Pets are wonderful companions, but they're not always a welcome sight in a rental property. According to American Humane, approximately 82 percent of renters reported having trouble finding a place that allowed pets.
If you own a rental property in the Clarksville, TN area, you might consider whether allowing pets is a smart move.
Read on to discover some pros and cons of allowing pets in a rental property to help you decide if it's the right option for you.
You May be able to Charge Higher Rent
Properties that allow pets are scarce these days, which means the supply is low and the demand is high. If you decide to allow pets in a rental property, there's a good chance that you'll be able to charge more in monthly rent.
Aside from the usual add-ons like pet security deposits, some property owners charge new tenants with pets more each month. While this is entirely your decision, it can't hurt to do some research to find out how many places near you allow pets to help you come up with a good number.
Pets in a Rental Property: More Damage
Everyone knows that pets can be extremely messy. As a landlord or a property management company, you should be prepared to deal with more damage in the properties where pets live. More routine maintenance may also be required.
From vomit stains on the carpet and cat messes to puppy chew marks, pets creating property damage is just a fact of life. If you decide to allow pets, make sure your lease agreement includes a clause that states your tenant will pay for the damage.
Allowing Pets Equals Happy Tenants
On the upside, allowing pets in a rental property means that you'll likely have happier tenants. Since these properties are becoming more scarce by the day, your tenants will likely stay longer, too.
When you have tenants who stay in your property long-term, it means more revenue for you. Doing clean-outs, marketing the empty property, and performing tenant screening is costly, so the longer a tenant stays, the better.
Noise and Odor
No one wants to deal with a neighbor who has a loud, unruly barking dog. It's true that pets can be noisy, which might increase the odds of having to deal with disagreements between tenants.
Not only are pets loud, but they can also be quite smelly as well. Depending on the type of animal and how well the tenant cares for it, you should expect that your rental may have an unpleasant odor when the tenant and their pet move out.
Pets: Yay or Nay?
Remember these pros and cons when deciding whether allowing pets in a rental property is the right choice for you. You may be allowed to charge more, and you'll likely have long-term tenants if you do.
If you need help with managing your property, the team at PMI Clarksville can help. Just get in touch with us today and we'll work with you to create the ideal property management plan.
