Investing in rental real estate can be a great move, but there's a lot you need to think about.
Of the many decisions you need to make, one of them is whether or not to allow pets. There are various reasons to allow pets in a rental property, as well as some reasons not to. This decision can affect your overall experience as a landlord, so you should consider it carefully.
Let's take a look at some of the key pros and cons of allowing pets in your rental property in Fredericksburg, VA.
Pro: Larger Tenant Pool
Perhaps the biggest benefit of allowing pets is that it presents you with a larger tenant pool. About 62% of Americans own pets, and they'll only be looking for homes that allow them to bring their furry friends with them. If you don't allow pets, you'll immediately be missing out on all of these potential tenant applications.
Pro: Higher Rental Price
Pet rent and a pet deposit are fairly common. Landlords who allow pets will charge more for rent as pets can cause damage and make a lot of mess. Some opt for a pet deposit instead, which serves a similar purpose.
Pro: Longer Tenancy
In general, pet owners will want to stay for longer. They're usually looking for a long-term home and may sign a longer lease as a result.
There's also a better chance of them wanting to renew their lease when it expires. This will help prevent periods of vacancy.
Con: Property Damage
Almost all pets can cause property damage which is never good. This can include scratched floorboards, chewed furniture, or even urine damage to carpets or grass. All of this can affect the overall value of your property.
Con: Odors
As cute as pets can be, it's not uncommon for them to let off unpleasant odors. In many cases, this won't be an issue, but it can sometimes be quite severe. Bad odors can linger, and you may have to spend a lot of money to deal with this when a tenant moves out.
Con: Disturbance
This is typically only an issue with certain pets; mainly large dogs. They can be quite loud, and this can cause a disturbance for neighbors. People may end up making complaints, and you'll need to find a solution. Things like this can make being a landlord far more stressful.
You might want to consider implementing breed restrictions in your pet policy. If you only allow smaller breeds, this may not be much of an issue. This might also be ideal if your property is quite small and not well-suited for larger dogs.
Should You Allow Pets in a Rental Property?
If you decide to allow pets in a rental property, you can reap several benefits. Finding tenants will be much easier, and you can increase your profits by charging pet rent. With that in mind, you could also be risking problems with your property or issues with neighbors.
GEM Realty Group is a leading property management company and our team can give you further guidance to help you make your decision. Our team has decades of experience and offers a full range of services in Fredericksburg, VA. Take a look at our services page to find out more.
