In the United States, 68% of households have a pet animal of some kind. There are a lot of potential tenants that you may be missing out on if you don't allow pets on your property.
If you're trying to decide whether you should allow pets in your Brainerd, MN property rental, there's a lot to consider. There are both positives and negatives to allowing pets, so you'll want to weigh out each option carefully.
Below, we'll look at the pros and cons of allowing pets in a rental property.
There are more positives to allowing pets than you might expect. Here's what you should know.
Charge Higher Rent
When you allow pets on your rental property, you can request extra fees from your tenant. Charging a pet fee and pet security deposit is common, so you may be able to make some additional income if you allow pets in the home.
Wider Tenant Pool
When you start allowing pets, the tenant pool that you draw from improves and you'll be able to avoid problematic renters. Pet owners typically have more stability in their lives since they'll be caring for an additional member of the family.
In addition to this, you'll also open up your property to more applicants since so many people are pet owners.
Once you find a great tenant who is a pet owner, they'll generally stick around for longer. This means that you won't need to list your home for rent as often.
Responsible tenants who have pets and are more stable will be more likely to renew their leases. They'll also appreciate that you allow pets since it can sometimes be difficult to find a property that does.
So what are the negatives of allowing pets on your Minnesota property? Here's what you should consider.
A drawback to pets is that they can be noisy and could potentially disturb neighbors. A dog may bark at odd hours in the night, for example, and you may get complaints as a result.
Pets may also cause damage to a rental property if they aren't well-behaved. All pets can increase wear and tear on a property.
If you want to protect your investment and keep it in good condition, pets can make this more difficult. However, pet fees and security deposits can help to combat this issue.
Injuries and Liability
In some cases, pets can be dangerous. Accidents could occur and a pet could end up injuring another tenant or neighbor.
As a landlord, you could potentially be liable for this. However, renters insurance can help to prevent these liability problems.
Allowing Pets in a Rental Property Is a Good Move
If you want to get the most out of your rental, consider allowing pets. Allowing pets in a rental property could allow you to make more money and find better tenants. On the other hand, pets could cause excess noise and property damage, so keep this in mind as well.
What's more, an experienced property manager can help you make a sound decision for your rental. If you need property management in Brainerd, consider PMI Minnesota. Our office is locally owned and independently operated. We're part of a larger franchise that has been perfecting the property management industry for more than 20 years.
Ready to get started? Contact us today to learn more about what we can do for you.