Tens of millions of homes in the United States have a pet, highlighting our enduring love of animals. Dogs lead the way as the most popular pet, making up 38.4% of households, closely followed by cats at 25.4%.
If you're a rental property owner in Tacoma, WA, the question of allowing pets in your rental property might have crossed your mind. In this blog post, we'll delve into the pros and cons of allowing pets in a rental property in Tacoma, Washington. Let's get started.
The Pros of Allowing Pets in Your Rental Property
In this section, we'll explore the numerous advantages that come with allowing pets in your rental property. These include an expanded rental property tenant pool, longer tenancies, and more.
Expand Tenant Pool
Allowing pets opens up your property to a larger pool of potential tenants. Many pet owners struggle to find pet-friendly rentals, so advertising your property as pet-friendly can attract responsible and reliable tenants.
Higher Rent Potential
Another benefit is that you can charge slightly higher rental payments for pet-friendly accommodations. This can help offset potential wear and tear caused by pets and cover any additional cleaning expenses.
Longer Tenancy
Pet owners often stay longer in rental properties. They are more likely to renew their leases since finding a new pet-friendly place can be challenging. This means fewer vacancies and a more stable income for you.
Pet Deposits and Fees
You can also require pet deposits or monthly pet fees. This can serve as an extra source of income to cover any pet-related damage or cleaning expenses.
The Cons of Allowing Pets in Your Rental Property
Now, let's shift our focus to the other side of the coin. In this section, we'll carefully examine the potential drawbacks and challenges associated with allowing pets in your rental property.
Rental Property Damage
As we all know, pets have the potential to cause significant property damage. This includes scratches, chewed furniture, and accidents that may require costly repairs or replacements.
Allergies and Odors
Pet dander and lingering odors can pose health concerns for some tenants. This may necessitate additional cleaning and maintenance expenses between leases, which is something to consider.
Noise Complaints
Dogs, in particular, can be noisy and may lead to complaints from neighbors. This could potentially result in disputes if not addressed promptly.
Liability Concerns
Allowing pets increases the risk of liability; if a pet injures someone on your property, you could be held responsible, making it crucial to require renters' insurance with pet liability coverage.
It's important that you consider all of these cons when deciding whether or not to allow pets in your rental property.
Allowing Pets in a Rental Property in Tacoma, WA
The bottom line is that allowing pets in a rental property can be a double-edged sword. It can expand your tenant pool and increase your rental income, but it also comes with potential challenges related to property damage, allergies, noise, and liability.
Ready to make an informed decision about pets in your Tacoma rental property? Contact PMI South Sound today, your trusted property management partner in Tacoma and the surrounding communities.
