They say that families come in all shapes and sizes; the members may differ, but everyone loves each other all the same. For many, their household doesn't only consist of humans, but also critters.
Unfortunately, landlords aren't very understanding about tenants bringing their furry family members to rentals. And this can be a lose-lose situation for both; landlords lose out on wonderful tenants, and renters can't find suitable accommodations.
Does this information have you rethinking your property's pet policies? Then here are some pros and cons of allowing pets in a rental property in Greenville, NC.
Pro: Higher Rent Potential
Not only do you have access to a larger tenant pool by allowing pets, but you'll also be able to charge higher rent. It can be difficult to find pet-friendly places, so these renters are willing to pay more to secure housing.
On top of that, you can charge higher security deposits too. In fact, many landlords have a separate pet deposit where the funds are used to fix any damages left by animals.
Pro: More Responsible Tenants
Pet owners are used to taking care of other beings other than themselves, so they tend to be more responsible. Plus, pet-friendly units are hard to come by, so they'll work extra hard to stay in their landlord's good graces.
For you, this means there's less chance of rental property damage and late rent payments. There will also be fewer evictions, which aren't pleasant to deal with.
Con: Property Damage
If the pets aren't well-trained, then they may misbehave, especially when left on their own. They can scratch up your units, as well as leave stains and odors.
However, if you charge pet deposits, you can fix up these damages after each tenant with no extra cost out of your own pocket.
Con: Current Tenants May Get Upset
Your current tenants may not be happy if animals start moving in. They may not like being faced with dogs on the property whenever they head outside.
In addition, around 10% of the nation's population has pet allergies, so these people will have no choice but to move out to mitigate symptoms.
Con: Additional Maintenance
It's likely that you'll have to invest more in regular rental property maintenance. For example, you might need yard cleanup and pest control to manage the presence of pets.
If this sounds overwhelming, then you can benefit from property management services. These professionals will take care of tedious duties so you don't have to.
Allowing Pets in a Rental Property Can Increase Profits
In general, having pets in a rental property is a positive change for everyone. You'll have access to a larger tenant pool and the ability to charge higher rent, while pet owners can obtain housing.
So if you haven't before, you should start letting renters live with their furry friends. It'll definitely help your reputation as a landlord, and you'll get more tenants your way.
Are you searching for a good property management company in Greenville, NC? Then contact Flagship Realty Group today. We have over 16 years of experience.
