It's estimated roughly 62% of Americans own pets. If you own rental property, there are a lot of reasons why you should consider renting to tenants with pets.
For starters, it significantly opens up your application pool. However, there are also a lot of reasons why landlords are cautious about renting to pet owners. So what's the right answer to the problem of pets in a rental property?
Sadly, there is no cut-and-dry solution. Instead, you'll need to weigh the pros and cons of the issue to decide what's right for your specific rental property and preferences.
The Pros of Allowing Pets in a Rental Property
As we mentioned at the start of the article, an expanded tenant pool is by far one of the biggest benefits that come with allowing pets on your rental property.
More than half of renters have pets, so if you exclude them then you're significantly reducing the amount of potential applicants. Allowing pets is also one of the best ways to improve your rental property valuation.
Since you can charge more for rent with pet fees attached, you'll make more money each year than you would otherwise. Lastly, pets in rental property can lead to higher tenant satisfaction.
Finding a good rental property that allows pets can be a challenge. As such, when renters find a good one, they're more likely to stick around. This, in turn, can lead to a lower tenant turnover rate.
The Cons of Allowing Pets in a Rental Property
Even the best-behaved pets can still cause rental property damage in the form of scratched floors, accident stains, and scratches on doors, walls, and furniture.
What's more, pet hair can often get in the HVAC system which will require increased levels of rental property maintenance. There's also the legal concerns you need to worry about.
Over nine years one study found dog bites accounted for 51,486 injuries out of 4.6 million. If the dog on one of your tenants injures or damages the property of another tenant, there's a chance you could be held legally responsible for the medical bills.
How a Property Management Company Can Help You Deal With Pets
One of the biggest ways a property management company can help you with pets is through their maintenance and screening services. If you allow pets, there's a good chance things like floors and walls will require maintenance because of them.
A property management company can deal with all of this. Or, if you don't want a pet, tenant screening services ensure you're getting trustworthy tenants who won't try to sneak any pets on the premises.
Ready to Make Rental Properties in Troy, OH Easy? Contact PMI Oakridge Management
We hope this guide helped you learn more about the pros and cons of allowing pets in a rental property in Troy, OH. Here at PMI Oakridge Management, we're devoted to helping property owners regardless of whether or not they want pets on the property.
If you want pets, we'll deal with additional fees and maintenance services that might accompany them. If you don't want them, we'll screen tenants to ensure they don't bring any on the property. So if you're ready for the property management services you deserve, get in touch with us today.