It's mind-boggling that close to two-thirds of Americans own at least one pet.
If you're a landlord in Tampa, you're likely familiar with the delicate balancing act of ensuring your rental property is profitable while also attracting a wide tenant pool. One crucial decision that can impact your business is whether to allow pets.
Should you welcome pets in a rental property? Read on to dive into the positives and drawbacks.
Pro: Expanding Your Tenant Pool
Allowing pets has the potential to attract a broader range of tenants. By welcoming tenants with pets, you can tap into a substantial segment of the population that might not consider your property otherwise. This can help reduce vacancy rates and increase your property's profitability.
Con: Potential Rental Property Damage
The most significant drawback of allowing pets in your rental property is the potential for property damage. Pets can scratch floors, chew on furniture, and cause other wear and tear that requires costly repairs.
While pet deposits can help offset these costs, they may not always cover the full extent of the damage.
Pro: Higher Rent and Pet Deposits
Landlords can charge pet owners extra fees, such as a pet deposit or monthly pet rent. These extra costs can provide a source of increased revenue. It helps take care of potential damage caused by pets.
In Tampa, many tenants are willing to pay extra to keep their furry companions.
Con: Allergies and Health Concerns
Allowing pets can be problematic for tenants with allergies or health concerns. Even if your rental property is thoroughly cleaned between tenants, allergens can linger and affect new occupants. This could lead to tenant turnover, extra cleaning expenses, and potential disputes.
Pro: Effective Tenant Screening
You'll also have the opportunity to conduct a more thorough tenant screening process. Responsible pet owners can be more responsible in other aspects of life as well.
You can scrutinize their references and pet history. This will ensure that you rent to tenants who will be gentle and respect your property.
Con: Noise and Disturbances
Some pets, especially dogs, can be noisy and disruptive. Noise complaints can lead to conflicts and even eviction, which can be detrimental to both your tenants and your property's reputation.
Pro: Timely Rent Payments
It's common for pet owners to be particularly committed to timely rent payments. This can be a significant advantage in a market where prompt payments are crucial to the financial health of your property.
Con: Legal and Insurance Issues
In some cases, permitting pets in your rental property may lead to legal complications. If a tenant's pet bites or attacks another tenant, you could be held liable.
Insurance companies may also charge higher premiums or exclude certain types of coverage if pets are allowed on the premises, which could potentially increase your expenses.
Welcoming Pets in a Rental Property Could Be Ideal
Welcoming pets in a rental property in Tampa can be excellent with the right strategy. As long as you have clear rental property rules, you can earn more money.
Whether you accept pets or not, having a property management team takes so much stress and work out of your rental property business. Contact PMI South Tampa so we can explain how our phenomenal services will uplift your Tampa rental properties.