Allowing pets in a rental property is one of the most discussed topics for landlords. Only 67% of homeowners state that their homes are pet-friendly. As a result, there are several question marks over why so many choose not to allow furry friends indoors.
You must learn the pros and cons before making a final decision. To ensure you make the correct one, read our landlord's advice for pets in a rental below!
Pro: Higher Rental Income
The average asking rent in the U.S. now stands at $1,900. Factors such as size, location, and amenities influence the costs. However, studies show that properties that allow pets often charge more for the service.
Tenants know that these homes dedicated to their needs cost 5-10% more. You can also add rental rules that charge an extra monthly fee to cover damages.
Pro: Larger Talent Pool
Since the turn of the century, pets have increased in demand. Today, over 63 million U.S. households own dogs.
You can already put yourself at a marketing disadvantage by not letting pets into your rental property. These friends are often considered a part of the family. Renters will overlook their dream home in search of a space to accommodate them.
Pro: Longer Tenant Occupation
The biggest hurdle to overcome as an accidental landlord is finding new tenants. You must implement a rigorous screening process and a robust marketing campaign. So, when you lose a responsible tenant, you must go through this again.
Since many rentals don't allow pets, tenants are happy to remain in a home with a pet policy to suit their needs.
Con: Property Damage
The average home in the United States spends over $3,000 annually on maintenance. However, not attending to issues promptly or allowing pets in a rental property can increase the bill.
Unfortunately, even well-trained animals can accidentally damage the home. Some of the most common features harmed by pets are:
- Chewed furniture
- Scraped flooring
- Broken doors and windows
- Lingering odors
- Yard damage
Con: Health Concerns
Some tenants or guests may have allergies to pet dander and fur associated with animals. This is a substantial problem, as around 15% of residents are allergic to dogs.
Also, if people knew a dog was in the house, they might not want to take the risk of renting it. This may pose challenges in attracting future tenants who have sensitivities.
Con: Liability Concerns
Unfortunately, you may be liable for damages if a pet harms another person or animal. It can even go as far as court cases and legal action.
The number-one concern is noise complaints. In Richmond, VA, the quiet hours are between 11 p.m. and 7 a.m., when a person or device should not exceed 55 DBA. Typical dog bark ranges from 60 to 110 DBA, exceeding the limit.
Consider Allowing Pets in a Rental Property in Richmond, VA
There's no definite answer to whether you should allow pets in a rental property. Each side has pros and cons. You must use this piece of landlord advice to decide which suits your style and preference.
This is only one of the headaches that a landlord must manage. Luckily, Renters Warehouse, an active member of NARPM for nine years, can handle this and more.
If you want to reap the pros of owning a property without seeing the cons, contact us today to discover more!
