Pet ownership in the US is at an all-time high. According to a survey conducted by the American Pet Products Association (APPA), 67% of American households own a pet, and Zillow statistics show that 75% of millennial renters are pet owners. This suggests that allowing pets will attract more tenants to your rental property, and provide you with a larger pool of applicants. Below are a few pros and cons of allowing pets in your Tampa rental property.
Pros
1. A Responsible Pet Owner is Likely to Be a Responsible Tenant
Taking care of a pet requires a lot of care and attention. That behavior can translate into how a renter will treat your property.
2. Pet Owners are More Stable Tenants
Pet owners are likely to stay longer in one place because it can be difficult for them to find other pet-friendly options.
3. Pet Owners Usually Earn More
A study shows that most pet owners earn over $50,000 a year. A pet owner might be willing to pay more for a good house that can accommodate their pet needs. You can also charge a non-refundable pet fee.
4. Larger Prospective Tenant Pool
Almost 50% of renters own a pet. If you make your property pet-friendly, you are likely to attract many prospective tenants.
Cons
1. Pet Damage & Noise
Pets can destroy the landscape, chew up carpets and scratch the floors. It can be hard to control the noise level if you have multiple cats and dogs on your property.
2. Pet Odor
If litter boxes or accident spots are not regularly cleaned, there can be a buildup of offensive odors. Poorly groomed pets will cause bad odors indoors.
Tips for Allowing Pets on Your Property
1. Ask the Right Questions
Such as: where did you get the pet? Has the pet ever bitten someone? Who will be responsible for it?
2. Define What Pets You Will Allow
Define the types and number of pets allowed. You can choose to not allow dangerous dog breeds.
3. Meet The Pet Before The Lease Is Signed.
This will give you a good idea of how well it is taken care of, and can help you to observe the behavior of the pet to see if it would be a good fit for your property.
4. Charge a refundable pet deposit
In case of damage, this can be very helpful for you to have. It will also give the tenant incentive to prevent damage from occurring.
5. Define what is expected from the pet owner
Outline your rules and regulations regarding pets. For example, you might make it necessary that they pick up all waste their pet leaves behind in a common area. “No Pets Allowed” is a deal-breaker for many potential tenants. Therefore, you should consider making your property pet-friendly. Weighing the pros and cons of allowing pets before you make a decision is important, and Specialized Property Management Tampa can help you decide. Our team of professionals can help guide you in deciding what’s best for your property. Contact us online or call us today for more information.
