Can you look away when sad puppy eyes are directed right at you, pleading for a home? As an animal lover, you might find it difficult, but many landlords don't. Unfortunately, not allowing pets in a rental property could cost you in the long run.
Before making a final decision, read on to review the pros and cons of allowing pets in your Los Angeles rentals. After reviewing this guide, you can make a decision based on your goals as a property investor!
Many landlords are focused on potential rental property damage if they allow pets. However, there are many benefits that come with permitting pets in your rental properties. Here are a few to consider.
Higher Rental Payments
Market value will determine how high you can set rental prices. However, allowing pets in your rental properties will allow you to set the rent higher.
If nearby properties don't allow pets, you'll gain a competitive advantage in the area. Pet owners will be more inclined to choose your property over another. Meanwhile, you can set the rent higher to generate more revenue.
Larger Rental Property Tenant Pool
About 62% of Americans own a pet, with 35% owning more than one. Nearly all US pet owners (97%) say their pets are part of their family. If you exclude applicants who have pets, you'll limit your rental property tenant pool.
Allowing pets will enable you to attract more applicants. Having options will allow you to choose the best fit.
While 72% of renters have pets, many renters struggle to find and stay in rentals that welcome pets. As a result, owners surrender half a million pets to shelters every year. Many animals aren't lucky enough to find homes.
Allowing pets in your rental properties will help tenants feel more at home. They'll be more inclined to renew their lease.
Retaining tenants long-term can save you time and money. You won't have to waste resources marketing, finding, and choosing new tenants.
People who are responsible pet owners are more responsible all around. These renters are more likely to treat your property with respect.
Finding renters you can trust with your property is sometimes difficult. You can retain these amazing renters to keep generating revenue.
There are a few cons to consider before adding pets to your rental tenant terms. Consider reviewing these pros and cons with a property management company before making a final choice.
Rental Property Damage
You can't control how a tenant's pets behave. They could:
- Chew wood
- Urinate on carpets
- Destroy landscaping
If accidents and litter boxes aren't cleaned, offensive odors can build within the unit. Charge a pet fee to cover any rental property damage that occurs. Otherwise, you'll spend your own money on maintenance and repairs.
Excessive barking could annoy neighbors. Consider limiting how many pets each tenant can have.
Consider Allowing Pets in a Rental Property
Don't rush to decide whether to allow pets in a rental property. Instead, consult an expert. Working with a property management company can help you make informed choices based on your goals.
PMI Los Angeles is a full-service real estate asset management company. We can help you maximize your revenue growth. Contact us today to discover how we can aid your efforts!