Pros and Cons To Allowing Pets In Your Rental Property

Did you know that 68 percent of US households have a pet? As a property owner, you will have to decide whether or not to allow your tenants to have pets on your property. 

Having tenants with pets can be a difficult decision to make, and it can also impact the ability to find a tenant. You might be hesitant due to the possibility of your property being damaged. However, it’s essential to evaluate the pros and cons before deciding whether or not you can allow pets on your property. 

Benefits of Allowing Pets In Your Rental Property

There are many benefits of allowing pets in your rental property, here are just a few.

More Tenants Interested In Your Property

When you allow pets on your property, you can diversify the potential number of applicants for tenants. If you say no to pets, you’ll be missing out on a big chunk of tenants. 

Charge a Higher rent Price, a Pet Deposit, Or Pet Rent 

Landlords who allow pets are capable of making more money. Why is this? Because they can charge pet deposits, non-refundable pet fees, or even pet rent. Having tenants with pets can be an opportunity for landlords to make extra money, of course, with proper screening being done. 

Pet Owners are Responsible Tenants 

When you find a tenant with a pet, you may find them to be more responsible. Having a pet often means a lot of work, so you might end up attracting loyal and conscientious tenants who will take care of your property and view it as their own home. 

Risks of Allowing Pets In Your Rental Property

On the flip side, there are some risks associated with renting your property to tenants with pets. 

Your Condo Association May Not Allow It 

Before deciding whether or not you want to have pets on your property, it’s essential to check with your condo association; they may not allow pets at all. In which case, you will have to reconsider and ensure you find tenants who do not have pets. 

Pets Could Damage The Property

One of the most obvious risks of having tenants with pets is the potential of your property being damaged. Pets like dogs can scratch up walls, chewed wires or cables, destroyed aspects of the home, and more. 

Noise 

Noise is always an issue, especially in a condo, given how close each apartment is to one another. Having a pet can mean loud barking or noises that can pose issues to surrounding neighbors.

A Torrance, CA Property Manager Can Do The Work For You

While pets are a fantastic addition, sometimes they can pose a risk to your property. It’s essential to weigh the pros and cons and make an informed decision. Additionally, when it comes to managing your property and the tenants, having a reputable property management company in Torrance, CA, can help.

At Harbor Property Management, we take care of your property so you can focus on your day-to-day operations. You will find that our professional staff, local expertise, personalized management services, and competitive management fees will far exceed your expectations.