More than 55% of Florida residents own at least one pet. This is one reason why landlords should seriously consider allowing pets on the premises.
Are you on the fence about this matter? It's worth taking the time to weigh the pros and cons of having pets in a rental property.
Pros of Allowing Pets
Permitting pets in a rental property can come with several positive aspects.
Are you wondering what they are?
Attracting a Wider Tenant Pool
Permitting pets broadens the potential tenant pool. Many people want rental properties that accommodate their furry companions.
This increased demand may result in faster property occupancy.
Higher Rent Potential
Landlords can use the pet-friendly policy to charge higher rent. Tenants with pets may be willing to pay extra for the privilege of having their animals with them.
This can contribute to increased rental income for property owners.
Longer Tenant Tenure
Pet owners often want stability for their animals. Allowing pets can attract responsible tenants who are more likely to stay for an extended period.
This longer tenure reduces turnover, saving landlords valuable time and money.
Cons of Allowing Pets
While there are advantages, landlords must also consider the potential downsides of pets in their rental properties.
Are you wondering what to look out for?
Pet Stains and Property Damage
Pets, especially dogs and cats, can cause stains on carpets and furniture.
Landlords may have to pay extra maintenance costs to fix these issues.
Bad Odors and Hygiene Issues
Pets can bring odors that linger on a property. Landlords stay on top of hygiene and cleanliness to ensure the comfort of future tenants.
Additional cleaning efforts between occupancies may be necessary.
Disturbances Caused by Loud Noises
Pets, especially dogs, can be noisy. Barking, whining, or other disruptive behaviors may lead to complaints from neighbors.
Landlords need to establish clear guidelines about acceptable noise levels.
Finding a Positive Middle Ground
As a landlord, finding a balance between the pros and cons of allowing pets is crucial.
Enforcing certain policies and practices can help reduce potential issues. That way, you can create a positive experience for pet owners and non-pet owners.
Pet Deposits and Additional Fees
Landlords can protect themselves by asking for pet deposits or charging extra fees for tenants with pets.
This can be a financial buffer to cover potential damages or cleaning expenses.
Clear Pet Policies for Lease Agreements
Including specific pet-related clauses in lease agreements is non-negotiable. Be sure to clearly outline expectations about pet behavior, noise levels, and responsibility for any damage.
Doing this helps set fair boundaries for tenants with pets.
Pets in a Rental Property Can Be Profitable
When done with care, you can benefit from having pets in a rental property. Still, you should never jump into such an important decision.
It's worth consulting the experts at PMI Arrico Realty and Property Management. Our Tampa Bay team can help you come up with pet regulations that work. You can also count on us for property maintenance, tenant screening, and more.
Start by scheduling a one-on-one consultation with a PMI representative.