According to the American Pet Products Association, 82 million households in the United States own a pet.
With many potential tenants owning furry companions, allowing pets in your rental property can impact your success as a landlord.
In Bentonville, AR, rental properties that accept pets often attract a larger pool of tenants, as many families consider their pets family members. However, there are both advantages and disadvantages that you need to consider regarding this decision.
This article teaches how this choice can impact your profits and attract potential tenants.
Benefits of Allowing Pets in Your Rental Property
One of the most significant advantages of allowing pets in your Bentonville rental property is the potential to increase your tenant base. By enabling pets, you could see an uptick in applications. Here are a few key benefits:
Wider Tenant Pool
One of the tenant attraction strategies is allowing pets in your rental property. As more people keep furry companions, finding pet-friendly rentals becomes more complex. Allowing pets attracts a larger pool of potential tenants.
Longer Tenancies
Pet owners often stay longer in a rental, as moving with pets can be stressful. Responsible pet owners are more likely to maintain their rentals to a high standard.
Higher Rent
According to the National Library of Medicine, landlords charge higher deposits and rents for pet ownership. This additional income can offset any extra costs incurred due to the pets.
Other pros of allowing pets in your rental property include the following:
- Facilitate friendships among tenants
- Improves your reputation among tenants
- Less time spent on advertising
- Lower vacancy rates
Challenges of Allowing Pets
While compelling reasons exist to allow pets, it's also essential to consider potential downsides. Here are some challenges that owners and property managers face:
Damage to Property
Pets may chew furniture, scratch floors, or cause stains that require costly repairs. Additionally, large dogs and multiple pets in a single unit can increase the risk of damage.
Allergies and Odors
Dog and cat allergies are similar. Future tenants may have allergies, and odors can become a significant concern.
Liability Issues
Pets can sometimes be unpredictable. This could lead to liability concerns for the landlord or management company.
It's essential to weigh these potential risks carefully against the possible financial gains.
How to Manage Pets in Your Rentals
If you choose to allow pets, there are landlord tips to mitigate risks. Screen your tenants thoroughly by requiring references from previous landlords, verification of pet behavior, and ensuring all pets are up to date on vaccinations. Additionally, consider creating a detailed pet policy that outlines:
- Types of pets allowed
- Pet deposit amounts
- Restrictions on sizes or breeds
- Tenant responsibilities for cleaning and upkeep
This type of guidance protects your investment and sets clear property rental policies for your tenants.
Is it Worth It?
As a property owner in Bentonville, AR, deciding whether to allow pets in your rental property involves balancing potential income with possible risks. If implemented correctly, allowing pets can be a rewarding process that attracts quality tenants and enhances your rental property's appeal.
At PMI NWA Metro, we provide premier rental property management services. We help rental property owners in the Bentonville, Arkansas, area navigate the tough choice of allowing pets.
Contact us today to learn more.
