In the state of California, 57.2% of households own pets, which isn't far behind the national average of 59%. This means that for every 10 tenants you screen, around six will have a furry friend they'll want to bring along.
Have you now realized that you've turned away many potential renters because they have pets? Then it may be worth rewriting your policies to become pet friendly.
Need some help with your decision? Below are some pros and cons to allowing pets in a rental property that you should consider.
Pro: A Better Rental Property Tenant Pool
Are you frustrated with the current quality of tenants you're renting to? Then turning your property into a pet-friendly one can turn things around.
Not only will you have more choices, but you'll also have a better chance of signing responsible renters. It takes a lot to look after a pet, and they'll want to stay somewhere nice too. You'll be able to count on them to take excellent care of your property.
Pro: You Can Charge Higher Rent
The cost of living in LA County is 51% higher than the national average, so rent's high and competitive. But if you allow pets, then you can actually go higher with rental property pricing.
Again, quality pet-friendly units are difficult to find, so pet owners will be more than happy to pay more to get housing. On top of that, you can add pet deposits and rent to further protect your investment.
Pro: Lower Tenant Turnover and Vacancies
A high tenant turnover rate will eat into your profits, so lowering this should be your top priority. Not only can you attract more people to your rental by allowing pets, but you'll also decrease turnover and vacancies since they're likely to stay for longer periods.
However, they'll leave if your property isn't well maintained. If you're struggling with this, then hiring a property management company in Brea can be a fantastic idea. They'll take all the hard work so you don't have to do it.
Con: More Maintenance Is Required
There's no denying that animals cause more messes than humans do. This means that your property will need more maintenance than before.
But again, if you use a property management company, this won't add anything extra to your plate. Plus, the money spent will be offset by the pet deposits and rent you charge your renters.
Con: You Might Upset Current Tenants
Your current renters may be used to peace on the property, and new pets can ruin that. In addition, they may feel threatened, especially if there are larger dogs that aren't well-trained.
You can mitigate these issues by giving your tenants advanced notice and by ensuring the new renters have pet insurance. You can also have rental tenant terms that only allow certain animal breeds.
You Should Allow Pets in a Rental Property
Overall, having pets in a rental property is a positive thing for landlords. You'll reach a bigger tenant pool, get timely rental payments, and increase your revenue.
Add in a reputable property management company, and you'll be set for success.
Get in touch with us now if you need professional property management services. We at PMI County Line are a locally owned and independently operated business.