Allowing pets in a rental property is a decision that deserves a good amount of consideration. There is, however, not a concrete right or wrong answer. At Red Rock Property Management, we want to educate our owners and empower them to make the best decision for them and their rental property. Here are a few pros and cons to consider when deciding if you want to allow pets in your rental.
- Pet Rent – If a decision is made to allow pets in your rental, one of the main pros of that choice is including an additional monthly pet rent. It is common to charge around $50-100 per month in pet rent, depending on the weight of the animal. This is a great bonus for an owner to receive higher rental income each month!
- More Potential Tenants – Data shows that almost half of all renters own a pet (if not more than one). This means by not allowing pets, your pool for tenants shrinks nearly 50%. With many responsible pet owners out there, including them will heighten your chances of renting to a great, long-term tenant.
- Keep Tenants Longer – Because many rental properties do not allow pets, choosing to allow them in your rental can provide an opportunity for a tenant that they may have trouble finding elsewhere. Because of this, it is likely you will find a tenant who wants to renew their lease year after year. Avoiding a high tenant turnover rate is always beneficial to the owner and allowing pets is one choice that can help!
- Property Damage – One of the most feared outcomes of renting to a pet owner is potential property damage. It is true that having a pet in a rental will lead to more traffic and more use. However, a great property manager will collect an additional pet security deposit which allows peace of mind for the owner knowing they have a little extra money for repairs if needed.
- Noise Level – Another concern is the amount of noise an animal will make. Typically, dogs are of most concern as many bark at any time of day. If there are quiet hours enforced by an HOA, then any tenants with a pet are expected to manage their pet’s noise within those hours.
- Increased Liability – With choosing to allow pets in the home, there is an increased risk of injury or accident. Although this is a concern to consider, Red Rock Property Management does require each owner to have homeowner’s insurance, as well as every tenant to have renter’s insurance. Typically, those policies will cover pet-caused injuries.
Both choosing to allow pets, and choosing not to, bring consequences and rewards that should be heavily considered. Ultimately, the choice is fully up to the homeowner and what you feel would be best for your own property. If you have additional questions regarding making your property pet-friendly, or any other management questions, we’d be more than happy to help. Please reach out to our team at 435-703-9946 for assistance.