Over 68% of Americans own pets. If you own residential property in Bountiful, you likely are constantly looking for ways to find and retain tenants. Allowing pets in a rental property is one effective method.
Read on to learn the advantages and downsides of allowing pets in your Utah rental units.
Disadvantages (and Their Solutions)
The most common downside to pets in a rental property is that they can damage the unit. The idea of dogs chewing and biting things is a popular concern, as are cats that may scratch up your carpeting.
However, not all animals are destructive. They're no more destructive than the children that you legally need to allow in your property, at any rate. You can set size and weight limits on the pets you allow to stop damage (and noise complaints) from becoming issues.
Some landlords are also worried about the potential lawsuits that pets pose if dog bites happen on their property. Luckily, professional property managers know how to construct a lease that stops you from being responsible for these incidents. Plus, since you can choose to only allow cats and small dogs, you are in full control.
Fees for Pets in a Rental Property
One way to eliminate the fear of economic issues from potential property damage is to charge pet fees. Asking for more money in the security deposit in exchange for allowing rental to pets is a common practice. This deposit can go toward correcting any pet-related damage if it takes place.
Pet rent is also a great benefit of allowing animals in your property.
Most landlords charge up to $50 extra per month for the pet to live in the unit. This means reduced stress regarding paying for damage. It also means that well-behaved pets can earn you a lot of passive income, so you can benefit financially from the animal's presence.
Lower Vacancy Rates and Better Tenants
97% of those who own pets consider them family. It's unreasonable to expect people to abandon their family to live in your rental unit, especially when many other Bountiful properties allow pets. Not allowing animals severely limits the number of good tenants available for you to rent to.
This means that your vacancy rates will skyrocket. You won't be able to remain competitive in the local market and your house will sit empty for long periods. You'll lose earning potential because of the utilities and fees for empty properties.
You'll also be able to be more choosy with tenants when you have more potential renters to choose from. This means you're likely to find and retain good tenants who take care of your property and pay rent on time. A bad tenant can be far more destructive than a pet, and you can lose money because of them, too.
Rent Out Property in Bountiful, Utah
Now that you know the pros and cons of allowing pets in a rental property, it's time to learn how much you can earn in passive income from your residential investment. Our team is committed to helping landlords in Bountiful, Utah maximize their earning potential. Get a free rental analysis from PMI to learn how you can get as much money as possible from reliable tenants.
