Over 10.3 million landlords face a significant dilemma annually. Each one has to decide whether or not to allow pets in a rental property.
On the one hand, you could generate more income through premium rent. On the other hand, you could eat into your revenue by paying for legal issues.
Financing isn't the only factor to consider before allowing pets in a rental property. To discover all the pros and cons, read our insider guide until the end!
1. Pro: Higher Rent Potential
Rent in the United States costs an average of USD 1,326 per month. Various factors influence the price, including the space, location, and allowing pets inside.
Rental property pricing is between 10% and 40% higher when pets are allowed indoors. In addition, you could earn more through pet monthly fees or a one-time mandatory payment.
2. Pro: Expansive Rental Property Tenant Pool
Since the pandemic, more people than ever before have added furry friends to their families. Today, around 48.2 million U.S. households own a pet.
The demand for landlords that allow pets in a rental property is there, but the supply isn't. If you do so, you will put yourself in the spotlight. As a result, it fills the home and leads to a low vacancy rate.
3. Pro: Longer Tenancies
When you permit pets in a rental property, tenants will stay longer. People do not want to dive back into the market, as the competition for homes that allow animals is at an all-time high.
Also, moving to a new home with a dog can be challenging. So, as long as there are no issues, renters will be happy to stay in one place.
1. Con: Property Damage
Unfortunately, 85% of landlords nationwide reported damage to their rentals. Depending on your lease agreement, you may have to pay for repairs. You might also only notice the issues after the renter has moved out.
The most common damages reported are:
- Scratches on floors
- Chewing on furniture
- Lingering odors
- Yard repairs
- Broken windows
Even well-trained animals could accidentally break items in a home. Thus, regularly inspecting a property is crucial.
2. Con: Noise Concerns
Some pets, particularly dogs, can be noisy. Barking, whining, or other vocalizations can disturb neighbors and potentially lead to complaints.
This can be a significant concern in multi-unit buildings or close-knit communities. If investing in Puerto Rico, you must learn about the No Noise Period between 10:01 p.m. and 7:00 a.m.
3. Con: Allergies
Studies show that up to 30% of Americans suffer from dog allergies. Therefore, a chunk of your tenant pool may disregard your home if they know pets were previously in the area.
Pet dander can linger in the air or get stuck in soft furnishings such as carpets and sofas. You may also have to pay for a professional cleaning service to ensure no troubles arise in the future.
Consider Allowing Pets in a Rental Property
Unfortunately, there's no straightforward answer to allowing pets in a rental property. Fortunately, you read our guide to the pros and cons. Now, you can consider the better option for you and your long-term investment!
This is one of the problems homeowners must face. But you can avoid this, along with countless others. To do so, work alongside a franchise with two decades of experience and hire PMI Puerto Rico management services today!
