Imagine you have a property sitting vacant for a long time. You spend time and money advertising it to potential tenants. Yet, every time a tenant application arrives on your desk, you turn it down.
It sounds unusual, but surprisingly, many landlords can face this scenario. That's because they receive applications from pet owners.
Perhaps you are one of the many Florida landlords who don't accept pets in a rental property. If so, read on about the pros and cons of pet-friendly rentals.
Pro: More Demand for Your Property
Advertising your rental as pet-friendly will make it attractive to a larger pool of potential tenants.
This is great in an uncertain market because your property is less likely to sit unoccupied. And it's equally helpful in a buoyant market because you could demand a higher price for a highly sought-after rental.
A pet-friendly policy is something people will search for online, so your listing will get more traffic. That's useful if you're competing against hundreds of similar rental properties.
Con: A Higher Chance of Property Damage
Even the most beloved pets aren't perfect, and pets inevitably bring more risks. You could suffer property damage. Cats and dogs can harm furnishings, scratch door frames, or stain carpets, leaving you with expensive repairs.
Pets can also leave a lingering smell that requires a more significant and pricey overhaul before you market your property to a new tenant.
Finally, pets can damage a property's exterior, leaving you with landscaping repairs and associated costs.
Pro: Higher Income Potential
You can boost your rental income in several ways if you opt for a pet-friendly property.
First, you can command higher rental property pricing, as there is more demand for this type of housing. And tenants are willing to pay the extra to accommodate their furry friends.
Second, landlords can charge extra pet fees for a pet deposit as part of the rental tenant terms. That helps offset any costs from hosting pets, like property damage.
If you have many properties, having a pet policy across them could significantly improve your monthly income statement.
Con: Possible Legal Problems
Pets can become a liability for property owners, which could leave you with unexpected legal costs. For example, some dog breeds can pose a safety risk.
They could bite or attack neighbors and leave you with problems with neighbors and more severe consequences. That is more of an issue if you have a rental property with a communal space.
Some insurance companies will also charge you a premium if your property has pets, as these companies know the potential legal risks of having pets.
It's crucial that when accepting pets, you carry out tenant screening and ask for evidence of responsible pet ownership.
Accepting Pets in a Rental Property: Weighing Up the Positives and Negatives
Accepting pets in a rental property isn't as straightforward as it might seem. On the one hand, it can help you secure a tenant and a healthy rental price, but you must manage the risks of having animals in your building.
Professional support like tenant screening services can help you handle these issues. Head here to learn about the property management services offered by PMI Beach Properties in Florida.