Did you know that 51% of all pet owners consider their pets as equal family members, and another 46% consider their pets as part of their family, but not as much as a human member? If you're struggling to fill your rental property in Fort Collins, CO, then perhaps it's time to start allowing animals in your units.
This decision shouldn't come lightly though, as there are several things to consider. Keep reading to see what pros and cons you should know about in regards to having pets in a rental property.
Pro: There's a Larger Tenant Pool
You're limiting yourself to a small tenant pool when you exclude pet owners. By being inclusive, you'll attract more potential renters.
This is especially true since other landlords won't allow animals on their properties. Pet owners will flock to your property once they learn it's pet-friendly.
A bonus is that these people will usually be more responsible than the average renter. Not only are they familiar with caring for another life, but they're determined to remain in a unit where their furry friend is welcome. You can count on them to make timely rent payments and to keep your units clean.
Pro: You'll Earn More Money
There's currently a housing crisis in Fort Collins, so people are already willing to pay above a fair price to secure housing. But you can charge even more if you open your doors to animals. Some landlords even charge pet deposit and rent, so you can do that too.
In addition, you'll make more money on a long-term basis since your turnover rate will be lower. Pet owners tend to stay put for longer, even when you raise the rent, so you won't have to go through the tedious process of replacing your revolving door of tenants.
Con: There's a Bigger Risk of Property Damage
Pets can have accidents on the carpet, and they'll ruin the landscaping when they relieve themselves outside too. Also, they may misbehave and tear up parts of your property.
Before you start worrying though, this is easily mitigated through two things. First, have pet rules for your renters to follow. Second, the pet deposit and rent money should cover any repairs you need to make.
Con: Your Current Tenants May Be Bothered
Your current tenants may not like that their safe space is suddenly turned upside-down with pets running around. They might feel threatened by large dogs running around, or they may be allergic to cats. These pets can also be noisy, disturbing the peace of your community.
It's a Good Idea to Allow Pets in a Rental Property
By allowing pets in a rental property, you'll definitely increase your revenue stream. More importantly, you'll get high-quality tenants who will stay longer and take better care of your property too.
Regarding the disadvantages, these will be negligible, as long as you screen your renters carefully, charge a pet deposit and rent, and conduct regular property inspections.
If you'd like assistance with tenant screening and other property management tasks, then get in touch with us today. We at PMI Northern Colorado offer full-service property solutions.
