Before allowing tenants into your property you will have to decide on a pet policy. Should you permit pets in your rental property? One of the roles of property management services is making decisions on whether to allow pets in your rentals or not. Pets can damage your rentals, but there are many good reasons for allowing them. This topic has been subject to debate for as long as properties have been for lease. Property managers should evaluate the pros and cons of allowing pets in their rentals.
Advantages of allowing pets on your property
We continuously hear about all the negatives pets cause for landlords, so you may not be accustomed to the benefits of allowing tenants to have pets.
Here are some of the benefits that come with permitting pets in their property:
Larger Tenant Pool
There is data to support that 50% of tenants in Portland own pets and almost 60% of landlords don’t allow pets in their properties. Therefore, making your property pet-friendly gives you access to a larger pool of tenants. If you don’t allow pets, you may miss on a lot of potential renters.
Extra Money in your Pocket
Property management companies charge extra money to pet owners in the form of pet deposits or pet rent. Pet owners also need somewhere to live just like tenants who don’t own pets. Most pet owners consider pets as part of their family, for this reason, they are willing to pay extra rental fees. Due to high demand, landlords can charge rent slightly higher.
If someone is responsible enough to take care of an animal, chances are they will be more likely to take good care of your property. Taking care of a pet, such as a dog, requires a lot of time and attention. Pet owners will likely put the same energy towards taking care of your property and they are likely to view it as a home.
Pet owners tend to stick around longer because it’s hard for them to find a pet-friendly rental. Pets help reduce stress, and this means your tenants are comfortable and happy. Allowing pets will reduce the chances of tenants sneaking in pets that you haven’t approved. Pets, like dogs, can also provide extra security on your property.
Disadvantages of Allowing Pets on Your Property
On the flip side, renting to pet owners comes with some risks. Here are a few of the cons that are associated with allowing pets in your rentals.
Damage of Property
The common problem landlords’ face, when tenants move out, is the cost of repairing and replacing items damaged by pets. Animals especially cats and dogs scratch the floor, chew up carpets or urinate on wooden floors. Pets that are not well groomed or cleaned can infest your property with mites and fleas.
Loss of Other Tenants
Some dogs howl or bark a lot especially at night, and this may annoy other tenants forcing them to move. Pets often stir up allergens, and some tenants may be allergic to dogs and cats. It’s best to notify tenants that it’s a pet-friendly building and there is a possibility of noise and allergens. Some animals are destructive, and they may bite the other tenants or children.
It’s up to you how you approach pets at your rental properties in Portland. Only you can determine whether the pro’s outway the con’s. Regardless of what you decide, it’s a good idea to include a pet policy in the lease and require every tenant to sign it. It’s also important to screen tenants with pets first before allowing them on your property.
If you’re looking to better understand the dynamic of allowing pets in your rental properties, we’d love to connect you with an expert in our office.
At InterWest Properties, we’ve been compiling our team of experts for over 30 years so that our clients can rest-assured that their property is in good hands. If you’d like to discuss how we can take your property portfolio and infuse it with new life, profit, and vision, we’d love to hear from you.