There are more families that own pets than landlords that allow pets in their rentals. It can help landlords to remain competitive if they allow pets in their properties. There are both pros and cons to allowing pets in your rentals, which is why it is important to determine your specific pet policy regarding pets and your rental properties.
Pros of Allowing Pets
Prohibiting pets from your property results in limiting your number of potential tenants. This can result in vacancies down the line. By allowing pets in your rental properties, you widen your potential pool of tenants. Allowing pets also allows landlords to charge higher monthly rents. Tenants that have pets tend to stay in one place for longer, which makes them more likely to renew their lease agreement. On average, pet owners also earn more money and are happier.
Cons of Allowing Pets
Despite all of the benefits of allowing pets, there are some downsides that must be considered. A pet may result in noise complaints from neighbors. Tenants that are allergic may move out of a building that allows pets. Pets also pose a potential liability risk for landlords. There is also the chance of having pets cause damage to your property which would require repairs.
Sometimes breed restrictions are imposed in rental properties to minimize the likelihood of damage to the property. Some cities and insurance companies may require these restrictions. Other restrictions may be dictated according to the landlord’s preference. Some of the most commonly restricted breeds include:
- Pit Bulls or Pit Bull mixes
- Doberman Pinschers
- German Shepherds
- Great Danes
- Wolf Hybrids
There are certainly both pros and cons to allowing pets in your rentals. Obtaining information about the risks and benefits can help you to make the best decision for your specific properties. To learn more about allowing pets in your rental properties, contact our experts at the Keyrenter in Hampton Roads today!