According to the Insurance Information Institute (III), 66% or around 86.9 million American households own pets. Over 65 million families have dogs, while 46.5 million have cats.
With such high pet ownership rates, many pet-owning households will likely apply to become your tenant in Prescott, AZ. The big question is, should you allow pets in a rental property?
In this guide, our team at PMI Northern Arizona will explore the pros and cons of doing so. Read on, as what you learn here can help you make a more informed choice.
Pro: Expanded Tenant Pool
According to the Pew Research Center, 97% of surveyed pet owners in the U.S. consider their pets part of their family. For many of these folks, leaving a pet behind when moving to a new place is a no-no.
For the same reason, many pet-owning renters look for pet-friendly rentals when searching for a new place. Indeed, according to Better Cities for Pets, nearly half of pet owners (43%) would even be willing to relocate for the sake of their animal family members.
With millions of pet owners, implementing no-pet rental property policies could make you miss out on many prospective tenants. So, why not turn those rules into "pet-friendly" ones to expand your tenant pool?
Con: Potential Pet-Caused Damage
Even the most well-behaved, well-trained pets can have "accidents" that may cause them to pee and poop on carpets and rugs. When anxious, they may also chew on furniture or scratch floors, walls, and doors.
You can address those problems by indicating in your rental agreements that you require pet insurance. Such policies can help your renters cover costs related to damages and liabilities their pets may cause.
Pro: Higher Rent Potential
When you turn your property into a pet-welcoming place, you can charge a reasonably higher rental price. Since they're technically tenants, too, you can charge an additional pet rent. You can also require pet deposits on top of typical security deposits.
Just remember that both types of deposits are often refundable. You have to return them to tenants if you don't use the money (e.g., their pets didn't leave any damage) or a portion (if they caused minor damage).
Con: Possible Noise Complaints
Sometimes, pets left alone in the house (e.g., their owners must go to work) can make noise. While other pet-owning tenants can tolerate these noises, those who don't own pets may not. They may file noise and nuisance complaints.
To help minimize those risks, consider investing in high-quality soundproofing materials. Another tip is to interview tenants with their pets during the tenant screening process to gauge how well-behaved their pets are.
Allow Pets in a Rental Property to Boost Rental Income
When landlords allow pets in a rental property, they can expand their tenant pool and increase potential profits. However, there's also the risk of pet-caused damage and noise complaints.
Still, the drawbacks are minor, and proper measures can prevent them. So, consider turning your Prescott property into a pet-friendly rental.
If you're unsure where to start, don't worry: PMI Northern Arizona can help. We're a full-service property management company that can help you take the correct steps to transform your properties into profitable, pet-friendly rentals.
Speak with us today to request your free property consultation!
