Should I accept pets at my rental property?
Deciding if you should accept pets at your rental can be a tough question. And if you decide to accept pets, what type of policies should you adopt? Believe it or not, this is a common question that leaves many property owners torn over what to do. There are indeed pros and cons on both sides of the issue. For instance, if you decide not to accept pets, you alienate and exclude potentially over half of your prospective renters for your rental property. Statistics show that over half of all renters are pet owners. This can make it harder to fill vacancies. If you decide to accept pets, there are tactics you can use in implementing and enforcing your pet policy. For instance, you can ask the renters to pay a higher deposit and even higher rent to offset the potential damage or extra costs of including a pet into the rental property. Unfortunately, there is no right or best answer. Each owner must decide what is best for them and their property. A good property management company or property manager can help to make recommendations based on the rental pool, current market dynamics and many other factors. For instance, property management in Salem, Oregon tends to be fairly evenly split in regards to pet properties and pet policies, but certain locations throughout the Mid-Willamette valley have a higher concentration of pet owners.
There are several variables to consider when thinking about accepting pets. It is a fact that pets can and do cause damage to property, leave behind strong pet odor and dander that many people are allergic to. In many cases though, pet owners can turn out to be far more responsible and they tend to rent longer which can be a net benefit. Thinking through all the pros and cons and deciding what is best for you and your rental after weighing all the factors is key in making a good decision.