The Pros & Cons of Allowing Pets in Your Rental Properties

It’s fun and exciting to have furry members of the family at home. Whether dogs or cats, they’ll always give you bliss and warmth that you can enjoy. At the same time, this will only be possible if you own the house and manage to maintain it despite these lovely house pets’ presence. But what if you are just renting the place? In such cases, having pets around requires the approval of your landlord. However, the truth is that the majority of the property owners do not allow this!

On the other hand, if you are the owner, should you allow your tenants to have pets in your rental properties? This is what we’re going to tackle in this article. Read on to find out the pros and cons of allowing pets in your rental properties:

The advantages

The major advantage of allowing pets inside your rental properties is the financial aspect that comes with it. Take note of the following:

  • More profit: The idea of tenants being able to own pets likely means that they are financially stable, especially when you consider the food and maintenance costs they will have to spend on. As they are most likely financially equipped, you won’t have to deal with delinquent payers, meaning more profit for your rental business.
  • Tenant stability: Most property owners do not allow pets in their rental units because they don’t like to deal with potential property damages and other drawbacks that come with it. However, you can take advantage of the situation by going against the tide. By allowing pets, you’ll have tenants who will be more likely to stay in your properties for good.
  • Higher rental cost: Because you’re allowing pets in your rental units, you belong to the minority of property owners doing so. For this reason, you have the right to increase your rental price as a way to compensate for having pets in your properties. All you have to do is justify that such pricing has to cover any potential damages in your units.

The disadvantages

On the other hand, remember that allowing pets in your rental unit does come with several notable problems. Below are some you should be wary of:

  • Potential property damages: The most apparent reason many property owners aren’t allowing pets is because of the potential damages they can cause to the properties. They may end up scratching on your walls and floors, chewing up carpets, gnawing on electrical wirings, and so much more. If your tenant leaves, you’ll be surprised at how deteriorated your unit has become!
  • Pet noises: Another reason not to allow pets in your rental units is how they can create noises that will disturb the whole neighborhood. This is particularly true when you own a building with multiple units or have rental properties so close together. In the end, you don’t want to be dealing with noise complaints.
  • Loss of other tenants: It’s possible that some of your tenants may decide to leave due to the presence of pets in the neighborhood. The chances are that they have allergies, fear of some pets, and sensitivity to pet noises.

Conclusion

At this point, we’ve covered the pros and cons of allowing pets in your rental properties. As outlined above, doing this will provide you with tenant stability and business profitability. However, you may also have to deal with property damages, noises, and potential loss of other tenants. 

The best step here is to meet at a halfway point, by allowing pets yet getting insurance for any potential damages. Ultimately, it’s best to hire a property manager who can help set proper guidelines and manage your rental units amid the presence of pets.

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