Welcoming furry friends into your Corpus Christi rental property may sound like the right thing to do. But will they cause too much wear and tear? After all, you don't want to be left with much damage when your tenants' pets move out.
Read on to learn about the pros and cons of letting pets in a rental property!
Charge Higher Rent
When you allow pets, you have the opportunity to charge a higher monthly rate. Since pet owners won't want to part with their pets, they'll be willing to pay a premium for a pet-friendly rental.
Consider charging an extra $50 per month for a tenant with a pet. You may want to charge more if the animal is larger. As another option, you can charge a pet deposit of an extra $100 or more.
Expand Your Tenant Pool Options
Another advantage of allowing pets is that you'll get a larger pool of potential tenants. This allows you to be more selective about the individuals you ask to sign a lease agreement.
Not allowing pets could cut out some desirable tenants. If overall demand in Corpus Christi ever is low, you may be forced to pick less desirable tenants just to fill a vacancy. And that could lead to problems down the road.
Gain More Reliable Tenants
Another reason to allow pets? Pet owners tend to be better tenants. Owning a pet offers health benefits and helps individuals be more responsible.
You may get more timely rental payments from tenants with pets. That's in part because pet owners want to come across as diligent tenants. They may not have many options for pet-friendly rentals in Corpus Christi.
Face Potential Rental Property Damage
When you allow pets in your rental, there's always a chance they'll cause damage. From ripping up carpet to gnawing on cupboards, pets can act out at the expense of your property. It's wise to establish rental property rules to help hold owners accountable.
You may want to hire a property manager if you allow pets, too. They can act as the main point of contact regarding rules. And they can enforce them.
Deal With Noise Concerns
Remember that pets will meow or bark - and other tenants might not appreciate it. This is particularly problematic in rental properties where tenants share walls. You could lose tenants thanks to the presence of noisy pets.
A lonely dog might bark while a tenant is working from home next door, for example. As a result, that tenant may decide not to renew their lease. If you own a larger property, consider designating some apartments or wings as pet-free.
Consider Allowing Pets in a Rental Property
Letting pets in a rental property gives you the advantage of a larger tenant pool and the potential for more money. But it also exposes your rental to more wear and tear. Think about the pros and cons as you determine the best choice for your property.
At PMI Corpus Christi, we're experienced property managers who can tackle the heavy lifting on your behalf. With 20 years of industry experience, we know how to help property owners maximize their investments. Contact us today!