Every day over 2600 new renters sign leases on their new homes. If your rental property is standing empty and you don't know why you might need to consider making some changes. 

While the location and price of rent will be some of the deciding factors for prospective tenants, not allowing pets may be a big reason renters stay away. By saying no to pets and their owners, you're limiting the pool of potential renters and potential income.

So, keep reading to find out what you should consider before allowing pets in a rental property.

Pets in a Rental Property: The Benefits

With over 67% of all households in the US owning at least one pet, not allowing pets in your rental property can severely limit the number of potential renters knocking on your door. By allowing renters with pets, you'll have access to more potential tenants, which means you'll be more likely to find the perfect tenant.

Renters are also more likely to stay with your rental property as there aren't as many options available to them. So the chances of them renewing their lease id much higher than renters without pets.

You'll also be able to charge pet fees to cover any pet-related damage to the property. In your pet agreement, you can lay out any additional fees and costs that renters must agree to. 

Here are five reasons why it makes sense to welcome pets into your rental home. https://carolinaspropertymanagement.com/blog/5-benefits-of-allowing-pets-in-a-rental-property 

Pets in a Rental Property: The Downside

While most people would love to have renters with pets, allowing a pet into your rental property does have some downsides and risks you need to consider.

Pets, just like people, can cause property damage. If the pet isn't trained or housebroken, they can scratch the floors, damage the walls, and cause general damage to the area. It can also cost a pretty penny to get everything repaired, so you need to consider this when setting pet fees and collecting the security deposit.

Allowing pet owners to move in can also cause problems for your other tenants. If the pets that move in are noisy or cause a ruckus, then your other tenants might be disturbed.

If your rental property has multiple units, you'll also need to check in with your other tenants to ensure they don't have any pet allergies. 15 to 30 percent of all Americans are allergic to dogs, and even more, are allergic to cats.

You also need to consider those rental units that allow pets will require extra cleaning when the pet owners move out of the property. This will increase the cleaning costs as the fur and dander might be difficult to remove completely.

Consider Allowing Pets in a Rental Property

Allowing pets in a rental property has its benefits and downsides, but if you have all the proper policies in place, then renting to pet owners shouldn't be a problem. Pet owners might be the market you've been looking for to increase your income. So consider adding a pet clause to your rental agreement.

If you're looking for a property management service to help you take care of your responsibilities, then feel free to contact Carolina Property Management today!

For information on accommodating tenants with pets and providing excellent service to pet-owning renters, please click here.