Nearly two-thirds of the American public has at least one pet, many of which view them as an important part of the household.
As a landlord, you always have the choice of whether or not to allow pets in your rental units. Knowing that people care deeply about their pets may sway you towards being more lenient in your property. However, it's important to know that it's not always in your best interest to allow them.
Today, we'll look at some of the pros and cons of having pets in a rental property. You've got to have your rental property rules, so keep reading to learn if pets should be one of them.
Pro: Larger Tenant Pool
When you're more lenient about pets, you're going to increase your pool of potential tenants. Anytime you put restrictions on applicants, you'll receive fewer applications and you'll have fewer choices.
Having plenty of applicants is important for the tenant screening process. It allows you to utilize more screening tactics to find the perfect candidates to fill your vacancies.
Con: Potential Rental Property Damage
Even a well-behaved pet can cause property damage. A docile cat will probably still try to scratch your carpet and a dog's nails could scratch your hardwood flooring. If you want to keep your property in pristine condition, it might be best to not allow pets.
That being said, you can always charge new tenants a damage deposit. Indiana has no limit on how much you can charge for a security deposit, so if you're worried about pet damage, you can always take money out of the deposit to pay for repairs.
Pro: You Can Charge More
Since not all landlords allow pets, you can charge a bit more for the privilege of having them. Many tenants with pets will expect to pay extra because of how pets tend to affect property.
As long as you're aware of the wear and tear that comes from pets in rental units, the extra charge can cover any damages. Regular property maintenance will ensure that no pet can cause too much damage to your unit.
Con: More Noise
There's no denying that pets can sometimes be noisy. If you've got multiple tenants in a building, allowing pets might not be the best thing to do. You always want to maintain a peaceful environment for all tenants.
This isn't such an issue with cats. Some landlords will only allow cats and small dogs to prevent any noise-related issues.
Pro: Longer Tenancies
Every landlord's biggest worry is vacant units. Even after considering some of the cons of allowing pets, the biggest benefit is that you'll have longer tenancies with loyal tenants.
This is due to the fact that not all landlords allow pets. When a pet owner finds a good place, they're more likely to stick around for years.
Making a Decision About Pets in a Rental Property
Now that you've got the pros and cons, you can decide if pets in a rental property are a good move for you. There's no right or wrong answer, so consult with your property manager and make the decision that best suits your property.
If you don't have a property manager, PMI Meridian is here. Contact us today to learn more about our property management services.