Do you, like many landlords, hesitate to allow pets in your Charleston rental, fearing that they may damage your valuable asset? But here is some interesting data you must consider. Around 72% of tenants in Charleston own pets.
The implication? Disallowing pets can turn away a large pool of tenants who would even pay you a high rent. It is, therefore, advisable to weigh the pros and cons of allowing pets before rejecting outright the thought of having pets on your Charleston property.
Here are a few advantages and disadvantages we have seen during the course of our work.
Pros Of Allowing Pets On Your Charleston Property
Allowing pets in rental property can unlock a lot of renting opportunities for you. Here are some of the most significant benefits you must know:
Larger Tenant Pool
According to the survey conducted by the American Pets Products Association, 68% of the population and 85 million families in the U.S. keep pets in their houses. These statistics prove that allowing pets on your property will help you attract a large number of potential tenants, especially the younger generation, as they love to have pets.
Tenants With Pets Are More Likely To Pay High Rent
If you have a pet-friendly home, you may think of charging higher rent than the market price, especially if other units in your neighborhood are reluctant to allow pets. You may even take extra pet fees and deposit separately to cover repair costs for pet-caused damage.
Tenants With Pets Prefer Longer Tenancies
Constantly relocating can be challenging for renters with pets. Since many landlords don’t allow pets, these tenants often struggle to find a home where they can move in with their four-legged friends. This is why, when they finally find a place, they are likely to continue with the lease for a longer tenure.
They Make More Responsible Tenants
Keeping pets in the house is quite a responsibility, and those who own them tend to be more caring and attentive. The chances are that they treat your rental property with equal attention and responsibility.
Plus, these renters tend to comply more sincerely with the lease if they don’t want to put that stay at risk and go through the stress of finding a pet-friendly home all over again.
Cons Of Allowing Pets On Rental Properties
Every decision has its rewards and risks. While allowing pets can make you a lot of profit, it can also pose a few risks, as discussed below.
Pets Can Cause Potential Damage
Typical pet behavior may cause significant damage to your Charleston property. For instance, cats and dogs may scratch the walls and wooden furniture, break any ornamentation you have on your lawn, chew wood, wires, or cable, urinate on carpet or walls, or tear the curtains.
Pets Can Create Noise Issues
Pets can cause disturbance to neighbors. For example, if your tenants keep dogs, excessive barking can cause a nuisance in the surrounding area. Managing the noise can be even more difficult if there are multiple pets like dogs, cats, and birds on the property.
Allergens May Affect Your and the Neighbors’ Health
Hairy dogs or cats that shed fur frequently can cause severe problems to humans like allergy, asthma, shortness in breathing, itchy skin, sneezing, and a stuffy nose. Pet owners may not have these allergies, but visitors may. Often, allergens spread through the air and the common areas, affecting the health of neighbors. Hence, we recommend notifying other dwellers about your pet-friendly policy.
Pets Can Create A Strong Odor in the House
Keeping pets in a rental property may build up odor or strong smell in common areas. Especially if your pets are staying near litter boxes or if your renters are not grooming them properly, they may cause your property and the surrounding areas to become smelly and unhygienic.
Allowing pets in a rental property is a big decision and ultimately depends on the landlord’s personal choice. However, having a good pet policy can eliminate the risk of potential damages. You can hire a property management company like Meridian Residential Group to assist you in creating a comprehensive pet policy. We can also help you in the pet screening process, deciding pet fees and deposits, and fixing pet-caused damage.
For more information, contact us at Meridian Residential Group.