Have you heard that 72% of renters have at least one pet?
Milwaukee landlords often face the decision of whether to allow pets in a rental property. Understanding the drawbacks and perks can help them make an ideal choice.
Are you on the fence when it comes to pets? Read on for our pet rental guide.
Pro: Attracting Tenants
Welcoming pets can deepen your pool of potential renters. Many pet parents have a tricky time finding pet-friendly housing, so advertising your property as such can attract more applicants.
Pet owners may also be more inclined to stay longer in a pet-friendly rental, reducing turnover and vacancy periods.
Con: Property Damage
Pets can cause the following issues:
- Scratched floors
- Chewed furniture
- Soiled carpets
Repairing these things could eat into your rental income. Extensive damage may also affect the property's resale value or deter future tenants. This harms your long-term investment goals.
Pro: Tenant Relations
Permitting pets can foster nice relationships with renters. By accommodating their furry friends, you show empathy and flexibility, potentially leading to longer lease agreements and happier renters.
This rapport can also enhance communication and cooperation throughout the tenancy.
Con: Lease Agreement Complexity
Including pet-related clauses in your lease agreement adds complexity. You may need legal assistance to draft these clauses to ensure clarity and compliance.
Enforcing pet-related provisions may require extra documentation and communication. This increases administrative burdens for property management.
Pro: Increased Rent
You can charge pet owners a higher rent or implement a pet fee or deposit. This extra income can offset potential harm to the unit caused by pets.
It also serves as a financial incentive for responsible pet ownership by encouraging renters to maintain the property and address any pet-related issues promptly.
Con: Allergic Reactions
Some tenants or future occupants may have allergies to pet dander. Allowing pets could limit your potential tenant pool if people with allergies are excluded due to health concerns.
Accommodating allergic tenants may necessitate specialized cleaning procedures or air filtration systems. This adds to maintenance costs and logistical challenges.
Pro: Types of Pets
You can specify which types of pets are allowed in your lease agreement. For example, you might allow small dogs and cats but prohibit larger breeds or exotic animals, giving you more control over potential risks.
This allows you to tailor your pet policy to suit the preferences and limitations of your rental property, ensuring compatibility with your management style and property requirements.
Con: Noise and Disturbance
Pets could be noisy enough to disrupt neighbors or violate noise ordinances. This could lead to complaints from other tenants or legal issues with local authorities.
Addressing noise complaints may require mediation skills and conflict-resolution strategies. This consumes valuable time and resources for property management.
Pets in a Rental Property Could Be a Wonderful Thing
Welcoming pets in a rental property may not work for each community. Thinking about all these things will make it simpler to decide what's right for your rental property business.
Has running your Milwaukee rental properties been tough? Contact Performance Asset Management to hear how we can help. We have extensive experience in real estate investments, property management, and other related fields.
