The Pros and Cons of Allowing Pets in Your Rental

A furry friend is always a welcome addition to the family. Pets not only promote an active lifestyle…

A furry friend is always a welcome addition to the family. Pets not only promote an active lifestyle but also minimize your overall stress. If you own a rental property, allowing pets is something to consider. Letting tenants live with their animal companions opens up the property to all kinds of odors and damage.

However, pet lovers may be happier overall, and you may tap into a vast client pool than your current audience. If you are uncertain about allowing pets, 3 Options Realty has professional property managers who can ensure everything is in tip-top shape throughout the year.

Benefits of Allowing Pets in a Rental Property

If you are not convinced about letting a renter bring a pet to your property, there are several perks you stand to benefit from. An advantage of allowing pet owners in your rental property is higher rental rates. As mentioned, pets open up your premises to foul smells and damage. Hence, charging more to cover the repairs and cleaning services is justified.

Research shows that pet owners rent longer, as finding another pet-friendly property to move into is difficult. With that in mind, landlords can expect lease renewal from pet owners, which helps increase your return on investment. While running a rental space with pets can be overwhelming, hiring a property management company ensures everything is pristine without breaking the bank. We can help you tap into the vast client pool of pet owners without compromising your return on investment.

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Disadvantages of Allowing Pets in a Rental Property

The major downside to having pets in your rental property is the tendency to mark their territory. Even though this may happen unintentionally, pets can chew furniture, dig holes, and leave foul smells throughout the house or apartment. Only some pet owners are responsible, and they can leave a lot of due repairs and replacements. In addition, pet hair lingering around the premises can deter prospective tenants, affecting your bottom line: making money.

If you don’t want pets on your property, consider setting rules in the lease to prevent inconveniences and disagreements in the future. You can also hire a property management company to customize a lease agreement that suits both parties. Depending on your preference, you can allow certain pets, such as fish, turtles, and reptiles.

Landlord Tips

Even though pets are not your cup of tea, you can take advantage of pet lovers by adding the rent or security deposit to cover repairs. The security deposit protects rental property owners from unruly tenants and pet-related issues. If you get an application for a tenancy from a pet owner, conduct a thorough screening to mitigate the problems in the future.

Pets don’t have to limit your client pool, and allowing them can bring families with furry friends regardless of the rates. Contact us at 3 Options Realty to schedule an appointment with our property managers in Powder Springs. We can help you find responsible pet owners and design a lease agreement that drives the bottom line without affecting the quality of life.