Around two-thirds of all American households have pets, and not just in owned houses either. You can bet that those renting have furry friends too, and they're often on the lookout for a suitable residence.
You might not currently allow animals on your rental property. However, you should reconsider, especially after seeing the benefits of doing so. Of course, there are also drawbacks, so make sure to look at the big picture.
Below, we'll discuss the important pros and cons of allowing pets in a rental property so you can make an informed decision.
Pro: Better Tenants
Expanding your tenant pool means you'll find better tenants. Not only do you have a larger selection, but you'll also get people who are likely to be responsible, as they have to care for another living thing.
In addition, finding a quality pet-friendly property is difficult, so they'll be on their best behavior to stay. That means you can count on these renters to take care of your units and pay rent on time. And if you work with a property management company, you won't have to worry about rent collection at all!
Pro: You Can Charge More
Alameda County's rental prices fell by 4.5% in the last 27 months, so you might be hesitant to raise yours. But there's still a shortage in the rental market, especially for pet owners.
This means you can have a higher rental price than your competitors and still get people into your units if you make your property into a pet-friendly one. On top of that, you can charge pet deposits and rent too.
Con: Pets Can Be Unpredictable
Put any animal in a new environment, and even the most well-trained pet can be unpredictable. They may damage your units and also cause noise nuisances. In the worst-case scenario, these pets may injure another person on the premises.
A great way to mitigate these issues is to charge pet deposits and rent, as mentioned above. An excellent leasing management company can also help policies in place to allow only certain types of pets. A bonus of this is that it'll keep your insurance costs low.
Con: You'll Need Additional Maintenance
Not only can pets damage the interior of your property, but they'll warrant more maintenance too.
For example, if your tenants let their pets relieve themselves on the lawn, then you'll need more yard cleanup. And if they get fleas or bring other pests into the units, you'll have to schedule pest control services.
It's Worth It to Allow Pets in a Rental Property
These are but a few pros and cons of allowing pets in a rental property. However, most landlords find the increase in income worth the few cons that come with it, and it's likely that you will too.
As long as you have a good property manager on your side, then it won't be a difficult time at all. They'll ensure your property stays in fantastic shape!
If being a landlord is challenging for you in Livermore, then contact PMI Alameda County today. We'll help manage your property so you can take it easy.
