Did you know that over 68% of households in the US own at least one pet? For this reason, many landlords allow their tenants to move their dogs and cats in with them.
Doing so lets landlords charge higher rent. It also reduces the tenant turnover rate. However, allowing pets in a rental property does come with its own fair set of challenges.
Check out this guide to learn if you should have a pet-friendly rental property in West Palm Beach, Florida.
Pro: You Can Charge More Rent
Accepting tenants with pets can come at a risk. A dog or cat with an irresponsible owner could do a lot of damage to your rental property.
It's thanks to this risk that you can charge a higher rent. Doing so will offset any possible damage that the pet does to the property. Since the number of landlords that allow pets are far and in between, most renters are willing to pay the extra cost to have their dog with them.
Before settling on your rental cost for pet owners, remember you can't charge extra for support animals.
Con: Dealing With Pet Waste and Odor
If your tenant doesn't regularly clean their cat's litter box, the cat will find other places to use the bathroom. Puppies take a while to potty train. Even after they get accustomed to using the bathroom outside, it's not unheard of for them to have accidents.
Getting these odors out of the property after the tenant leaves can be costly. That's why many landlords charge pet and security deposits.
However, sometimes you can't get the smells out no matter how much you clean. Future tenants might not be willing to live with the odors.
Pro: Appeal to More Renters
Again, it can be difficult for renters to find landlords in West Palm Beach, Florida, that accept pets. If you're one of the few, you'll attract more tenants.
A larger renter pool will increase your chances of finding the ideal occupant for your property. Once these tenants get settled in, they aren't likely to leave.
Tenant turnover can be expensive. Keeping the same residents will reduce costs and allow you to capitalize on your property.
Con: Possible Noise Complaints
When a dog hears a sudden sound, they are likely to bark. Some run around at all hours of the night. Depending on the size of your pet, their heavy paws can make quite a bit of noise.
Excessive noise from pets can irritate other tenants and cause complaints. Some may even decide to leave.
Everything You Need to Know About Allowing Pets in a Rental Property
Allowing pets in a rental property comes with many benefits. You'll attract a wider pool of renters and get more out of your investment. That being said, you may lose renters due to pet noise and odors.
You'll have to filter out irresponsible owners to reduce your risk of destructive pets. At PG Group, we have tenant screening services that can help. Contact us to schedule a free consultation.
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