According to the Insurance Information Institute (III), 66% of American households, or around 86.9 million families, have a pet.
As a landlord in Pace or the Pensacola, FL area, the above statistic may have made you think, "Is allowing pets in a rental property a good idea?" It undoubtedly has many perks, but it's not without drawbacks. For this reason, knowing the pros and cons of implementing a welcoming Pace FL pet policy is paramount.
So, join our team at Grand Realty today as we share insights into the pros and cons of putting in place favorable tenant pet agreements and practical landlord tips for pets.
Allowing Pets in a Rental Property: The Undeniable Benefits
One of the main advantages of allowing pets is that it can increase demand for your rental property. As mentioned above, millions of American families have pets, and many of these households are renters. By opening your doors to both pet-owning and non-pet-owning residents, you can considerably expand your prospective tenant pool.
Many tenants are also willing to pay extra for pet-friendly rentals. After all, many pet owners consider them as family members, with 85% saying they even regard their pups as their kids, according to the New York Post. You can charge higher rent or pet deposits, boosting your overall income.
Furthermore, many pet-owning renters know that not all landlords allow pets and that it can be challenging to find welcoming rentals. So, once they find one, they're likely to stay longer and renew the lease. With these renters in your property, you can reduce vacancies, lower turnover rates, and minimize the costs associated with tenants leaving.
Challenges of Allowing Pets in a Rental Property
As with any decision, there are some drawbacks to consider when it comes to allowing pets in a rental property.
First is possible property damage. Pets can sometimes lead to faster wear and tear, such as scratches on floors, stains, and damage to landscaping. So, a pet-friendly unit requires increased and more diligent rental property management.
Another is the possibility of renting out to a pet-owning tenant who may not be as responsible as other pet owners. In this case, you may face more challenges, such as noise, property damage, and neighbor disturbance.
Despite the potential challenges, many property owners find that implementing solid pet policies and proper tenant screening can mitigate these issues effectively.
Boost Rental Income With Pet-Friendly Policies
Allowing pets in a rental property provides many benefits, from increased demand to higher potential profits, longer leases, and reduced vacancies. And while there are some cons (e.g., possible property damage and increased management needs), you can easily counter these drawbacks with proper planning and professional help.
Let Grand Realty, our property management firm serving Pace and the Pensacola, FL, area, be your partner in turning your rentals into pet-friendly havens. Our team, consisting of highly educated experts, including licensed brokers and realtors, has many years of combined experience in real estate investments, property management, tax, and accounting. With our skills, knowledge, and local expertise, we can help make your pet-friendly rentals flourish.
Call us today for a free consultation!
