Do you want to make more money on your investment properties? This article will tell you how to do that by allowing pets in your investment properties.
If you own a rental property or two, the thought of allowing pets has likely crossed your mind. Are there any benefits or disadvantages?
Overall, the decision of whether or not to allow pets in a rental property is a personal one. There are benefits and drawbacks to consider, and the best decision for you depends on your circumstances.
This article discusses those pros and cons, so if you want to learn more about increasing your rental income, keep reading.
Pros of Pets in a Rental Property
Allowing pets in a rental property comes with several benefits, so long as you have some rental property rules. Here are four advantages when renting to pet owners in Bethesda, MD.
Increased Tenant Pool
Many people have pets and may be more likely to rent a property that allows them. This can help you fill your vacancies more quickly and easily. Fewer vacancies mean more profit.
Higher Rent
Pet owners are often willing to pay more rent for a property that allows their pets. This can help you increase your profits.
Less Turnover
Pet owners are often more likely to stay in a rental property longer because finding pet-friendly rentals is not always easy. This can reduce turnover costs and keep your property occupied.
Increased Security
Some pets can provide security and deter crime. For instance, dogs that bark can alert residents and deter burglars.
Cons of Pets in a Rental Property
Of course, it's not all sunshine and rainbows because pets can be unpredictable. Here are some drawbacks of renting to pet owners.
Increased Cleaning and Maintenance Costs
Pet owners may be likelier to leave messes behind, such as hair and toilet accidents. This can increase your cleaning and maintenance costs. For example, you may need to hire a professional cleaner more often.
You should include a pet clause in your lease agreement stating what cleaning the tenant is responsible for.
Increased Risk of Damage
Pets can also damage property, such as scratching furniture or chewing on walls. This can lead to costly repairs you wouldn't have had to do otherwise.
Increased Liability
If you allow pets in your rental property, you may be held liable if a pet causes damage or injury to someone. This is because the law generally holds property owners responsible for the actions of their tenants and their tenants' belongings. You could be sued for damages if a pet bites someone, damages someone's property, or otherwise causes harm.
Make Your Property Pet-Friendly
There are both pros and cons to allowing pets in a rental property. Some advantages include higher rent, less turnover, and fewer vacancies. Some disadvantages are rental property damage and increased liability, cleaning, and maintenance costs.
If you allow pets, take steps to mitigate the risks, such as including a pet clause in your lease agreement so you can maximize the benefits of allowing pets while minimizing the risks.
If you need help managing your Bethesda investment properties, we have property managers you can trust at PMI Capital Region. Contact us today about how we can best help you.
