About 62 million households in the US own dogs, with another 37 million owning cats. If you don't allow pets in a rental property, you're closing yourself off to these renters. However, there are also drawbacks of allowing pets to consider.
Before deciding if you'll offer Nashville pet-friendly rentals, read this guide. Weigh the pros and cons before making your choice today!
Benefits of Allowing Pets
If you decide to allow pets in your rentals, review pet policies for landlords. These policies can protect your best interests. Here are a few benefits of allowing pets to consider.
Responsible Tenants
Taking care of an animal is a big responsibility. Pet owners are likely to take this responsibility seriously to give themselves and their companions a safe home. They'll likely take care of their surroundings while living in your rental property.
Choosing responsible tenants will give you peace of mind. You can even retain these renters long-term to avoid troublesome tenants later.
Charge Higher Rent
If you're concerned about property damage, charge a pet fee, rent, and deposit. You can use these funds to cover expenses associated with allowing pets.
The pet fee is usually non-refundable and added to the rent or security deposit. It's a one-time charge. The pet rent, however, is a monthly fee. You can charge between $25 and $100 every month per pet to generate more income.
If there's any wear and tear on the property, you can use these funds to protect and improve the quality of our rental.
Setting the monthly rental rate will depend on local trends. However, you can charge these fees to pet owners to maximize your earning potential.
Longer Occupancy
Once they find a pet-friendly rental, pet owners likely won't want to search again. You can retain these renters to improve your occupancy rate. This can reduce the cost of marketing and tenant screening.
Drawbacks of Allowing Pets
There are some disadvantages of allowing pets. Consider weighing these pros and cons with a property manager. They'll help you protect your investment.
Property Damage
An untrained animal could damage your beautiful rental property. They may:
- Destroy the landscaping
- Urinate on floors
- Scratch or chew wooden features
Schedule routine inspections to spot damages before they worsen.
Potential Injuries
Not all pets are well-trained. This could lead to accidents.
Require dog owners to have dog bite insurance. Otherwise, someone may hold you liable after an incident. Having dog bite insurance can protect your best interests.
Noise Complaints
Some dogs and cats howl and whine when they're left home alone. You may receive noise complaints from neighbors. Consider enforcing quiet hours in your pet policy.
Consider Pets in a Rental Property
Don't rush to decide if you'll allow pets in a rental property. Instead, consult an experienced property management company. They can help you make an informed decision based on your needs and concerns.
Our team at PMI Greater Nashville can protect your best interests. We're part of a fast-growing franchise that's been changing the industry for nearly 20 years.
Trust our award-winning strategies, state-of-the-art technology, and industry expertise. Contact us today for help deciding whether to allow pets in your properties.
