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Pros and Cons of Allowing Pets in Your Burlington Rental Property

Pros and Cons of Allowing Pets in Your Burlington Rental Property

Are you undecided whether to ban or allow your tenants to live with their pets?

Americans love their pets, seeing that about 87 million households have at least one. Pets bring so much joy and companionship into our lives, so if you're a first-time landlord, you might be wondering why you even need to think about creating a pet policy in the first place.

Well, every landlord wishes it were that simple. There are pros and cons of allowing pets in a rental property. To run a successful rental business, your decision must be based on these pros and cons.

Read on to learn more!

Pro: Enhance Your Property's Marketability 

The fact that over 70% of renters have pets means that about seven in every ten of your rental applicants have a pet. It's a no-brainer that disallowing pets will significantly shrink your rental property tenant pool.

A pet-friendly policy makes your property more attractive to many renters, but you also have to do more than just allow pets. In a market where majority of rental properties have a pet-friendly policy, offering pet facilities like waste stations and play areas will make your property stand out.

Pro: Improve the Performance of Your Property

As a landlord, you're always evaluating how the decisions you make will affect your rental business. Allowing pets can improve your rental income.

You have more leeway to charge a higher rent when you allow renters to live with their pets. If you have invested in pet facilities, for example, most renters would be more willing to pay a higher rent because of the value addition.

Also, renters who own pets tend to be more responsible. You'll get more high-quality tenants who're more likely to make rental payments on time.

Con: Expensive Rental Property Damage

If you have lived with pets, you know how some of them can be destructive. Cats, for instance, can scratch walls, curtains, and other surfaces when playing or irritated.

The risk of property damage can make even the most pet-loving landlord think twice about allowing pets. The cost of repairing the damage caused by a pet once a tenant moves out can exceed the security deposit, meaning you'd have to dig into your pocket to settle the balance.

Con: More Tenant Complaints

Endless tenant complaints can drive even the most dedicated landlord mad. Yet, that's what you'll be setting yourself up for when you permit your tenants to live with their pets.

Some pets can cause noise and disturbance to neighbors. Imagine a dog that just can't stop barking. It won't be long before those tenants call you up asking you to do something about that damn dog.

Pets in a Rental Property: Good or Bad Idea?

Allowing pets in a rental property isn't, and shouldn't, be a light decision. It might seem like the natural thing to do, but pets can be the reason your rental property investment fails. Ultimately, it comes down to the location of your property and your renter demographic.

Either way, your property needs professional property management. Legacy PM Inc. is here to help you make smart decisions about your rental. For over 30 years, we have provided fully transparent, efficient, cost-effective, and caring property management services to landlords in the Burlington area.

We can't wait to hear from you.