Picture a sweet ball of fur falling asleep in your lap or big puppy dog eyes that stare into your soul. Wouldn't you want to give that cute fur baby a home? Unfortunately, allowing pets in a rental property isn't always an easy decision to make.
Here are a few pros and cons to consider before allowing pets in your Columbia, SC rentals. Use this guide to make an informed choice with your investment in mind!
One of the biggest hang-ups that keep property owners from allowing pets is the risk of rental property damage. However, there are still plenty of advantages that can make allowing pets worthwhile!
Potential Rental Property Tenants
Over 60% of Americans own a pet, with nearly all (97%) saying their pets are part of their family. Most renters wouldn't want to part ways with a family member just to live in your rental property. Allowing pets can open you up to more rental property tenants.
If you don't allow pets, potential renters will turn to other Columbia properties. You could start noticing a higher vacancy rate as a result.
Higher Rental Payments
If you decide to allow pets in your rental property, you can charge an additional fee. Though market value will determine your rental prices, this fee will allow you to generate more revenue.
If you're one of the few properties in the area that allows pets, you can gain a competitive advantage. You'll start attracting more renters and making more money than other property owners.
Once they find a property that allows pets, most renters won't want to leave. Over 70% of renters have pets, though many find it difficult to find rental properties that allow animals.
Though some pets end up in shelters, most tenants decide to look for rental properties elsewhere. Allowing pets can help you retain tenants. Increasing your retention rate will give you an ongoing source of income.
There are a few disadvantages to allowing pets on your property. If you're on the fence, consider discussing these pros and cons with a property manager. You can leverage their industry experience to make an informed choice.
Rental Property Damage
Some pets can cause rental property damage, leaving you to pay for expensive rental property maintenance. For example, pets can:
- Urinate on carpets
- Destroy your landscaping
- Chew on wood fixtures
Over time, odors can build within the rental property. Before that happens, charge a pet fee. You can use this fee to cover damages and maintain the unit.
A dog that isn't trained could bark when their owner isn't home. Their barking could annoy neighbors and lead to conflict.
Consider enforcing rules before allowing tenants to bring pets home. You can also limit how many pets they can have in each unit.
Allow Pets in a Rental Property
Deciding whether to allow pets in a rental property can feel like a daunting decision. Consider these pros and cons before making your final choice. Otherwise, discuss it with an experienced property management company.
Not sure which property management company to call? Our team at PMI Palmetto has nearly 20 years of industry experience. Contact us now for your free consultation!