Did you know that around 38% of households in the US have at least one dog? That means over a third of the country is committed to a furry companion. For better or worse, pets are something to consider in rental property management.
While pets are great for companionship, they can also wreak havoc on property. Pet owners constitute a large portion of the rental property market in Salt Lake City, but some landlords think that allowing pets in a rental property is too much of a hassle.
Should you or should you not let pets in your rental property? It's a tough question. Check out our article for a few considerations.
Pet Pros
Let’s start positive with a few pet leasing pros.
1. Increase Your Tenant Pool
The biggest pro of pets is the market. If you struggle to find renters, this will cast a much wider net.
This also means you can be pickier with your tenants. You can have higher standards when you screen for potential renters.
2. Earn More Money
Pet owners understand that their pets come with a cost. You can offset the potential for property damage with a pet deposit and monthly pet fee. If the pets don’t cause trouble, you have more money in your wallet.
3. Tenants with Support Animals
There is a mental health crisis throughout the US. In Utah alone, close to 1 in 5 adults are experiencing serious mental illness. Support animals have become a common treatment option for mental illness.
Unlike service animals, there are no current laws in Utah requiring support animals. However, allowing support animals is beneficial to the health of our local community.
If these pros sound appealing, you may want to start renting to pet owners.
Pet Cons
Don’t open your door to pets yet. You have a few cons to think about.
1. Property Damage
Property damage is a property maintenance nightmare. Pets have animal instincts; they may be tempted to dig through your carpet or pee on your walls.
Pet deposits usually cover the cost, but some people think it’s more trouble than it’s worth.
2. Noise Complaints
Your renters will be annoyed if they wake up to a booming bark or a high-pitched meow. Some lessors screen pets to prevent these scenarios, but you can’t always predict what pets will cause trouble.
3. Local Laws
If you decide to accept pets, you have to consider your personal limitations and local laws. Will you allow all pets? What pets are banned by law or need special permission?
Salt Lake City has local laws involving pet licenses, rabies vaccinations, service animals, and more that you should research if you allow pets.
Many lessors ban pets on their property because of these cons. Are they deal-breakers for you?
Pets in a Rental Property
Do you want pets in a rental property? Pets can be a lucrative and adorable addition to your tenant pool, but pets can also be a stressful responsibility for property management. In addition to our list, consider your own pros and cons.
We have insider knowledge on leasing in Salt Lake City. Check out our blog for more information on property management.
