When making determinations on the ins and outs of your rental property, one of the bigger decisions that many landlords wrestle with is whether or not to allow pets at their rental property. There are several pros and cons to consider when making this decision, and while allowing for a pet can be beneficial, it also comes with challenges.
Pros can include a wider pool of tenants/potential renters as there are often limited options for pet-friendly housing, thus creating higher demand and a competitive advantage. This in turn also can account for longer tenancy periods and less turnover within your rental as it can be more difficult for tenants to find another pet-friendly rental. There is also a potential for higher rent with pet-friendly properties, and/or the ability to charge a monthly pet rent or pet fee/deposit.
Cons can include a potential for property damage and increased wear and tear such as chewing or scratching in unwanted areas, staining of floors, additional hair/dirt accumulation, and additional cleaning/maintenance required. Another issue to consider is the potential of higher insurance costs due to some policies charging higher premiums or having restrictions (sometimes seen with certain breeds of dogs that are deemed “high risk”) as well as the liability issues that can surface if a pet causes injury, potentially resulting in legal fees or medical costs. Lastly, pets (particularly dogs) can be a potential for noise complaints, especially for rentals that share any walls with another unit.
Making your rental pet-friendly ultimately depends on your specific situation and the factors such as type of property, local market, and willingness to handle potential challenges/risks. If you do decide to allow for a pet, make sure to mitigate your risks/damages with proper screening and pet-specific clauses in your lease!