Since 72% of renters own pets, you'll cut yourself off from a lot of tenants if you don't allow them. Allowing pets in a rental property can give you a lot of new potential tenants to consider.
Despite this, deciding to allow pets in your rental property isn't an easy decision to make. There are both advantages and disadvantages to allowing your tenants to keep pets in their homes.
Below, we'll help you decide whether you should start allowing pets in your Las Vegas, NV rental property.
There are some big benefits to allowing pets in a rental. Here's what you should consider:
When you allow pets in a rental home, you can raise rent. It's common to charge an extra fee when allowing pets on a property, so your rental income could increase.
Bigger Tenant Pool
When you let pet owners apply to rent your property, you'll get access to a larger number of potential tenants. This can make it less likely that your property will remain vacant for a long time.
It takes a lot of responsibility to take care of a dog, cat, or other pet. By considering pet owners, you may find higher-quality tenants during the tenant screening process.
Better Tenant Retention
Many tenants will feel more satisfied when they're allowed to have pets in their homes. It can help a rental feel more comfortable for them. This can increase tenant satisfaction and help you retain them more easily.
Although there are a lot of advantages to allowing pets, there are also drawbacks. Here's what you should know:
Rental Property Damage
In many cases, pets can lead to property damage. They may tear up carpeting, chew up wood, or mark their territory, damaging walls, doors, and flooring. Pets can also lead to significant odor in a home.
Higher Maintenance Costs
Although you may make money on pet fees, you may need to use it later on for repairs and maintenance. Pet hair may clog air filters and reduce HVAC efficiency. Pet damage could also lead to the need for repairs to carpets, flooring, and other areas of the home.
If your tenants live close to other neighbors, pets can be a source of friction. Pets are commonly a cause of noise complaints. If they aren't well-behaved, they could potentially injure someone as well.
You could be held liable for issues that arise from pet injuries or damage to a neighbor's property. As a landlord, ensure that you have the right insurance coverage in place before allowing pets. Enforcing strict pet policies can also help you avoid liability issues.
Allowing Pets in a Rental Property
If you allow pets in a rental property, you'll experience a few big benefits. Allowing pets could lead to higher income and better renters. However, pets could also cause significant damage to a property and lead to noise and liability issues.
If you're interested in property management, consider Avalon Realty & Oaktree Management, Inc. We're licensed and insured in Nevada to handle all residential property management, sales, and listings, and we bring a high level of knowledge and service to you.
Need help with your property management needs? Get in touch with us today to learn more about how we can help.