets can leave odors on the property, even with regular cleaning. Repairs can be a notable issue as the average household already spends USD 6,000 yearly.
Consider the Pros and Cons of Pets in a Rental Property
There's no definitive right or wrong answer for allowing pets in a rental property. There are pros and cons for both sides.
However, different factors will suit landlords' preferences. So, considering each one before you place real estate on the market is vital.
To uncover how much money you can get from your home, with or without pets, book a free rental evaluation with PMI Ocean State today!
