As a landlord or an investment property owner, one of the decisions you face regarding your property includes the decision to allow pets or not. This post will address some of the most commonly cited benefits and potential drawbacks to allowing pets in your rental property.
Bigger Pool of Renters to Choose From
One benefit to allowing tenants to have pets in your rental property is that you will be exposing your property to a much larger audience of potential tenants. Denver property managers estimate that almost 70% of households in America have pets, and could be considered unwise to exclude such a large part of the population from being prospective tenants for your property.
By having a larger audience of potential tenants, your rental property is more likely to be leased quickly and with better tenants. Additionally, by allowing pets in the property, you are creating value to pet-owning households who want to rent your property and by creating this value, you may be able to rent the property for a higher price, than if there were no pets allowed in the property.
It can be said that households that own pets, tend to be more responsible. This is because taking care of a pet is a big responsibility and people who have pets are more likely to be responsible tenants and they even view their rental house as a home, therefore taking better care of it.
Consider Potential Damage From Pets
One potential drawback to allowing pets in your rental property is that pets can cause damage, however Colorado Realty and Property Management combats this by restricting certain breeds and requiring pet-owning tenants to pay an additional pet deposit that is used in the event that the pet causes any kind of damage. Another potential drawback could be that a pet-friendly property could create allergens in that property, but our Denver property management team advertises our properties as allowing pets, so that those with allergies are aware that there have been pets in the property at the past, and to rent that property with their own discretion.
Does the HOA Allow Pets?
One last thing to consider is that some homeowner’s associations do not allow pets, so even if you own the unit and want to allow pets, you may not be able to. Check with the property’s homeowner’s association for any pet restrictions that may exist.
The decision to allow pets is ultimately the landlord’s decision, but it is highly recommended, as you will be exposing your property to a larger audience of potential tenants, you may be able to rent the property for a higher price, and you are likely to have more responsible tenants.