Do you struggle to find tenants for your rental property? You might find that opening up to renters with pets is a smart solution, but this is not a decision that should be made lightly. There are both pros and cons of renters with pets and it is important that you are aware of what these are.
Those that allow pets in rental property often find that this makes it much easier to find and retain tenants, but you will need renters with pets advice to ensure that you do not experience the drawbacks of having a pet friendly rental property.
Pro: Larger Pool of Applicants
The most obvious benefit to having a pet friendly rental property is that you get access to a much larger pool of applicants. Many landlords in Maryland forbid pets, which gives renters few options when they have a beloved pet. This will give you a competitive edge and make it much easier to find tenants.
Additionally, tenants with pets tend to be more responsible and will treat your property with respect. To find the best tenants for your property, you can use property management services in Baltimore, Maryland that can do all of the hard work for you.
Pro: Higher rent
With a pet friendly rental property, you are offering a major perk to tenants and this allows you to set a higher rental price. Many people have purchased pets during COVID-19 or have plans to buy one, so when there are not many properties on the market that allow pets, it gives you a lot of power and the ability to earn more than if you forbid having any kind of pet.
Pro: Longer Tenancy
Leading on from this, tenants with pets are more likely to stay put as it can be so hard to find properties that allow pets. Additionally, people are less likely to move with pets like dogs and/or cats because it can be hard for them to settle.
As a landlord, all you can hope for is a responsible tenant that stays put so that you do not have to worry about gaps with no income. This means that allowing pets is a smart step that could protect your income.
Con: Potential Property Damage
The main drawback to allowing pets is potential property damage, especially cats and dogs. Scratched floors, stained carpets and destroying furniture are a few issues that can occur. Making it clear that the tenant is responsible for any damage is key here.
Pets can be noisy, which could disturb neighbors and other tenants that you have. Of course, noise is always a risk with tenants whether they have a pet or not, but it is much harder for pet owners to control noise if it is an issue.
Con: Potential Threat to Others
Another potential issue can be damage to others, such as a dog bite or a cat scratch. This can lead to serious legal issues, which is why you should establish renters insurance as a necessity for those with pets.
Consider Renters With Pets to Boost Your Investment Property
These are the main pros and cons to renters with pets that you need to weigh up. In a time where many landlords in Maryland forbid pets, you should find that it gives you a competitive edge and makes it easier to secure long-term, reliable tenants.
Contact us today to learn more about how our management services can help.