When you rent a house or an apartment through a property management company, the company will usually let you decide whether you want to allow pets. Barring any HOA or AOAO restrictions, you can decide whether you trust tenants enough to allow cats, dogs, or anything in between. What are the pros and cons?
The Benefits of Allowing Pets
When you allow pets, you can ask for things like a pet deposit and pet rent. While pet deposits should be paid back (if there isn't any damage to your unit), pet rent doesn't have to be. In some areas, you can charge up to a hundred dollars per pet, and that's extra revenue to you. This is especially common in areas where not a lot of people offer pet-friendly rentals.
Many tenants do have pets or want to have pets. This can make your unit more attractive to tenants, and you may be able to charge higher rates overall. If your unit has a great backyard and an enclosed fence, it's even more attractive.
If many of the places within your area do allow pets, not allowing pets could make it harder for you to find renters.
The Drawbacks to Allowing Pets
Pets can cause problems. They can cause a lot of damage. While a lot of people think of dogs ripping up a house, cats can do a lot of damage, too. Cat urine can require that an entire floor be removed and replaced. While you might have a $500 deposit for pets, it could cost thousands of dollars to repair the unit. And not every tenant will pay this without going to court.
Dog bites are a frequent insurance issue. While the owner of the dog will be the one in trouble, their own legal costs could lead to them not paying rent to you. If you're renting an apartment rather than a house, you could end up in trouble with other apartment owners.
Finally, pets can also cause problems for the property management company. The property management company may need to charge you more to deal with issues related to pets, and it may take more time to repair units between tenants.
Your property management company can tell you whether allowing pets is reasonable for your neighborhood. In some areas, everyone allows pets. In others, no one does. It's a risk, but some landlords do feel like it gives their tenants a benefit. For more information, contact a company like Association Management & Services today.Share