When it comes to pet-friendly rentals, there are several pros and cons for landlords. Importantly, carefully consider whether or not pets in your properties would suit your business goals or not.
Below, we’ve compiled a list of the benefits and potential pitfalls of renting to pet owners. You may even have a few of your own. Let us know in the comments if there’s anything we missed.
Pros of Pet-Friendly Rentals
Some of the advantages when offering pet-friendly rentals are:
- Attract more tenants
- Extra income from pet fees
- Less tenant turnover
For quickly filling units, allowing pets is a great way to attract tenants and helps you stand out from other properties on the market. Additionally, you can also earn extra income by presenting a pet lease fee. If you’re interested in providing pet-friendly rentals, you can also try pet screening services as well to further protect your business and your property.
Cons of Pet-Friendly Rentals
Some of the disadvantages of pet-friendly rentals are:
- More potential damage to rentals
- Smell/noise complaints
There’s no question that pets bring a little extra anxiety when it comes to keeping your property in optimal condition and maintaining good relationships with other tenants or neighbors. For example, perhaps a dog in an apartment building might constantly bark, creating tension and noise complaints from other residents.
The pros and cons are pretty neck and neck when it comes to determining if you should allow pets in your rentals or not. Ultimately, you will have to examine your business and determine what might cost you more: losing out on the potential to attract long-term tenants or potentially irresponsible pet owners.
Additionally, if you do decide your rentals will be pet-friendly, ensure you’ve drafted up a pet policy for your leases.