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Pets. Lots of people own them. Not all landlords allow them. Here are some of the pros and cons of allowing tenants to have pets in your building:
You’ll attract more tenants
Not allowing pets excludes an entire (rather large) section of renters in the market. According to The Humane Society, approximately 49% of all renters own pets. By allowing pets, your pool of prospective tenants is much larger and you’re attracting more people to your rental, and as a result vacancies will be filled up faster. Moreover, you will avoid the risk of a tenant trying to “sneak” a pet in – instead the pet issues will be dealt with up front, and you will have it all in writing.
If a landlord chooses to allow pets, they can increase the deposit required to cover any damage caused as a result of a pet. Landlords can also charge an additional fee per pet to be added on to the monthly rent.
Increase the length of occupancy
Finding an apartment that allows pets isn’t always easy. Once a tenant has found one, it is less likely they will want to move and go through the process of finding another such apartment. Pet owners are less likely to move frequently to avoid another tedious search for a pet-friendly rental.
Cleaning/Risk of Wear and Tear
Allowing pets in a rental does increase the odds that there will be more damage or wear and tear. As vigilant as the owner may be, allowing a pet increases the likelihood of stains, wear and tear to carpet, and chewing or scratching on the walls, baseboards or cabinets. This issue can be partly dealt with up front by requiring a higher security or damage deposit if a tenant will have pets.
Disrupting other Tenants
Naturally, allowing pets does not mean all tenants will own pets. An incessantly barking dog or meowing cat can cause annoyance to other tenants in the same building.