63% of Washington residents own at least one pet.
You can't own a rental property in Bothwell, Washington, without taking pets into account. This decision for your rental property business isn't as easy as you may hope.
Will accepting pets in a rental property turn into a big mistake? Read on to learn about the incredible perks and potential risks every rental property owner needs to know.
Pro: Larger Rental Property Tenant Pool
When you open your doors to pet owners, you widen your potential tenant pool. Many renters in Bothwell have beloved pets and are actively searching for appropriate housing. By allowing pets, you can attract a larger number of applicants, which could reduce the time your property stays vacant.
Con: Rental Property Damage
The biggest concern when allowing pets is damage. Dogs may scratch doors or chew on baseboards, while cats can scratch furniture. Accidents can also create lasting stains and odors.
You could spend more on repairs when a tenant with pets moves out.
Pro: Higher Rental Payments
Pet owners are often willing to pay more in rent to secure a suitable home for their animals. This can mean increased rental income for you as a property owner. You can charge a pet deposit or monthly pet rent to offset potential risks.
Con: Allergies and Health Issues
Some tenants or future tenants may have allergies or other health concerns related to pets. If you allow pets, you could limit your pool of prospective tenants who need allergen-free housing. In these cases, potential tenants with pet allergies may look elsewhere.
Pro: Loyal and Responsible Tenants
Pet owners usually understand the importance of taking care of the property. They're more likely to stay longer, which leads to reduced turnover costs for you. Having longer rental tenant terms will give you peace of mind.
Con: Liability and Insurance
Pets can be unpredictable, and there's always a risk of bites, accidents, or other incidents. These may result in legal liability, insurance claims, or increased insurance premiums. It's crucial to have a full rental agreement that outlines the responsibilities and liabilities of both parties.
Pro: Competitive Rental Property Pricing
In Bothwell, allowing pets can make your property more competitive in the rental market. Since pet-friendly rentals can be in demand, you may be able to set higher rental rates and still attract tenants.
Con: Noise Complaints
Dogs and sometimes cats can be quite loud. Neighbors or other tenants in multi-unit properties could end up complaining if the situation is abrasive. Constant barking can be disruptive, which causes tension and potential issues with other renters.
Accepting Pets in a Rental Property Is a Tricky Decision
Whether you allow pets in a rental property depends on your comfort level with the associated risks and potential rewards. Consider your property's condition, your target tenant market, and your willingness to manage the challenges that may arise from allowing pets. If you decide to allow pets, be sure to create a clear pet policy that protects both your property and your tenants.
Running a rental property business with or without pets will be a lot more successful with a talented property management team there to support you. Contact PMI Equitas to get more information about our fantastic property management solutions.
