Imagine having to leave a family member behind just to move into a new rental property. For many renters in Houston, this problem is a reality. While most US pet owners say their pets are a part of their family as much a human, many have to leave their furry friends behind.
Instead of separating pet owners from their furry friends, consider allowing pets in a rental property. On the fence? Read on to review the pros and cons first!
Pro: Rental Property Tenant Pool
Allowing pets in your properties will open your rental property tenant pool. After all, nearly 70% of US households (85 million families) own a pet. In Texas, over 43% of households own a dog.
If you decide not to allow pets, these renters won't apply. Your vacancy rate could increase.
Allowing pets in your rental properties will lead to an increase in applications and, potentially, your occupancy rate. Increasing your occupancy rate can improve your earning potential and ROI.
Con: Rental Property Damage
Unfortunately, not all pets are well-behaved or properly trained. Allowing pets could lead to costly property damage.
Before allowing pets, develop a tenant screening process. Confirm you're choosing reliable renters who have a positive rental history. Establish rental rules if property damage occurs.
Pro: Higher Rental Payments
If you decide to allow pets, you can charge renters a pet fee, pet deposit, and pet rent. All three charges can help boost your monthly rental payments.
You could have an easier time retaining tenants if you decide to allow pets. You won't have to worry about a long vacancy period. Instead, you can continue generating revenue from renters you already know and trust.
Con: Noise Complaints
Pets that aren't properly trained can make noise during the day, especially when their owners aren't home. The neighbors may decide to file a noice complaint.
Consider hiring an experienced property management company. Your property manager can handle these complaints on your behalf. With their services, you could avoid stressful situations.
Pro: Reliable Tenants
Most pet owners are responsible individuals. They'll take care of their pets and your rental property at the same time. You can trust they'll respect your rental property and rules.
They'll pay rent on time to ensure they're providing their pets with a safe, stable place to live.
Finding a Houston rental property that allows pets isn't easy. Some renters may feel more inclined to stay after finding your rental property. You can retain these renters long-term to keep generating income.
If a pet owner neglects to clean up after their pet, odors could develop. You may need to spend more money on maintenance and repairs when they move out.
Remember to charge a pet deposit. You can use these funds to pay for repairs.
Start Allowing Pets in a Rental Property
Allowing pets in a rental property can increase your rental property tenant pool and income. If you're still not convinced, consult a property management company. They'll help you make an informed choice.
PMI Infinito has nearly 20 years of property management experience. As the top property management company, you can rely on our award-winning services and expertise.
Need help making this decision? Contact us to schedule your consultation appointment today!