Most U.S. households own one or more pets, so deciding whether to allow pets or not in your rental properties is a valid consideration for landlords in Lake Havasu, AZ.
If you're one of those animal-loving people, the decision might seem easy, but it's a good idea to think about the pros and cons of allowing pets in a rental property first.
You can't assume that everyone's pets are as well-behaved as yours are. Some pets can cause a range of problems for landlords.
Read on to explore the things to keep in mind when considering your rental pet policies.
The Benefits of Allowing Pets in a Rental Property
Allowing pets in your rental unit makes it more appealing to a wider market. Over 90% of pet-owning Americans view their pets as part of the family, so they're unlikely to consider a rental property with a no-pet policy.
Due to the scarcity of pet-friendly properties, these pet parents will pay higher rental rates for a rental property and are more likely to commit to lease renewals.
Caring for animals is a long-term commitment, and these families generally comprise responsible people who take accountability for their pets' actions. Most of them pay their rent on time and take good care of the property.
Under the Fair Housing Act, you must allow people with service animals or support animals to occupy your property, so it makes sense to set up your home to accommodate pets.
Risks Associated with Pet-Friendly Properties
Despite the benefits, pets can cause untold stress for landlords and may even damage your rental property.
Unruly pets can elevate rental property noise levels by barking incessantly, causing problems with your neighbors. They may also bite someone, which can lead to a costly lawsuit.
They're also capable of causing major damage to your rental home, such as:
- Chewing wood
- Digging up landscaping
- Shedding hair everywhere
- Flea infestations
- Soiling flooring materials
- Creating lingering unpleasant odors
The best way to limit these damages is with regular property inspections. Careful tenant screening and interviewing potential tenants with the pet present can give you an indication of whether you should allow the pet or not.
Meeting the animal can give you an indication of its level of training and obedience, as well as how well its owners care for it.
Landlords may also charge pet deposits to help pay for potential damage to their property.
Effective Property Management Reduces Your Risks
Allowing pets in your rental property helps limit rental vacancies, promotes lease renewals, and creates demand for your property. It also comes with a greater risk of rental property damage.
Teaming up with a property manager can help you limit these risks.
PMI Lake Havasuis is a leading property management company, backed by over 20 years of experience in managing rental properties across the country. Our range of services includes rental property inspections, tenant background checks, and lease origination.
We can help you decide whether you should allow pets in a rental property and ensure your decision works out best for you either way.
Reach out today for more information about managing your Lake Havazu investment properties.
