People with pets tend to get more exercise and have healthier hearts. So, it's no wonder that 90 million U.S. households are pet owners, many of whom consider their pets family members. These include households who rent their homes.
Those stats indicate how welcoming pets in a rental property can mean more prospective tenants. However, you must also consider the drawbacks of having a pet-friendly rental.
This guide discusses the pros and cons of letting pets in your Coachella Valley, CA, rentals, so read on.
Pro: Increased Tenant Pool
In a survey of 1,000 renters, 90% of respondents said they own a pet.
The problem that many renters with pets face is the lack of pet-friendly rental housing. You can break this barrier by allowing furry family members into your properties. In doing so, you can attract even more prospective renters and expand your tenant pool.
Con: Possible Rental Property Damage
Pets can damage your rental property by scratching floors, walls, and doors. They may also leave urine, fecal stains, and odors on carpets and rugs. Some may also chew furniture.
You can address that concern by requiring tenants to carry appropriate pet insurance. This policy can help your renters cover the cost of damage and liability their pets may cause.
Pro: Longer Tenancy Rates
It's very challenging for renters with pets to find housing, so once they find one, they'll likely want to stay as long as possible.
Welcoming tenants with pets into your Coachella Valley property can help you keep your occupancy rate high. Retaining them can also help you avoid the costs and stress of marketing your property and finding tenants again.
Con: Possible Nuisance and Noise Complaints
Some pets can be noisy, especially when left alone. Other pet owners can tolerate such noises, but those who don't own pets may not. They may file complaints against you, the landlord, and your tenants.
Installing high-quality soundproofing materials on your property can help minimize pet noises. Also, during tenant screening, interview prospective renters with their pets to see how well-behaved their pets are.
Pro: More Responsible Tenants
Many renters with pets know that most landlords consider them high-risk. So, they make it a point to be responsible and strictly follow rental property rules. They perform their tenant obligations, including making timely rent payments.
Those positive qualities make responsible tenants with pets unlikely to do something that may force you, the landlord, to file an eviction case. Instead, they'll likely do everything they can to be good tenants so they can stay in your property.
Reap the Benefits of Welcoming Pets in a Rental Property
Property damage and noise complaints are the primary risks of allowing pets in a rental property.
Fortunately, you can minimize such risks by implementing an effective pet policy, screening applicants and their pets, and requiring tenants to carry insurance. With these strategies, you can create a pet-friendly rental that attracts more responsible renters.
PMI Coachella Valley can help you create and enforce pet policies. We're locally owned and run but are also a proud member of PMI, a national company specializing in property management with over 20 years of experience.
So, contact us today to learn how we can help you make your Coachella Valley properties more profitable!
