One of the questions we get a lot in property management is whether homeowners should allow pets in their home. There is no simple answer; at the end of the day, it is the homeowner’s decision based on their past experiences, or comfort level, with tenants having pets in their home.
Erin Eberlin wrote an article entitled, “Pros and Cons of Renters With Pets,” in which she lays out arguments for both sides. First, the Pros:
- Larger Prospective Tenant Pool- Firepaw.org states that almost 50% of renters own a pet. Therefore, if you make your property pet-friendly tenant as you will have a larger group to choose from.
- Pet Owners Make More Money- According to Practical Apartment Management, by Edward N Kelly, 65% of pet owners earn over $50,000 a year. You should run a credit check to help determine if this money will go toward paying the rent.
- Longer Tenancy- Pet owners typically stay in a rental longer because it can be harder for them to find other pet friendly options.
- Responsible Pet Owners Are Responsible Tenants- If someone is mature enough to take good care of an animal, there is a good chance they will treat your property with the same respect.
- Charge Higher Rent- Look around your area. If there are not a lot of pet friendly properties, tenants will have fewer options, and you may be able to charge slightly higher rents if you allow pets due to the increased demand.
- Happier Tenants- Animals can help reduce stress. Having a pet around can make your property feel more like a home for the tenant.
- Don't Try to Sneak In Pets- If you allow pets, it will decrease the chances of tenants trying to sneak in pets that you have not approved.
…and then the Cons:
- Damage to Your Apartment (or home)- Animals can scratch the floors, chew up carpets and have accidents on the carpets or wood floors.
- Disturbing Neighbors- Dogs barking, birds squawking, and four-legged animals running around the apartment can disturb other tenants in the property, as well as outside neighbors.
- Liability- There is a risk of the animal biting other tenants or neighbors. The Centers for Disease Control and Prevention state that dogs bite 4.7 million people a year, with 800,000 of those needing medical attention.
- Loss of Other Tenants- Other tenants may be allergic to dogs or cats. Tenants may move when an animal becomes disruptive.
- Pet Odors- Accidents inside the unit or in the building common areas will cause odor, as will animals that are not properly groomed or cleaned.
It might be wise to refer to this list when considering whether to allow animals in your investment property!
To view the article in its entirety, click here.