The Pros and Cons of Allowing Pets in Your Rental Property

Isn't it great when you find an apartment that accepts pets? For pet lovers, this can be a total game-changer. No more worrying about finding a pet sitter or taking your furry friend to a kennel while you're away on vacation. What if you're not a pet owner? Maybe you're pet-allergic? Owning a pet comes with many responsibilities, and some people may not be willing to take on those responsibilities when it comes to living in an apartment.

There are indeed many pros to allowing pets in your rental property. But, some potential downsides need to be considered as well. Let's take a look at some of the most important pros and cons when it comes to pet-friendly apartments. And, if you're on a tight budget renting an apartment, does low-income housing allow pets?

Pet Owners in Public Housing

Renters who are pet owners and live in public housing have few options when it comes to finding pet-friendly apartments. HUD's pet policy states that residents of public housing developments that allow pets must submit a request to the housing authority or management office to keep a pet. The decision to allow pets is made on a case-by-case basis and depends on factors such as the pet's size, weight, and breed.

Pros of Allowing Pets in Your Rental Unit

Let's start with the pros. When it comes to apartments allowing pets, pet owners can rejoice. We listed some of the top advantages of allowing pets in your rental apartment that pet owners will love.

Convenience to the Tenants

First and foremost, apartments allowing pets offer pet owners a great deal of convenience. As we already mentioned, pet owners won't have to find pet sitters or boarding kennels every time they go out of town. They can simply bring their pet with them and have peace of mind knowing that their pet is well taken care of. At the same time, pet owners don't have to feel guilty about leaving their pets behind, knowing that they'll be alone.

Higher Rental Prices

Pet-friendly apartments often command higher rental prices. This is because pet-friendly units are in high demand, and there are usually fewer of them available. As a result, pet-friendly units tend to rent for a premium price. If you own a pet-friendly rental property, this can be a great way to increase your rental income. After all, pet owners are often willing to pay more to have their pets with them.

Not many properties allow pets nowadays, so pet-friendly apartments are often in high demand. That means pet owners are willing to pay a premium for pet-friendly rental properties. This can be a great way to increase your rental income, especially if you own a pet-friendly apartment complex.

Longer Tenancy

Another advantage of pet-friendly apartments is that pet owners are often more likely to stay in their apartments for longer periods. This can be beneficial both for the pet owner, who may become established in a community and have access to pet-friendly resources like pet parks and pet stores, and for the apartment complex itself, which may benefit from regular rental payments and fewer vacancies over time. Essentially, pet-friendly apartments can be a win-win for both pet owners and apartment complex managers.

According to The Balance Small Business website, pet owners tend to stay in their rentals longer and are less likely to move when pet-friendly policies are in place. This is because pet owners often see their pets as family members, and they want to provide them with a stable living environment that meets their needs.

Lower Turnover Rates

As a landlord or a property manager, one of the biggest concerns you may have when it comes to allowing pets in your rental properties is the potential for higher turnover rates. However, according to HumanSociety.org, welcoming pets into your rental properties can help to lower turnover rates, as pet-friendly apartment complexes tend to have a more stable tenant base. This is because pet owners are much less likely to move from their current homes if they know that they will not be able to find pet-friendly housing elsewhere.

Responsible Pet Owners

Of course, not all pet owners are created equal. And, there will always be a few bad apples who don't take care of their pets or follow the rules. But, in general, pet owners tend to be more responsible when it comes to taking care of their rental units. This is because pet owners know that they could lose their pet if they don't take proper care of their pet and the rental unit. Another thing is that pet owners are often more mature, as they need to be able to care for their pets properly and often don't have the time for trouble with the pet they own and also with their rental unit.

Cons of Allowing Pets in Your Rental Property

Now, let's go to the cons of allowing pets in rental properties. Of course, as a property owner or manager, you need to be aware of both the pros and cons when it comes to pet-friendly apartment complexes so that you can make an informed decision about whether or not pet-friendly policies are right for your business.

Damage to Rental Units

The most apparent downside to pet-friendly apartments is the potential for pet-related damage to your rental units. Pets can cause all sorts of damage, from chewing on walls and furniture to scratching floors and carpets. And, if you're not careful, this pet-related damage can quickly add up, leaving you with expensive repairs to make.

As a landlord or property manager, you can help to mitigate this pet-related damage by requiring pet owners to sign a pet addendum to their lease agreement. This pet addendum should outline the pet owner's responsibility for any pet-related damage. It can help hold pet owners accountable if their pet causes damage to your rental unit.

Bad Odor Can Accumulate

Another downside to pet-friendly apartments is the potential for pet odors. Pets can sometimes be stinky, and if pet owners aren't careful about cleaning up their pet's messes or if they don't clean up at all and pet odors may accumulate in your rental units.

Animals, if not properly groomed, can also drag in all sorts of dirt, grime, and mud from outside, which can lead to stained and smelly carpets. These messy situations can also impact other pet owners living in the apartment complex and lead to pet-friendly neighbors' complaints.

Noisy Animals

Pets can also be noisy, which can be a significant downside to pet-friendly apartments, especially if your rental units are close to one another. Dogs tend to be the biggest culprit when it comes to pet noise, as they bark at all hours of the day and night. Cats and other small animals can also make noise, and pet owners can sometimes be oblivious to the fact that their pet is causing a disturbance to others.

In Conclusion

As you can see, there are both pros and cons to pet-friendly apartments. As a landlord or property manager, it's important to weigh these pros and cons carefully to decide if pet-friendly policies are right for your rental business. If you do decide to allow pets in your rental units, be sure to put some pet rules and regulations in place to help mitigate any potential problems. This way, you can enjoy the benefits of pet-friendly apartments while minimizing the potential downsides.

ExactEstate, Your Reliable Property Management Software

If you own or manage pet apartments or other pet-friendly rental properties, then you need to consider investing in a reliable property management software solution. ExactEstate is a modern, fully-customizable, cloud-based property management software servicing the apartment management industry that will take your pet-friendly rental business to the next level.

With marketing integration, tenant screening, online payment, and many benefits that property owners and managers will appreciate, pet-friendly or not, your business will run smoother than ever with ExactEstate.

Schedule a FREE demo today to see how we can help you take your pet-friendly rental business to the next level!