According to a survey from the American Pet Products Association, nearly 70% of U.S. households own a pet. With so many renters seeking homes that welcome their furry companions, landlords face the question: should they allow pets in a rental property?
Join us as we look at the pros and cons of allowing pets in a rental property in Oregon City!
Benefits of Allowing Pets in a Rental Property
Many renters own pets, and offering a pet-friendly rental can make a property more appealing. There are three primary reasons landlords may benefit from allowing pets:
- Increased Tenant Pool
- Potential for Higher Rent
- Improved Tenant Retention
Increased Tenant Pool
When a rental property allows pets, it opens up to a broader group of prospective tenants. By allowing pets, landlords can make their properties stand out, filling vacancies faster and reducing the time a unit sits empty.
Potential for Higher Rent
Properties that welcome pets can often command higher rents. Some tenants are willing to pay a premium to live in a home where their pets are welcome, and in many cases, landlords can justify an additional pet fee or monthly pet rent. The added income can offset potential wear and tear caused by pets, making it a practical financial choice.
Improved Tenant Retention
Tenants with pets tend to stay longer when there are advantageous rental property pet policies. Moving with pets can be challenging, and pet owners often appreciate stability in their living arrangements.
By allowing pets, landlords may benefit from longer-term leases and reduced turnover, helping them save on marketing and cleaning costs associated with frequent tenant changes.
Challenges of Allowing Pets in a Rental Property
While allowing pets in a rental property in Oregon City can attract more tenants, there are several challenges that landlords should consider. These issues may affect property upkeep, tenant relations, and overall maintenance. The main impact of pets on rental property include:
- Property Damage
- Increased Cleaning and Maintenance Costs
- Neighbor and Liability Issues
Property Damage
Pets, especially large dogs or active animals, can cause wear and tear beyond typical tenant use. Cats may scratch walls or carpets, and dogs may leave marks on floors.
Increased Cleaning and Maintenance Costs
Pet-friendly properties often need deeper cleaning after tenants move out. Pet odors and allergens can linger, which may require professional cleaning to make the property suitable for the next renter. Stubborn smells or fur can affect the appeal of the unit, so landlords may need to invest in thorough cleaning.
Neighbor and Liability Issues
Pets may cause disturbances that affect neighbors, such as noise from barking or issues with waste. Beyond inconvenience, landlords might face potential liabilities if a pet causes an injury.
Pet-friendly Rental Guidelines
Allowing pets in a rental property offers both benefits and challenges. With the right landlord pet agreement, landlords can attract responsible tenants while protecting their investment.
At PMI Stumptown, we provide comprehensive residential property management, combining local expertise with advanced technology. Our owners stay informed on their investments, and tenants enjoy easy access to maintenance and billing. As part of PMI's trusted network, we rigorously screen applicants to find responsible tenants who will uphold lease terms and care for your property.
Get in touch today to find out how we can help with your tenant search!