507,500 households in Miami own a dog, while 223,100 households own a cat. This large number has many landlords wondering whether or not they should allow pets in a rental property.
Although service animals are required to be allowed in Florida rentals, what should you do about people who just want to bring their furry friend along? These are the pros and cons of allowing pets in your rentals.
Pros of a Pet-Friendly Rental
Allowing pets in your rental can come with many incredible benefits. This is why you may want to consider allowing your tenants to bring their pets.
A Pet-Friendly Reputation
Advertising your property as pet-friendly can enhance the property's reputation and attract responsible pet owners. Your positive image may also lead to a more desirable tenant pool.
In addition to normal security deposits, landlords can require pet deposits or additional fees to cover potential damage caused by pets. You can also charge higher rent to help offset additional wear and tear on the property.
Allowing your occupants to have pets will keep them happy and entice them to renew their lease. Pet-friendly housing can be difficult to find, so most animal owners would rather renew their current lease than find new housing.
Expanded Tenant Pool
Allowing pets in your rentals will broaden your tenant pool. Many people consider their pets a part of their family and will actively seek pet-friendly rentals.
Cons of a Pet-Friendly Rental
Although there are many advantages that come with allowing pets, there are certain drawbacks you should consider. These are the cons of pet-friendly rentals.
Pets can cause damage to the property by scratching the floors, chewing on furniture, and soiling the carpets. Even the most well-behaved pets can contribute to increased wear and tear on the property.
If a tenant's pet injures another occupant, then landlords may be held liable for injuries. This may result in legal issues that can be a headache to resolve.
Landlords may face challenges with property insurance, as certain breeds of dogs or exotic pets can be considered "high-risk." Some insurance policies may have restrictions or higher premiums for properties that allow pets.
Many pets, especially larger dogs, can create noise disturbances. This can lead to complaints from neighbors and a decreased quality of life for residents in the surrounding area.
Some tenants or future occupants may have allergies to pets, making the property less appealing to a certain demographic. These allergen concerns can limit the tenant pool for the property.
Will You Allow Pets in a Rental Property?
Whether you want to allow pets in a rental property or adopt a 'no pets allowed' policy, the decision is up to you. If you need help making decisions like these, then consider hiring a property management company such as PMI Sunshine State. We are a full service real estate asset management company that provides professional property management and real estate brokerage services.
Contact us today to learn more about our services.