Pros & Cons of Pet Friendly Homes
As a property owner, there are several factors that you need to take into consideration when screening for potential tenants. One factor that you will need to determine is whether or not you are going to allow tenants to have pets on your property. When making this decision, there are several pros and cons that you need to consider.
Pro: Increasing the Prospective Tenant Pool
One pro to making your rental property pet-friendly is that it significantly increases the number of potential tenants for your property. Furthermore, pet owners tend to make more money than those who do not own pets. In fact, according to Practical Apartment Management by Edward N. Kelly, 65 percent of pet owners have an income of more than $50,000 per year. By allowing pet owners to rent from you, you are able to include these higher-earners in your pool of prospective tenants.
Con: Loss of Other Tenants
While making your rental pet-friendly helps to increase your prospective tenant pool in some ways, it may reduce your pool in other ways. Tenants who are allergic to dogs or cats, for example, may not be able to rent from you if your property is pet-friendly. Furthermore, if your property is a duplex, potential tenants may not want to rent from you out of fear that neighboring pets will be disruptive.
Pro: Longer Tenancy
Since it can be difficult to find an apartment that allows pets, pet-owners have a tendency to stay put for a longer period of time. Longer tenancy means a more consistent income for you without needing to go through the hassles of finding a new tenant.
Con: Damage and Pet Odors
Pet ownership also comes with rambunctious behavior and odors. By allowing pets in your rental, you risk experiencing chewed up carpets, scratched floors and bathroom accidents on the floor. These accidents combined with poor grooming and cleaning can also lead to pet odors in your rental.
Pro: Collect More Rent
If there are not a lot of pet-friendly rentals in your area, pet owners will be willing to pay more in order to keep their pets on the property. As such, if you choose to allow pets, you may be able to charge slightly more per month for your property.
Con: Liability Issues
Allowing pets on your property increases the risk for potential liability issues. According to the Centers for Disease Control and Prevention, dogs bite 4.7 million people per year with 800,000 of those requiring medical attention. To protect yourself from potential liability issues, check with your insurance company to determine the amount of liability coverage you have and whether or not there are any limitations or exclusions in coverage. For example, sometimes certain dog breeds are considered to be “dangerous breeds” and, therefore, are not covered under liability insurance.
By taking each of these pros and cons into consideration, you can better determine if making your rental pet-friendly is right for you. If you need additional help with making this decision, contact the experts at Ankor Management. We will be happy to help you with determining what is right for your rental property!