It's no secret Americans love their furry friends; over 80 million of us have a pet. If you have a rental property, however, is it a good idea to let renters bring their pets with them?
Allowing pets in a rental property might seem like a cut and dry decision. If you feel strongly one way or another, however, there might be a few factors you haven't considered.
We can help you figure out if it's a good idea to allow animals in your properties. Keep reading to learn the pros and cons of renters with pets.
Pros of Pets in a Rental Property
It's true that dogs, cats, and other types of pets can damage your properties. However, there are plenty of pluses to allowing renters to keep Fido and Fluffy.
For one, you can ask for more money for your rental property. You can charge a one-time pet fee, pet rent, or even raise your rates.
Once pet owners get settled, they aren't as likely to move out. You'll have a loyal and grateful renter who is more likely to renew their lease.
Cons of Pets in a Rental Property
We mentioned that sometimes pets can damage properties. They can chew through wires, stain the carpet, leave scratch marks on walls, and more.
If other renters are allergic, pets can accidentally become a health hazard. Dogs that bark at all hours create a noisy environment and disturb the peace.
Worse, certain dog breeds can be aggressive. You can be liable for any dog bits that occur on your property.
Your condo association might be the ultimate road block to restricting renters with pets. If they don't allow animals, the choice is out of your hands.
Allowing Pets in a Rental Property
If you decide to allow renters to keep their pets, what kind of safety measures can you put in place? We mentioned pet fees and higher rent but there are other steps you can take to make sure everyone is happy.
Arkansas is number one for dog ownership in the country. It's safe to assume that most renters here will most likely have a dog.
Before allowing dogs on your property, figure out if you want to put weight or breed restrictions in place. Make sure to get insurance that covers dog bites as well.
Limiting the number of pets in one place is another safeguard you can add. Ask that all pets have proof of vaccinations.
Welcoming Pet Owners
As you can see, there are a few decisions you need to make before you allow pets in a rental property you own. The last step before welcoming them to your place is to meet them and the animal in person to see if their pet is a good fit.
Allowing animals can widen your rent options but can also cause a lot of other complications. Go through the pros and cons carefully before you make your final decision.
Looking for more advice on managing your rental property? Check out our other articles to stay on top of the trends!