Did you have a pet when you were growing up? Imagine your parents saying you couldn't keep your furry companion because they're not allowed inside. Many pet owners have the same problem when looking for rentals.
Should you allow pets in a rental property? Read on to weigh the pros and cons today!
Don't get too caught up on the potential disadvantages of allowing pets. About 70% of US households (90.5 million families) in the US own a pet. That's a 56% increase since 1988!
Here are a few ways allowing pets in your Hendersonville properties can benefit your real estate investment efforts.
Larger Tenant Pool
Allowing pets in your rental properties can expand your tenant pool. After all, over half the pet owners in the US say their pets are as much a part of the family as a human member. These pet owners aren't likely to part ways with their furry friend to live in your rental property.
If you don't allow pets, you'll limit your tenant pool. You'll receive fewer applications and potentially have issues filling vacant units. The longer units remain vacant, the more money you'll lose.
Pet owners are usually responsible individuals. After all, it takes time, effort, and patience to take care of an animal. These renters are more likely to take care of your property.
Higher Rental Property Pricing
Market value will determine your rental asking price. However, you can generate more income by charging a rent fee.
If the tenant's pet causes damages, you can cover it with this additional fee. If they don't cause damage, that money goes back into your pocket.
Finding a rental property that allows animals isn't always easy. Renters may want to stay longer if you allow pets. You can increase renewals and generate income long-term.
There are a few disadvantages to consider before allowing animals in your properties. Keep these in mind before changing your rental property rules.
Rental Property Repairs
Not all animals are well-behaved. Some may cause damages, leading to rental property repairs.
Use your pet fee to cover rental property maintenance expenses.
Neighbors may complain if a dog is barking at odd hours. Hire a property management company. Your property manager can smooth things over before the problem escalates.
Not all animals are well-trained. Unfortunately, a tenant's pet may bite someone, leading to serious injuries.
Establish rental property rules regarding pets before allowing animals in your properties. Your property manager can help you draft rules regarding these situations to help you avoid liability.
Make sure you understand the difference between service, emotional support animals, and pets before allowing animals in your units.
Allowing Pets in a Rental Property
Don't rush to make a decision about allowing pets in a rental property. Instead, consult your Hendersonville, NC property management company. You can leverage their experience and expertise to make an informed choice.
Want to discuss allowing pets with an experienced property manager? Look no further than PMI Blue Ridge.
We have nearly 20 years of experience helping property owners increase the value of their investments. Contact us today to discover how we can help your real estate efforts.