According to the American Veterinary Medical Association, 44.6% of households in America have dogs, while 26% have cats. If you decide not to allow pets in a rental property, you'll lose these renters. Before making a final decision, weigh the pros and cons first.
Allowing pets can open your pool of potential tenants, but animals could also destroy your beautiful El Paso, TX rental property. Not sure how to decide? Read on for our rental property management tips to make an informed choice with your goals in mind!
Pro: Find Responsible Tenants
Allowing pets in your rentals will open your tenant pool, allowing you to choose between renters. You can screen applicants to find renters who don't have a history of complaints or property damage behind them. Instead, you can find responsible individuals capable of taking care of themselves and their furry companions.
These renters are more likely to pay rent on time and take care of your rental property. Finding responsible renters will give you peace of mind.
Con: Potential Injuries
Not every pet is well-behaved or properly trained. An accident could occur, leading to potential liabilities.
If you decide to allow pets, set pet-friendly rental policies. For example, you can require dog owners to acquire dog bite insurance. You won't have to worry about someone holding you responsible if there's an accident.
Pro: Charge a Higher Rent
Allowing pets in your rentals will allow you to set higher rates. You can charge pet owners a pet fee, rent, and deposit.
The fee is a non-refundable, one-time charge, while the pet rent is a monthly charge between $25 and $100 per pet. The deposit is a one-time, refundable charge between $200 and $500 per pet. You can use these funds to cover potential damages.
Research El Paso rental market trends before setting your rental rate. Completing a rental analysis and setting competitive rates will help you attract more renters.
Con: Impact of Pets on Property Value
An untrained animal could damage your El Paso rental. For example, they may:
- Urinate on the floors
- Destroy your landscaping
- Scratch or chew on wood fixtures
You can use pet rent funds to cover these damages.
Pro: Longer Occupancies
Finding pet-friendly rentals isn't easy. Once a pet owner finds a home for them and their furry companion, they may want to stay. You can encourage lease renewals to boost your occupancy rate and ROI.
Con: Noise Complaints
Mention quiet hours in your tenant and pet agreements. Otherwise, you may receive complaints from upset neighbors.
Allow Pets in a Rental Property Today
To recap, should you allow pets in a rental property? Permitting pets will boost your occupancy rate and monthly earnings. If you need help making an informed decision, consult an experienced property management company.
Our team at PMI El Paso provides excellent customer service by maximizing owner profitability and preserving real estate investments. Trust our state-of-the-art technology to track how your investments are performing in real time.
We're committed to adding value through honesty, communication, and accuracy. Contact us now for a free rental analysis.
