Imagine falling in love with the cutest kitten or pup, only for someone to snatch them from your hands! For many pet owners, this situation becomes a reality when they're forced to choose between their pet and a place to live.
Not many Phoenix landlords allow pets in a rental property. Do you?
About 70% of US households (90.5 million families) own a pet. You could lose 90.5 million opportunities to find renters if you don't allow pets in your properties.
If you're on the fence, read on to review the pros and cons first. Make an informed choice with this guide today!
Pro: Longer Tenure
Once a pet owner finds a pet-friendly place to live, chances are they'll want to stay. About half of all US pet owners claim their pets are as much a part of the family as a human family member. These pet owners won't want to leave if it means parting ways with their furry friends for a different apartment.
If you allow pets in your rental properties, you can keep renters for a longer tenure. Increasing your tenant retention rate will give you peace of mind. You won't have to worry about units sitting vacant.
Instead, you can maximize your occupancy rate and revenue. Allowing pets and retaining renters could boost your ROI.
Con: Loud Noises
Unfortunately, not all pet owners prioritize training their pets. A young puppy could bark through the day, waiting for their owner to come home. Neighbors may complain if there are loud noises throughout the day and night.
Consider adding quiet hours to your rules. Your property management company can enforce these rules, minimizing noise complaints and improving tenant happiness.
Pro: Higher Rent
How high you set the rent will depend on market value trends in Phoenix. However, you can still generate more revenue if you allow pets. For example, you can set a pet fee, pet deposit, or pet rent.
Charging these fees will allow you to generate a higher rent per tenant and per pet. These fees can cover potential pet damage, giving you peace of mind. A property manager can help you further increase your rental property profitability.
Con: Injuries
Remember, not all pets are properly trained. An untrained pet could injure a neighbor or friend. You may encounter legal issues if you allow pets in your rental properties.
Before allowing pets in your rentals, ask all pet owners to obtain renters insurance. Make sure they request coverage against animal bites.
Pro: Larger Pool
About 70% of households in the US own pets. If you decide not to allow pets, you'll close yourself off to these renters. Allowing pets will give you access to a larger applicant pool.
Consider Permitting Pets in a Rental Property
Don't rush to make a decision just yet. Instead, consider consulting a property management company. They can help you make an informed choice about allowing pets in a rental property.
Want to speak with a property manager right away? Look no further for help than RPM Phoenix Valley. We have over 25 years of experience in the Phoenix Valley managing over 2,000 properties.
We can help you navigate the challenges and intricacies of property management. Contact us today to entrust us with your rental properties!
