About 62% of Americans own pets, and almost all of them consider their pets to be a part of the family.
For these families, it's important to find somewhere to live that allows pets, but many landlords don't. You can choose whether you'll allow them in yours, but you should consider all the factors at play before you make your decision.
In this guide, we'll go over the various pros and cons of allowing pets in a rental property in Portland, OR. Keep reading for more.
Pros of Pets in a Rental Property
Some people think it's just a nice thing to do. In reality, there are several benefits that can come with allowing pets on your property.
Larger Tenant Pool
With so many pet owners out there, you need to think about the limitations you'll be setting if you don't allow pets in your property. All of those families that own pets won't even consider your rental as an option. The result will be far fewer people showing an interest in your property.
Having a larger tenant pool gives you more freedom and flexibility. The more candidates you have to choose from, the easier it will be to find quality tenants.
At the end of the day, the reason you've invested in a rental property is to make money. Allowing pets can give you an opportunity to make a higher income.
Many landlords that allow pets have pet fees or pet rent. The fees can be an initial amount that your new tenants must pay (per pet), and pet rent will be an additional amount paid each month on top of your regular rent.
People who get pets are more likely to be at a 'settling down' point in their lives. As such, they're less likely to want to move any time soon.
Having tenants that want to stick around can be very helpful. Lower tenant turnover means you won't have to go through the process of finding new tenants any time soon.
In general, pet owners are quite responsible. After all, they have to look after their companion consistently. As such, the tenants you get are also more likely to take care of your property, they'll be easier to communicate with, and you can expect timely rent payments.
Cons of Pets in a Rental Property
You stand to gain a lot from the benefits above, but there are also some drawbacks to allowing pets in your rental property. You should weigh these up when deciding which approach to take.
This is the main reason that most landlords maintain a no-pets policy. Pets can cause damage to floors, furniture, walls, and more. As such, not allowing pets can help you keep your property in good condition.
Some dogs bark a lot, and this can cause disturbances. It can lead to noise complaints and may even result in conflicts that you then need to resolve.
Managing Your Rental Property
Based on the pros and cons, you can decide if you should allow pets in a rental property. You may want to hire a professional property management company like PMI Bridgetown to help with this and other aspects of property management.
Contact us today to find out more about our services.