It's hard to believe that around 72% of renters own pets.
Rental property owners in Charleston have to make a lot of tough decisions. This includes accepting pets in a rental property or not.
Could pets destroy or help your rental property business? Read on to see the top bonuses and disadvantages.
Pro: Expanded Tenant Pool
Allowing pets can broaden your potential tenant pool a great deal. By accommodating furry friends, you attract responsible pet owners who might be the perfect fit for your rental property.
Con: Rental Property Damage
There's always the potential for property damage. These things can lead to pricey repairs:
- Scratched floors
- Bitten furniture
- Accidents
Landlords must weigh the financial implications of potential damage against the benefits of allowing pets.
Pro: Higher Rental Demand
Charleston residents are known for their love of pets, and many seek pet-friendly accommodations. By embracing pet-friendly rental property rules, you tap into a high-demand market, which lowers vacancy periods and ensures a steady stream of interested tenants.
Con: Increased Maintenance Costs
Pet-friendly rental properties may need more maintenance. Cleaning carpets and addressing pet-related odors may become necessary. Landlords should be prepared for these extra expenses.
Pro: Increased Rent Potential
Landlords can often charge extra for pet properties. Pet owners already understand they'll have to pay a premium for a place that accommodates their beloved companions. This could translate into increased revenue for landlords, which helps to offset any potential extra costs associated with pets.
Con: Tenant Responsibility Issues
Not all pet owners are responsible. Some may neglect their duties. This results in nuisance complaints from neighbors or damage to common areas.
Pro: Stronger Tenant Relationships
Permitting pets can foster stronger relationships between landlords and tenants. Responsible pet owners appreciate a landlord's understanding attitude toward their furry friends. This creates a cooperative environment.
Con: Tenant Screening Challenges
While allowing pets opens up the tenant pool, it can also complicate the screening process. Landlords must be diligent in assessing potential tenants' pet ownership history.
Pro: Tenant Screening Opportunities
Allowing pets allows landlords to engage in thorough tenant screening. By requesting references from previous landlords and veterinarians, landlords can ensure that potential tenants are responsible and have a history of taking good care of their pets.
Con: Potential for Noise Complaints
Some breeds have a reputation for being noisy. This may lead to complaints from neighbors, which causes tension in the community. Landlords must address noise concerns to maintain a peaceful living environment for all residents.
Pro: Timely Rent Payments
Timely rent payments are a landlord's dream. They ensure a predictable income. Consistent payments enable landlords to meet financial obligations and maintain the property.
Accepting Pets in a Rental Property Could Be Smart
There's so much to unpack in the debate on pets in a rental property. After hearing the top perks and challenges, you can see what feels right for your business situation.
Whether you take pets or not, a Charleston property management team can help a lot. Contact Adams Properties Powered by PMI to hear more. We have over 20 years of experience.
