The benefits of living with a pet are well-documented. From being a source of comfort to helping us exercise, there's no doubt that our furry friends have a permanent spot in our households.
But as a rental property owner in Wesley Chapel, FL, you may not necessarily look at pets from one dimension. Some pets are noisy and restless, potentially causing disturbance to the people living in your rental building. Some can cause damage to floors, walls, and furnishings.
Consequently, you're now forced to weigh the pros and cons of allowing pets in your rental property. Read on to get the complete picture before deciding on your pet policy.
Pro: Larger Talent Pool
62% of Americans own a pet, and according to the Pew Research Center, most of these people consider their pets a family member. If we slice this data further, it's fair to conclude that more than half of all prospective renters already own a pet or are planning to own one.
With a pet-friendly policy, there's no doubt that your rental property will appeal to a larger tenant pool in the Wesley Chapel market. You'll fill vacancies faster, and when there's low rental demand, you will struggle so much to find renters.
Pro: More Responsible Tenants
Being a parent comes with a certain level of responsibility. You have to feed your furry friend, take them for a walk if needed, and keep an eye on their health.
Although pet ownership alone isn't a precise indicator of a person's sense of responsibility, over time those with pets have proven to be more consecutions. If you have to choose between a tenant who doesn't own a pet and one who does, you'd be better off going with the pet owner.
Pro: Possibility to Charge High Rents
One of your goals is to maximize your rental income, and an easy way to do so is to charge a higher rent. However, you're not going to hike the rent out of nowhere. Having a pet-friendly policy can give you some leverage.
Besides the fact that pet owners are often willing to pay higher rents, you're justified to charge a higher rent compared to similar properties without those amenities.
Con: Potential for Property Damage
The biggest downside of having pet-friendly rentals is the higher potential for damage. Some clawed pets, like cats and dogs, are known to scratch walls and floors when marking territory, expressing anxiety, or simply sharpening their claws.
Depending on the nature of finishing and furnishings, pet damage can quickly run into thousands of dollars.
Con: Noise and Odor Issues
An inconstantly barking dog or meowing cat is every owner's nightmare. But while the owner might be tolerant of the pet noises, neighbors might not, and they won't hesitate to raise a complaint or even move out if the situation isn't addressed quickly.
Some pets also have strong odors, especially if they're not well groomed.
Pets in Your Rental Property: Make an Informed Decision
All things considered, the benefits of allowing pets in your rental property outweigh the downsides. Plus, you can compensate for the downsides by charging a higher rent or a pet fee.
If you'd like professional help managing pets in your Wesley Chapel rentals, PMI Noble has your back. Our team excels in property marketing, tenant screening, rent collection, maintenance coordination, and financial reporting, ensuring your investment is well-managed.
Schedule a consultation with us today.
