Over 60% of Americans own a pet and about half of pet owners say that their pets are as much part of their family as humans.
If your rental applicants are avid pet owners, they aren't going to choose your property if you don't allow their family. Allowing pets in a rental property provides you with a larger pool of applicants, but there are some cons.
Keep reading to learn about the pros and cons of allowing renters to own pets in Houston, Texas.
Pro: Higher Rent
Rental valuations and market values determine how much you can charge for you. By allowing pets in a rental property, especially when few places in the neighborhood are pet-friendly, you can charge a higher rent.
You could require a pet rent for certain animal breeds or animals of a certain size. You could also decide to charge higher security deposits, depending on security deposit laws in Houston, Texas.
Being pet-friendly alone could give you a leg up on the competition. If an applicant is trying to decide between your property and a similar one, they are going to choose the one that allows pets if they have one.
Con: Pet Damage
Landlords associate certain behaviors with pets. Pets might cause property damage, such as:
- Urinating on carpets
- Defecating in public spaces
- Chewing wood
- Destroying landscaping
Pet accidents that occur in units and on the property can cause an unpleasant odor. These bad smells can build up in common areas and make other tenants unhappy.
With routine rental property inspections, you can spot possible pet damage and hold tenants accountable.
Pro: Longer Tenure
A tenant won't consider your rental property as their home if they can't have their furry friend with them. Houston tenants who are allowed to have pets are more likely to renew their lease.
Settling in with a pet can make a renter feel like they have a permanent residence. It's difficult for pet owners to find alternate dwellings that allow pets.
This means you'll also have a larger pool of new applicants if a tenant doesn't decide to stay. Allowing pets attracts more tenants to the property.
Con: Pet Disruptions
Pets can cause disruptions to other tenants living on the property. For example, excessive barking can annoy other tenants and cause them to complain. When there are dogs on the property, it can be difficult to manage noise levels.
In severe cases, pets may cause injuries to other tenants and yourself. Consider requesting that pet owners get renters insurance to provide coverage against physical injuries caused by pets.
Should You Allow Pets in a Rental Property?
There are pros and cons to allowing pets in a rental property in Houston, Texas. You can benefit by charging higher rent and keeping tenants longer, but there are risks.
To mitigate the chances of pet damage and disruptions, require pet owners to follow certain rules.
At Precision Realty & Management, LLC., our professional property managers can ensure tenants are responsible for their pets. With over 30 years of experience, we know how to demand that tenants follow property rules.
For a property management team you can trust, contact us today.