About half of the pet owners in America think of their furry friends as part of the family. They're not likely to leave their beloved pet behind when they move. That means finding a rental that allows pets when it's time to move.
In Charlotte, NC, that's easier said than done. If you allow pets in a rental property, you'll have a leg up on your competition. However, there are a few issues associated with letting people bring their dogs along.
Check out this guide to learn all the pros and cons.
Pro: Larger Tenant Pool
Over 60% of US citizens own a pet. So, if you allow tenants to bring their furry friends, you'll have a larger tenant pool. That means you can afford to be pickier about who you let in because you'll have plenty of applicants waiting.
If a tenant moves out, it shouldn't take you too long to find someone to fill the vacancy since it can be difficult to find properties that allow pets in Charlotte, NC. Tenants with pets are also more likely to renew their lease when it runs out.
Con: Property Damages
The biggest downside of letting tenants move their pets in is the possible property damage. When cats don't get their way, they tend to claw at things. Trying to keep a persistent feline out of a room will usually lead to the paint being chipped off the bottom of the door.
Cats don't stop at doors. They claw furniture and chew wires as well. Dogs aren't much better.
If their owner doesn't give them anything to chew on, they'll turn their attention to things they shouldn't have. If they aren't properly potty trained, dogs will pee on carpets. It goes without saying that units with pets may require extra maintenance.
Pro: You Can Charge Higher Rent
Believe it or not, allowing pets count as a rare amenity. It's a convenience that many pet owners are willing to pay extra for.
Not only can you charge extra, but allowing pets comes with bonus rental income in the form of pet deposits and monthly pet fees. In most cases, these extra fees, coupled with the tenant's security deposit will offset any damage the pet causes and then some.
Con: Noise
It doesn't take a lot to cause a dog to bark. Something as simple as a neighbor coming home can set them off.
Controlling the noise level when you have one dog is difficult. You can imagine how bad it is for residents with two dogs and several cats. There will be new noise complaints in your office every week.
Is Allowing Pets in a Rental Property a Good Idea?
As you can see, there are many pros and cons of allowing pets in a rental property. While they can increase your tenant pool, they could cause serious damage.
There are two ways that you can combat damage. The first is to collect a pet deposit and charge monthly pet fees. The other is to screen every dog and cat.
That's where enlisting the help of an experienced property management company comes in handy. At PMI Mecklenburg, we have over 20 years of experience managing rental properties. Go here to schedule a consultation today.
