A staggering 63.5% of Missouri residents own one or more pets.
This means that renting out your rental properties to pet owners could be quite profitable. This doesn't mean that accepting pets in a rental property is the right choice for every property owner, though.
What should rental property owners consider when it comes to pets? Read on for all the relevant perks and downsides of accepting pet owners.
Pro: Increased Rental Income
Allowing pets in your rental property can lead to higher rental income. Pet-friendly properties often attract a larger pool of potential tenants, including pet owners who are willing to pay a premium for a pet-friendly space. This can boost your rental income and maximize your investment.
Pro: Responsible Tenants
People who own pets tend to be caring individuals who are gentle on properties. They already know that maintaining a clean living space benefits their pets' well-being. These responsible tenants can contribute to a maintained rental property.
Pro: Broader Tenant Pool
By welcoming pets, you open your rental property to a broader range of potential tenants. This can help you reduce vacancies and keep your rental property occupied, which is essential for a steady stream of rental income.
Con: Property Damage
The biggest concern for landlords allowing pets is the potential for property damage. Pets, especially dogs and cats, can cause wear and tear on floors, walls, and furniture. Scratches, chewed furniture, and accidents can all lead to costly repairs and maintenance.
Con: Maintenance Costs
Allowing pets may lead to higher maintenance costs. You might need to do the following:
- Replace carpets more frequently
- Repair damaged furniture
- Repaint walls
These extra expenses can eat into your rental income.
Con: Noise Complaints
While not all pets are noisy, some can be. Barking dogs, meowing cats, and other noisy pets can lead to noise complaints from neighbors, causing discomfort and tension. You don't want this to affect your tenant turnover rate.
Con: Allergies and Pet Odors
Some prospective tenants or future tenants may have allergies to pets or may be sensitive to pet odors. This can limit the number of people interested in your property, which reduces your tenant pool.
Making Your Decision
To make an informed decision about allowing pets in your Springfield rental property, you should consider the specific property, location, and your personal preferences. If you decide to allow pets, establish clear pet policies in your lease agreement. Outline rules regarding pet behavior, waste disposal, and potential consequences for violations.
If possible, meet the tenant's pet in advance. This can give you an idea of the pet's behavior and temperament. It's a chance to gauge whether the pet is well-behaved and unlikely to cause problems.
It's always wise to collect a pet deposit from these tenants. This deposit can be used to cover any pet-related damages or extra cleaning costs when the tenant moves out.
Accepting Pets in a Rental Property Could Be Wise
Accepting pets in a rental property in Springfield has its perks and disadvantages. Ultimately, your stance on pets should align with your business goals and preferences.
Regardless of what you decide, having a property management team by your side can improve your investment. Contact Hunter Property Management to learn how our property management solutions will bolster your Springfield rental property business.