Pet owners often consider their furry friends part of the family and wouldn’t dream of giving them up for an apartment. Considering how many prospective tenants with dogs and cats are looking for housing, allowing pets in a rental property may be worthwhile. However, property owners should think things through before implementing a pet policy.
Pros and Cons of Pets in a Rental Property
Allowing pets in a rental property could go one of two ways. Therefore, landlords should weigh the pros and cons of offering a pet-friendly agreement to tenants. Here are a few things to consider.
1. Higher Rental Rates
According to MarketWatch, 43% of renters find it difficult to acquire housing if they own a restricted breed — those targeted as vicious or dangerous. However, not all dogs from restricted breeds have a concerning demeanor.
The survey suggests property managers can get away with charging higher rents for those with pets. In fact, 16% of dog owners pay an extra $940 annually between pet deposits and monthly fees. You could even charge more for restricted breeds like pit bulls, rottweilers and chow chows.
2. Longer Occupancy
Tenants care whether they can keep pets in a rental property. When searching for housing, twice as many renters filter listings with pet policies than any other amenities. Once tenants stumble upon a place where they can live with their animals, they are more likely to stay long-term than start the process over.
You have a much better chance of upholding occupancies with pet-friendly units. Since Miami has a 12.65% vacancy rate — one of the highest nationwide — property managers will want to do everything they can to keep tenants happy.
3. Responsible Tenants
Many consider pet owners to be responsible tenants. These individuals usually care more for their furry friends and home, making them trustworthy. Likewise, they typically are willing to cover the costs of damage their animals cause.
Additionally, tenants with pets spend time training them and will likely crate them while they are out of the house if they suspect they’ll misbehave.
4. Property Damage
Conversely, allowing pets in a rental property could lead to significant damage — this is why landlords often charge $200 to $300 nonrefundable pet fees to new tenants.
Typical pet-related damage includes:
Chewing on the trim
Scratching at walls and doors
Shedding heavily
Urinating and defecating
Only 66.8% of small dog breeds are housebroken compared to 95% of large dogs. Considering how many rentals only allow small canines, you could risk stains and foul odors.
5. More Maintenance
Property damage naturally results in more maintenance. Pet hair and dander could clog air filters and get into the carpeting, requiring deep cleaning. Due to significant wear and tear, you may also need to replace doors or trim.
Washing machines and dryers may also work harder to remove fur from clothing and bedding. Over time, these repair costs will add up.
6. Greater Liability
Landlords face much greater liability when implementing pet policies in their Miami condo rentals. For starters, you risk more noise complaints from tenants.
Additionally, even the kindest-natured pet could snap and injure someone or another’s property. Although the owner will be responsible for all medical and repair bills, you may also be liable.
Upgrades for Pet-Friendly Rentals
If you allow tenants to keep their animals, you can make upgrades to create a more pet-friendly environment. For example, a distressed hardwood floor can easily blend dents and scratches from claws. Applying a polyurethane finish can also help hide imperfections.
Refinish each unit with a semi- or high-gloss paint for easier cleaning and fewer marks. However, use a water-based paint without harmful toxins like acetone, formaldehyde, ammonia and mercury — these ingredients harm pets and humans.
Additional upgrades could include the following:
Creating an outdoor space for renters to let their dogs go to the bathroom or play
Installing kick plates to doors to prevent scratching and chewing
Using low-pile rugs for easier steam-cleaning
Removing breakables, curtains and quality furniture from furnished condos
To Be Pet-Friendly or Not?
You have a difficult decision regarding whether to allow animals in your rental. While you can rest assured you’ll find long-term tenants willing to pay more, you could put your property and other renters at risk. Weigh the pros and cons and carefully consider the rules pet owners must follow at your Miami condo.
Evelyn Long is a writer that specializes in housing market trends. She is also the founder of Renovated Magazine, where she writes essential resources for renters and homeowners. She has contributed to several other sites like the National Association of Realtors and Realty Executives.