Does your family include a furry friend? For most pet owners, their pets are a part of the family. They wouldn't want to live in your Reno rental if it meant saying goodbye to a pet.
Not sure if you should allow pets in a rental property in Reno, NV? Read on to weigh the pros and cons first. Make an informed decision based on your real estate investment goals today!
Pro: Higher Tenant Satisfaction
Allowing pets will broaden your tenant application pool. After all, 68% of US households (85 million families) own pets. If you don't allow pets, these renters won't apply.
If you're not generating enough applications, your investment properties could sit vacant. The longer they remain empty, the more money you'll lose. You could lose over a thousand dollars a month if you own even one rental that's sitting empty.
It's important to invest in tenant screening services. Screening applicants will ensure you choose reliable renters. You can avoid individuals with a history of evictions, property damage, or late rent payments.
Pet owners are usually happier than people who don't have pets. Allowing pets in your rentals could boost tenant satisfaction rates.
Happy tenants who love their living experience in your rentals are more likely to renew. Generating more lease renewals will boost your ROI. You won't have to worry about the expense of vacant units.
Con: Rental Property Damage
Once a pet owner and their furry companion move in, you can't control what happens. Dogs and cats can cause rental property damage. They might:
- Bite wood fixtures
- Urinate on carpets
- Scratch hardwood floors
Outline your rules before renters move in with their pets. Consider charging a pet fee, deposit, and rent. Use these funds to cover rental property maintenance costs after renters leave.
Pro: Timely Rental Payments
Pet owners are usually responsible individuals. They have to take care of their furry companions, after all! These responsible adults are more likely to schedule timely rental payments.
They'll want to provide themselves and their pets with a safe place to live. They won't jeopardize that by paying rent late.
Receiving timely rental payments can help you avoid stressful situations. You can use these payments to cover rental property damage and maximize your earning potential.
Con: Odors and Noise
Some pets whine or bark when their pet owners aren't home. You may receive noise complaints from neighbors.
If a pet owner isn't cleaning the litter box or taking their dog out to use the restroom, odors can develop. Some dog owners don't clean up after their pets outside. Have a property manager enforce your rules if this happens.
Permit Pets in a Rental Property in Reno
There are plenty of pros and cons to allowing pets in a rental property. Discuss your options with an experienced Reno property management company. They'll help you make an informed decision based on your concerns and goals.
Our team at PMI Diversified Properties has 20 years of industry experience. We can maximize your owner profitability using award-winning strategies.
Rely on our expertise and state-of-the-art resources. Contact us today for help making this choice!
