Less than one in ten properties in the US currently accept pets. So many tenants face a limited choice of properties when searching for a rental if they bring along a four-legged friend.
But is this the wisest decision for landlords, or are there advantages to making your property pet-friendly? Could paws mean profits, or are pets in properties a potential financial foe?
Read on to learn the pros and cons of pets in a rental property in Miami.
The Pros of Allowing Pets
Offering pet-friendly properties has many advantages for real estate owners. Here are the pros:
Wider Tenant Pool
When advertising your property, you'll meet the criteria for more potential tenants. It means you'll have a higher demand for your property. It lowers the odds of your property remaining unoccupied.
Higher Rental Rates
Adding a pet fee or pet deposit to your rental price is possible.
Since pet-friendly properties are in demand, it's a chance to set a premium price for your house. It can help counter any additional expenses of having pets inside properties.
Long-Term Tenants
Once you secure a reliable tenant and responsible pet owner for your property, you'll want to hold on to them.
It means you spend less time advertising your property for rent and all the other admin that comes with it - like tenant screening.
You're more likely to keep that tenant long-term, as they face a challenge finding an alternative pet-friendly property.
You Can Use Insurance to Cover the Costs
As well as adding pet fees to your property, you can also pay for additional insurance coverage. That protects you if a pet causes damage. So you won't face crippling financial risks by accepting animals.
The Cons of Pet-Friendly Properties
Pets in properties offer advantages to landlords in Miami. But there are downsides, too, as we will explore here.
Rental Property Damage
Pets are unpredictable, and an unruly animal could cause damage to your property. That might include ripped furniture, carpet stains, or damage to doors and fixtures.
You may also have a home ridden with unpleasant doors if the owner doesn't clean up after their pet. That could leave you with extra repair bills you wouldn't have faced if you banned pets.
Pets also shed fur, causing problems for prospective tenants with a pet allergy. So, it could leave you with ongoing issues when re-advertising your rental.
Neighbor Complaints
You could face problems with neighbors by allowing pets on your property.
A common complaint is noise from barking dogs. But you could also face complaints about other issues, like cats or dogs leaving a mess in neighbors' gardens or dangerous dogs threatening children.
In the worst-case scenario, you could face legal threats from an unhappy neighbor.
Pets in a Rental Property: Making the Right Decision
Pets in a rental property can indeed leave landlords with an unnecessary headache. However, you can make it work.
You can add fees to protect you from property damage. And tenant screening can ensure you have a responsible pet owner.
For more advice on managing your rental property, check out the property management services at PMI Biscayne Bay.
