Tens of millions of households in the United States own a pet, with dogs and cats being the two most popular. Most homeowners view their pets as family members, highlighting the strong bond that we have with the animals that share our homes.
When it comes to rental properties, landlords have an important decision to make about whether or not to allow tenants to have pets in their properties. While there are specific rules for service animals and emotional support animals, when it comes to pets, landlords are free to make a decision themselves.
In this blog post, we will highlight both the pros and cons of allowing pets in a rental property. Let's get started with these rental property guidelines.
Increased Demand
First of all, allowing pets can significantly increase demand for your rental property. Many renters have pets and are always on the lookout for pet-friendly housing.
By allowing pets, you can open your property to a larger pool of potential tenants. This can reduce the time your property sits vacant and help you find tenants more quickly. Here in Parker, a community that loves pets, this can be a huge advantage.
Higher Rent and Pet Fees
Another benefit of allowing pets is the opportunity to charge higher rent and pet fees. Tenants with pets are often happy to pay a high cost for a place that accommodates their beloved pets.
You can set a pet security deposit or a monthly pet rent, which can provide additional income and help cover any damage caused by the tenants' pets. This can make renting to pet owners more financially attractive.
Potential Damage and Wear
On the downside, pets can cause damage to your property. Dogs and cats might scratch floors, chew on woodwork, or have accidents on carpets. These damages can lead to higher maintenance and repair costs.
It's essential to factor in these potential expenses when deciding whether to allow pets. Conducting thorough tenant screenings and setting clear pet policies can help minimize these risks.
Allergies and Liability
Allowing pets can also introduce health and liability issues. Some tenants might be allergic to pet dander, which can make it difficult to re-rent the property after a pet owner moves out.
Additionally, there's the risk of pets biting or injuring other tenants or neighbors, leading to potential legal liabilities. Implementing rules about pet behavior and requiring renters to have renter's insurance with pet coverage can help mitigate these risks.
Pros and Cons of Allowing Pets in Your Rental Property
To sum up, choosing whether or not to allow pets in your rental property in Parker, Colorado, involves weighing up the pros and cons. Allowing pets can increase demand and provide additional income through higher rent and pet fees.
However, it also brings risks of property damage, allergies, and liability issues. Carefully considering these factors and implementing clear pet policies can help you make an informed decision that benefits both you and your tenants.
If you would like to learn more about rental pet agreements, don't hesitate to speak to our team at PMI Parker. As a full-service property management company, we are here to help landlords in every aspect of their business. Contact us today.
