More than half (about 62%) of Americans own pets, and almost all of these say their pets are a part of their family.
With so many pet owners across the country, it's important to think about allowing them in your rental property. Any pet owners looking for a rental will need one that allows them, but some landlords have strict no-pet policies. So should you allow pets in yours?
In this guide, we'll cover the pros and cons of allowing pets in a rental property in Denver, CO. Keep reading for more.
Pros of Pets in a Rental Property
Most renters have standard expectations of any property, but only some landlords allow pets. If you do, there are several benefits you'll reap.
Larger Tenant Pool
The more flexibility you offer, the more people will be interested. Not allowing pets puts a certain limit on your rental.
Anyone who has a pet (or intends to get one) will only be interested in properties that allow them. As such, making your property one of these means you may be able to rent to these individuals.
Higher Rent Prices
The whole purpose of owning a rental property is to make money, and you might be able to make more through rental payments by allowing pets. Most landlords include pet fees or pet rent, and doing this can help you bring in more money each month. These can vary, but pet fees are typically about $200 to $500 per pet, and pet rent often ranges from $15 to $50 per month.
Increased Tenant Satisfaction
As many people consider their pets to be a part of the family, they wouldn't be happy living somewhere they're not welcome. Allowing pets will typically result in happier tenants, which is usually beneficial. Pet owners are also often more responsible in general, which is an ideal trait for tenants.
Cons of Pets in a Rental Property
While the benefits above can be great, many landlords still don't allow pets. There are some drawbacks you need to consider before making your decision.
Potential for Rental Property Damage
This is one of the main reasons some people don't allow pets. They can scratch floors, chew furniture, and cause damage in various other ways. You may then need to pay for repairs yourself.
Increased Maintenance Costs
Even if pets don't cause damage, you may end up with higher maintenance costs. For example, any pets shed hair which can get into HVAC systems and clog filters. Pet urine can also damage carpets and flooring, and deep cleans can be very expensive; replacing them even more so.
Some pets can be very loud, and this may disturb other people in the area. As such, you may get regular noise complaints, and it could even lead to conflicts. It may come to the point where you need to enforce pet policies to eliminate this issue.
Making Decisions About Your Rental Property
Whether you should allow pets in a rental property is just one of the many decisions you need to make as a landlord. It can be difficult to know what's best, but hiring a professional property management company like PMI Cedarboldt can help. Contact us today to find out more about how we can help with your rental property.