Owning a rental property isn’t only about collecting rent. Making sure the bills are paid on time and guaranteeing that everyone is paying their rent is a huge responsibility. Aside from that, it’s also important to make sure that the tenants are happy. One way to do so is by allowing them to have pets on the property. However, this is something that needs to be given a lot of thought. Read on to learn the pros and cons of allowing pets on your rental property.
Pro: You’ll Be More Marketable
A lot of people looking for an apartment often have a furry friend. However, some rental properties have a restriction on pets. Some buildings may allow dogs instead of cats, or vice versa. It’s worth mentioning that some rental properties have a restriction for most types of pets, which means you can’t have any. If you show that pets are allowed in your building, people will feel more inclined to rent with you without having to worry about their pooch. In fact, most of the recommended buildings often have pets allowed on the property, which is why they do so well.
Con: What If a Dog Bites One of Your Neighbors?
Although allowing pets into your home is a huge plus for your tenants, it might cause problems for you. Unfortunately, not every animal is as friendly as they may seem. Some dogs might be too aggressive or skittish, which doesn’t bode well for you or your tenants. This is especially true for tenants that have small children. Dog attacks are a landlord’s worst nightmare because they can ultimately be held liable. If a landlord forgets to repair a broken backyard gate and the tenant brings a dog, the landlord may be held liable for any dog attacks that result.
Pro: It Keeps Tenants Happy
Making your property pet-friendly is a great way to keep your tenants happy and bring in new ones. If your tenants are happy, they’ll feel more inclined to stay in the building longer, trust you with handling damages and pay their rent on time. Tenants who are unhappy are more likely to do the opposite of these things.
Con: Pets May End Up Causing Property Damages
Another con to keep in mind is that pets can cause damage to the property. Regardless of the animal, pets are similar to young children. They must be kept under control, taken care of and supervised at all times. If not, they can end up stinking up the area and chewing up the walls and furniture. In addition, animal claws are sharp and can end up scratching up the floors. If allowed to, they may also destroy the lawn by going to the bathroom, which kills the grass. Eventually, tenants will get fed up and start to complain. Make sure to enforce property rules to keep these incidents from happening. Installing cameras around the perimeter allows you to see who is letting their pet run rampant.
In the end, it’s your choice whether you have a pet-friendly building. Be sure to think long and hard before allowing pets into your building. You can allow one type of pet but ban the other, or you can allow all types of pets but have strict rules in order to ensure the safety of everyone on the premises.
If you want a property inspected before you rent it out, schedule an appointment with us today!