You can make a reliable income from rental properties, but there are various important choices you need to make.
One thing that landlords are often uncertain of is whether they should offer pet-friendly rental properties. While this may initially seem like a bad idea, there are certainly upsides to it. You need to weigh up the different benefits and drawbacks so you can make the best decision.
In this guide, we'll look at some of the pros and cons of allowing pets in a rental property. Keep reading for more.
Pro: Larger Tenant Pool
If you don't allow pets in your rental property, you're immediately ruling out a large group of potential tenants. About 58% of families in Texas own at least one pet, so none of these will be able to move into your property.
By allowing pets, you open up your tenant pool to these families. Typically, the larger your tenant pool is, the easier it will be to find quality tenants.
Pro: Longer Tenancy
Families with pets tend to be more 'settled down'. As such, they're usually looking for somewhere to stay long-term.
When you have good tenants, you ideally want them to renew their tenancy agreement when it comes to an end rather than moving out. This is generally more likely for families that own pets than ones that don't. This means you won't have to worry so much about periods of vacancy or finding new tenants.
Pro: Higher Rent Potential
Most landlords who allow pets in their properties charge a higher rental price. This is because pets can sometimes cause issues, and this extra charge helps. Pet owners are generally fine with this, as it's worth it for them to be able to keep their pets.
Con: Potential Property Damage
The main risk of allowing pets is the damage they can cause. The extra you charge for rent will usually cover this, but it's still not ideal.
It can be a good idea to work with a professional property manager. They can help you find suitable contractors to handle any property maintenance, and can typically help you save money here.
Con: Potential Noise
Pets (especially dogs) can be quite noisy. This can disturb neighbors, and it will come back to you. You're not in control of your tenant's pet, so it's often difficult to deal with this issue.
Con: Risk of Injury
Another issue that's most common with large dogs is the risk of injury. If your tenant's dog attacks a neighbor, or a neighbor's pet, it could cause serious harm. There could be major repercussions, so it's very important that you consider this.
Allowing Pets in a Rental Property
It's difficult to know if you should allow pets in a rental property. Ultimately, you need to weigh up the pros and cons to help you make your decision.
Whatever you decide, a professional property management company like PMI DFW Properties can help. We offer a full range of services in Dallas-Fort Worth and the surrounding communities and operate under PMI, one of the largest property management companies in the US. Take a look at our Property Management page to find out more about our services.
