Allowing pets in a rental property is one of the most talked-about agenda items for landlords. On the one hand, you could generate significantly more income. On the other hand, it could cost you money to pay for damages and repairs.
Almost seven out of ten U.S. households own a pet. Therefore, deciding whether to utilize the pros or avoid the cons is vital for you.
If you want to uncover everything you need to know about the matter, you've come to the right place. Below are the good, bad, and ugly sides of allowing pets in a rental property.
Pro 1: Increased Rental Property Pricing
As of 2023, renters in the United States pay an average of USD 1,320. People searching for a new house will spend around USD 1,900 by the end of the year.
Location, size, and amenities drastically influence the cost of rent. No matter where your real estate investment resides, you could earn up to 30% more by allowing pets.
Pro 2: Appeal to a Broader Audience
There are over 48 million individual rental units nationwide. Therefore, tenants have a range of homes to choose from, making the market as competitive as ever for landlords.
Hundreds of rentals in every city don't allow domestic animals like dogs and cats inside. So you automatically attract guests to your home. You don't have to install any additional marketing techniques.
Pro 3: More Lease Renewals
It's worth noting that countless landlords don't allow pets in their properties. Even when they do, there are often restrictions in place. This means tenants may face the task of finding a home that accommodates a furry companion.
Unless there are other issues, renters will be happy to remain in the house. In return, this ensures a high occupancy rate throughout the year.
Con 1: Pet-Related Disputes
Disputes over pet-related issues can create a hostile living environment with neighbors. Thus, you miss out on the simple life of rental leasing.
Noise complaints are arguably the most common concern. In Orlando, FL, quiet hours range from 7 a.m. to 10 p.m. daily. Dogs are among the most troublesome, as their bark can shatter the stillness of the night.
Con 2: Rental Property Maintenance
Households spend up to USD 6,000 annually on maintenance. By allowing pets into the home, it could increase this bill. Scratching walls, biting furniture, or leaving stains are ways a pet can cause damage.
To combat this issue, charge an extra deposit on arrival or monthly fees to cover costs. After they move out, you can use this cash for necessary repairs.
Con 3: Allergies and Health Concerns
Between 15 and 30% of citizens suffer from pet allergies. Unless you thoroughly clean the space when a tenant with dogs moves out, dander may linger in the air.
Unfortunately, this could affect new tenants' allergies. In addition, it could prevent renters from considering your home, as they don't want to take the risk.
Consider Pets in a Rental Property in Orlando, Florida
There's no right or wrong answer for allowing pets in a rental property. That is why millions of landlords are for the idea, and millions are against letting them live inside.
After reading our guide, you can make an informative decision on whether it's right for you. Now it's time to uncover how much you can make with or without pets with RightHouse Realty's free consultation!
