Rental properties can be great investments, and you should always aim to maximize your profits. To do this, you'll have to make various choices, and they won't always be simple.
One thing you need to decide is if you're willing to allow pets on your property. There are benefits and drawbacks to doing this. You'll need to weigh these up to make your decision.
In this guide, we'll look at the pros and cons of allowing pets in a rental property. Keep reading for more.
Pros
Many landlords allow tenants to bring in pets. This is due to the following benefits.
Larger Tenant Pool
The larger your tenant pool is, the more options you'll have. Renters with pets will only look for properties that allow them.
By doing this, you'll be able to market your property to more people, so you'll have a better chance of getting ideal tenants. A tenant screening process will then help you find the perfect candidates.
Higher Rent Prices
In most cases, landlords who allow pets charge more for rent. This tends to be because these properties require more maintenance, so this helps ensure costs are covered.
Increased Tenant Satisfaction
Tenants will always be happy if they find a home that's perfect for them. If a pet owner comes across a great property but sees they can't bring their furry friend, they'll naturally be disappointed. Allowing pets will help make such tenants a lot happier, which is always ideal.
Cons
While these pros may all sound good, don't rush into things. You should also consider the associated drawbacks.
Potential Property Damage
Rental property damage sometimes can't be avoided, but it can be minimized. Pets, however, are known to contribute to property damage.
This could be through chewing furniture, scratching surfaces, or even urinating on floors. Some damage may be easy to fix, but in other cases, it could be long-lasting.
Higher Maintenance Costs
With damage comes maintenance, so in general, rental property maintenance costs are higher in homes that allow pets. While this isn't ideal, it may not be a major problem. The increased rent is for this reason, so it hopefully won't eat into your profits.
Noise Complaints
There are various rental property rules that tenants must follow, and these can often relate to disturbances. If someone has a dog that barks a lot (especially at unsociable hours) neighbors are likely to get upset. These complaints could come to you, and you'll then need to determine a solution.
Allowing Pets in a Rental Property
Allowing pets in a rental property is one of the many choices you need to make. It could help you increase your profits and you'll likely have happier tenants. At the same time, you risk issues like property damage, noise complaints, and legal cases.
Managing rental properties is no small task, which is why many landlords get help from professionals. Renters Warehouse is America's leading real estate investment services company, and we can help you get the most out of your rental properties. Check out our property management page for more help with your Hampton Roads rental property.
