Around half of United States pet owners claim their pets are seen as family. They don't see a distinction between them and human family members. With so many pet owners in the U.S., it's worth considering having pets in a rental property.
Before allowing pets in your San Jose rental property, you should spend time weighing all the pros and cons. Are you on the fence about pets? Keep reading to learn the specific advantages and disadvantages of having pets in your rental property.
That way, you can make a decision that doesn't hurt your bottom dollar.
Higher Rent Potential
One significant advantage of allowing pets is the potential to charge more than you normally would. Pet-friendly rental properties are often in demand. Pet owners may be willing to pay more for a suitable place for their furry friends.
This can be a profitable opportunity to increase your rental income.
Expanding Tenant Pool
By allowing pets, you open up your property to a larger pool of potential tenants. Many people have pets, and limiting your property to pet-free tenants may significantly reduce the number of interested tenants.
Expanding the tenant pool increases your chances of finding a responsible tenant quickly.
Longer Tenancy
Moving with pets can be challenging. That's why tenants with pets might prefer the stability of a longer tenancy.
This can lead to fewer vacancies and less turnover. That way, they'll provide you with a more consistent rental income.
Property Damage Risks
One of the main concerns landlords have about allowing pets is the potential for property damage. This is especially true for larger dogs.
They can cause wear and tear on floors, carpets, and other surfaces. Scratches, stains, and odors are common issues that landlords may have to address. This may lead to additional maintenance costs.
Disturbing the Peace
Pets can be quite loud, leading to disturbances for neighbors and potential conflicts. Barking dogs or meowing cats may disrupt the peace of the community, causing dissatisfaction among other tenants.
It's essential to consider the impact on the general living environment.
Responsible Tenant Gamble
Not all pet owners are equally responsible. Some may neglect their duties in maintaining a clean and well-behaved pet.
This can result in conflicts between tenants and potential damage to your property. It's crucial to settle on guidelines and ensure tenants with pets understand their responsibilities to reduce these risks.
Pets in a Rental Property Can Bring More Tenants
By choosing to have pets in a rental property, you can appeal to the many families who have furry friends. Still, there are plenty of responsibilities that come with this decision. For instance, you should stay on top of regular property inspections.
Are you feeling overwhelmed by investment tasks? You can breathe more freely when you team up with PMI San Jose. Our highly experienced team can handle property inspections, tenant screening, lease renewals, and more.
Do you want to get the most out of your property in San Jose, California? If so, ask a PMI representative about our solutions.
