It's estimated that nearly 66% of American households own a pet. If you own a rental property in Rockland County, NY, you should be paying attention to this statistic. By opening your rental properties up to pet owners you vastly increase your tenant pool options.
However, allowing pets in a rental property isn't all sunshine and roses. There's no denying that there are also cons that come with it that you need to consider.
In this guide, we'll briefly go over the pros and cons of pets while offering you some advice on how to make the process easier. That way, you can decide for yourself if it's the right option for your properties.
Pros of Allowing Pets in a Rental Property
One of the biggest pros of allowing pets is that it allows you to attract a larger rental property tenant pool. There are a lot of pet owners out there, so if you don't allow pets, you're missing out on a huge demographic of renters.
Not only that, but those are likely to be loyal tenants who will want lease renewals. With pets, you can also charge your tenants more.
This can either be in the form of pet fees or higher rental property pricing. Pet owners are typically responsible people, which means they're more likely to be good tenants who pay rent on time.
Cons of Allowing Pets in a Rental Property
The biggest con that comes with allowing pets is rental property damage. It's estimated that each year pets can do up to $1,120 in damage to a home or apartment.
This can result in more repair and maintenance costs. If the pet owner has a loud or aggressive dog, it can upset the neighbors. This might come in the form of noise complaints and dog attacks.
If a pet hurts someone on your property there's even the potential for liability. This can be prevented if you establish strict rental tenant terms and get good insurance.
How a Rental Management Company Can Help You With Pets
As we mentioned, one of the biggest hassles of dealing with pets in a rental situation is property damage. Well, property management services like PMI Properties can help you stay on top of the problem with frequent maintenance.
They'll also deal with any complaints that tenants might have about the animals. Best of all, we'll help you calculate a rent price that factors in the increased price for animals. That way, any potential costs are covered by the rental payments and not you.
Ready to Make Renting Easier? Contact PMI Properties
We hope this guide helped you learn more about the pros and cons of allowing pets in a rental property. As you can see, there's no easy answer to this question.
If you're still on the fence about the pet issue, we recommend reaching out to PMI Properties. We're a full-service property management company in the Rockland County, NY area that can make every step of the rental process easier, including pet policies.
If you're ready to learn more about how we can help you, reach out to us today.
