As a landlord, you need to make a decision on whether or not you allow pets. Many people's initial reaction will be to not allow pets in a rental property, but you might actually find that the benefits of allowing pets outweigh the negatives. It is important to be aware of the benefits and drawbacks of pets in a rental so that you can make the right decision based on your situation.
So, what are the benefits of allowing pets in a rental property in Kissimmee, Florida?
Larger Tenant Pool
One of the biggest benefits is that it allows you access to a much larger tenant pool. Many people have pets and support animals and allowing tenants to have them in your property will help you to attract more tenants, which gives you a greater selection to choose from.
Stand Out From the Competition
Allowing pets in a rental is an effective way to make your property stand out in the marketplace. Most landlords do not allow pets, which creates a problem for people with pets or thinking of getting a pet. By allowing pets in your rental, your property will stand out and you could find it much easier to secure tenants.
Pet Owners Can Be Ideal Tenants
In many cases, you will find that pet owners are ideal tenants. This is because they are responsible, they cannot leave the property vacant for long periods and will often take greater care of the property. Additionally, pet owners will be more likely to renew and/or sign long-term agreements because they know that rentals allowing pets are hard to come by.
You Can Charge More
Allowing pets in rental is a major perk, which means that it allows you to set higher rent. As these properties are hard to come by, tenants with pets expect to pay more for the privilege, which means more money in your pocket.
So, what are the drawbacks of allowing pets in rentals?
Potential Property Damage
Potential property damage is the biggest concern that landlords have. This can include scratches, stains and even lingering odors. Some wear and tear is expected, but you can outline in the tenancy agreement that the tenant is responsible for damage caused. This should encourage them to take greater care and resolve any issues that arise.
Noise
Noise can also be an issue with pets. Noise is a problem because it can cause disturbance and annoy the neighbors. You can soundproof the property, but it is also a good idea to meet a potential tenant and their pet to see if noise could be an issue. You should also check with previous landlords during tenant screenings to see if noise has been an issue in the past.
Are Pets in a Rental Property a Good Idea?
Ultimately, allowing pets in a rental property is a decision that you have to weigh up. Many landlords find that allowing pets helps them to secure the best tenants and earn more money, but you do need to consider the drawbacks. Additionally, you should always meet with the tenant (and pet) and carry out previous landlord checks to see whether or not the pet could cause an issue.
Contact us today to find out how we could help by managing your rental property for you.
