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Many landlords will scoff at the idea of pets in a rental property, but is it really so bad? The fact that so few landlords allow pets means that it could give you a competitive edge with your rental properties in the Denver Metro area.
Keep reading to discover the pros and cons so that you can make a smart decision and know what to expect.
The Pros
There are a number of pros when you allow pets. You can find them listed below.
Larger Tenant Pool
First, you have the benefit of access to a larger tenant pool. These days, many people in Denver own pets, but few landlords allow pets. This gives you a competitive edge and it should make it much easier to find tenants.
Higher Rental Prices
Leading on from this, you can also charge higher rental prices when you allow pets. This is a major perk for renters, whether they have personal pets or support animals, and offers the chance for you to earn extra income.
Renewals
When you allow pets in your rental properties, you should find that tenants will renew their lease, as it can be hard to find somewhere new that allows pets. As a landlord, you want to avoid tenant turnover and vacancy at all costs, and allowing pets is an effective way to do this.
Reliable Tenants
You may also find that pet owners are more reliable. This is because they will have a responsibility to look after and will not leave the property vacant for too long. Additionally, they may take greater care of the property to prevent any kind of pet-related damage from occurring.
The Cons
Although there are pros when you allow pets, you do need to be aware of the cons and how these can be managed. Check them out below.
Property Damage
Obviously, property damage is a risk when you allow pets. Dogs, cats, and birds can scratch surfaces, chew furniture, and soil carpets. Pets can also leave lingering smells that can be hard to get rid of.
The key to managing this drawback is outlining in the tenancy agreement that the tenant is responsible for all pet-related damage and to inspect the property regularly.
A full-service property management company in the Denver Metro area will be useful for drawing up a tenancy agreement and managing the property.
Excessive Noise
Pets can also cause noise issues that could lead to complaints from neighbors. Of course, there is always the risk of noisy tenants, and a pet could be perfectly quiet. Tenant screening and meeting the tenant in person is a good way to see if the pet is one that could cause noise issues.
Physical Injuries
As a landlord, you need to consider every potential issue. When you allow pets, there is a risk of injury to others even if the dog (or any other pet) seems well behaved. You would not want this to fall back on you, which is why renters insurance is key.
Pets in a Rental Property: A Smart Way to Gain an Edge?
Hopefully, this post will help you to decide whether or not pets in a rental property are right for you. Although there are drawbacks, you might find that this is a smart way to gain an edge over other landlords and earn more money in the long run.
Contact us today to learn about how we could take the stress out of managing your property in the Denver Metro area.
