Are you a property manager in Boulder, CO, looking to attract more tenants? Allowing pets in a rental property could be the deciding factor for many potential renters. Nearly 70% of households in the US own a pet, meaning there's a huge market of potential tenants looking for pet-friendly housing.
Allowing pets in your rental property could increase demand for your units and potentially charge higher rents. However, before changing your rental property rules, it pays to understand the cons, too. Keep reading to learn about the pros and cons of pet-friendly housing and how to make it work for you.
Pros of Allowing Pets in a Rental Property
From attracting a wider pool of tenants to increasing rental income, allowing pets can bring many benefits to your rental business. While it's up to you to ensure you handle tenant screening properly to allow the right pets and pet owners at your properties, here are a few of the biggest benefits of pet-friendly rentals.
Increased Tenant Pool
With millions of pet owners nationwide, restricting pet ownership greatly limits the number of people considering renting from you. By opening your property to pets, you can attract more renters and potentially fill vacancies faster.
Tenants with pets tend to stay longer in rental properties than those without pets. One reason for this is that pet owners often have a more difficult time finding rental properties that allow pets, so once they find a place that does allow pets, they are more likely to stay put.
Increased Rental Income
Many pet owners are willing to pay additional rent, pet deposits, and even pet fees to keep their pets in a rental property. These extra charges can add up quickly, increasing your overall rental income and helping you offset any additional costs of having pets on your property.
Cons of Allowing Pets in a Rental Property
While allowing pets in rental properties is often a great idea, there are a few drawbacks to consider before making a decision. Here are a few cons to keep in mind as a property manager.
Rental Property Damage
Pets tend to cause damage to rental properties, whether chewing on furniture or scratching up flooring. This can result in costly repairs and replacements, affecting a property owner's profits. While collecting a pet deposit can help offset these costs, it might not cover the full extent of the damage caused.
Pets can be noisy, which can lead to complaints from other tenants. This can result in strained relationships between tenants and even legal action if the noise becomes excessive. It's important to set clear guidelines for noise levels and hold pet owners accountable for their pet's behavior.
Additional Time and Resources
Allowing pets means you need to screen potential tenants and their furry friends, enforce pet-related rules, and encourage timely rent payments. This can be time-consuming and take away from other important property management tasks.
Boulder Property Management Services
Ready to reap the benefits of allowing pets in a rental property? Get help by hiring a property management company in Boulder. From rent collection and tenant screening to marketing and maintenance, we can help you handle it all.
Get started by learning more about everything included in our Boulder property management services.