Are you struggling to attract tenants to your Nashville rental property? About 90.5 million families in the US own a pet; up from 56% since 1988. If you don't allow pets in a rental property, those renters won't apply.
However, allowing pets could increase how much you spend on property maintenance. Not sure which option to choose? Read on to weigh the pros and cons of allowing pets!
Pros of Allowing Pets in a Rented Property
Imagine happy tenants filling your vacant properties, surrounded by family members. About 51% of pet owners in the US consider their pets to be a part of the family. You don't want to exclude them.
Here are a few benefits of allowing these renters to live in your properties!
Larger Tenant Pool
Remember, millions of people in the US own pets. Allowing pets in a rental property will expand your tenant pool. You'll have a range of applicants to choose from.
If you don't allow pets, people won't apply. Instead, they'll turn to other landlords in Nashville. You'll instantly lose any competitive advantage you have.
Your vacancy rate will begin increasing. You could lose thousands of dollars a month on one vacant unit.
Instead, consider allowing pet owners to move in. These individuals are responsible for themselves and their pets. They're usually good, responsible renters.
Higher Rental Property Pricing
Market value and competitive rates can determine how high you set the monthly rent. However, you can make more money if you allow pets. Consider charging a pet rent, pet fee, and pet deposit.
The pet rent is a monthly fee, about $25 to $100 per pet. This charge can cover any wear and tear that occurs.
Charge a pet fee when renters move in. This fee is non-refundable and ranges between $50 and $500 per pet.
The deposit is a one-time, refundable fee. Charge between $200 and $500 per pet.
Longer Tenure
Finding local rental properties that allow pets can feel like a challenge. Good tenants may not want to move out. You can increase lease renewals and your occupancy rate if you allow pets.
Cons of Allowing Pets in a Rental Property
There are a few disadvantages to allowing pets in your properties. For example, you may need to pay for ongoing property maintenance. Use your pet fees to cover these expenses.
Neighbors may complain if your renters have untrained dogs that bark throughout the night. Hire a property manager. They can resolve noise complaints and conflicts between neighbors.
Require renters to have insurance before they move in. You can avoid liability if someone is injured.
Some property management services include legal advice. Your property manager will help you navigate these situations.
Discuss Your Options With a Property Manager
You don't have to weigh the pros and cons of allowing pets in a rental property alone. Instead, consult a property manager. Their experience and expertise will ensure you make an informed decision.
Our team at PMI Greater Nashville can offer the landlord advice you need. We use proven strategies and state-of-the-art technology.
Maximize your earning potential. Contact us today to meet your property manager.
