Would you move into a rental property if it meant a family member couldn't stay with you? Many Lafayette, Louisiana pet owners are forced to make the same decision every year. If you're on the fence about allowing pets in a rental property, take the time to review the pros and cons first.
While allowing pets can open your applicant pool, property damage is also a concern. Don't rush to make a decision. Read on before making your choice!
Pro: Higher Rent
While market value will determine how high you can set rental rates, allowing pets could provide an additional source of income. For example, you can request owners pay a pet fee, pet rent, or pet deposit.
A pet fee is a one-time, non-refundable expense. You can charge between $50 and $500 per pet, depending on the type, weight, and size.
The pet rent is a monthly charge that can vary between $25 and $100 a month per pet. This fee covers wear and tear on the property or other expenses.
The deposit is refundable. Use it as collateral to cover property damage caused by the pet. You can charge $200 to $500 per pet for this fee.
Charging these fees will allow you to cover damages and other expenses. You'll have peace of mind knowing that you've covered potential accidents. Meanwhile, you'll maximize your rental yield.
Con: Loud Noises
Not all pets are well-trained. Excessive barking could annoy the neighbors. You could receive an increase in complaints if you allow pets.
Consider hiring a Lafayette property management company. Your property manager can handle these disputes while enforcing quiet hours.
Pro: Longer Tenure
The majority of Americans say their pets are part of the family. Once they find a place to live with their pet, they'll want to stay.
You could have an easier time retaining tenants or marketing to new renters if you allow pets. Owners won't want to uproot their pets every year to find a new home.
Con: Pet Stains
Accidents happen. If a pet has an accident, it could ruin your floors or carpets.
Make sure to charge pet fees to cover pet stains and other forms of property damage.
Pro: Larger Pool
If you don't allow pets, you'll close yourself off to a large pool of applicants. About 90.5 million households in America own a pet (70% of the US). These renters will turn to other properties in the area that do allow pets.
Your vacancy rate may increase. Allowing pets will help you attract more renters, allowing you to avoid vacancies.
Remember, not all pets are properly trained. An animal could injure a neighbor, potentially leading to legal issues.
Require tenants with pets to hold renters insurance for coverage against dog bites. Otherwise, hire a property management company that offers legal services.
Will You Allow Pets in a Rental Property?
Allowing pets in a rental property can provide you with additional sources of revenue or new sources of stress. Consider consulting a Lafayette property management company. They can help you make an informed choice.
Look no further for landlord advice than PMI Integrity Properties. We have nearly 20 years of experience helping landlords succeed in tough markets.
Our award-winning team can help you make a decision with your needs and goals in mind. Contact us today to request our services.