As the number of U.S. households with children has decreased, the number of those with pets has considerably increased. Indeed, there are now more families in the U.S. with animal companions than kids. Nearly seven in ten have pets, while under half have children.
So, it's no wonder U.S. house shoppers and renters prioritize their pets when looking for homes. And as a Chester County landlord, it's an opportunity you should consider when finding tenants.
We've discussed the pros and cons of allowing pets in a rental property in this guide, so please read on.
Pro: More Expansive Tenant Pool
Since most landlords enforce no-pet rental property rules, many renters face challenges looking for spaces that allow animal companions. Therefore, welcoming them to yours lets you build a bigger pool of potential tenants. And you can expect it to be large, considering over seven in ten renters have pets.
Con: Pet Damage
The primary drawback to letting pets into your rental property in Chester County, PA, is pet damage. This can range from urine and fecal stains and smells to torn carpets and damaged walls. The cost to fix this varies, but for stained or damaged carpets, it can be around $150 to $800.
The good news is that renters insurance typically covers rental property repairs for such damages. Thus, if you decide to allow tenants to have pets on your property, you must require them to have this policy.
You should also schedule frequent rental property inspections. Many landlords with no-pet policies do this quarterly. But since you'll allow pets, you should consider conducting them once every month or two.
Alternatively, you can hire a property management company to handle everything. They can create your property's pet-friendly policies and ensure tenants have renters coverage. They'll also oversee property maintenance, inspections, and repairs.
Pro: Help Keep Families Together
It can be so challenging to find a property that allows animal companions that renters may get forced to give up their pets. If you're a "fur parent," too, you know how devastating and heartbreaking that can be.
By welcoming pets to your properties, you can help them stay with their beloved families.
Con: Potential Nuisance
Pets can be noisy and rowdy, which can disturb neighbors. If the people near your property don't have pets, they may find the noise a nuisance. This can be a problem if they file complaints against the renters and you, the property owner.
To avoid that, consider upgrading your properties' insulation to sound-proof materials. This is, again, one of the many other things a property management company can do to assist you.
Consider Allowing Pets in a Rental Property
Allowing pets in a rental property comes with the risk of property damage and neighbor complaints. Conversely, it can increase tenant pool and retention, as renters with pets will likely want to stay in your property long-term. After all, they know how difficult it is to find a space that also welcomes their pets.
If you're still unsure about making your Chester County rentals pet-friendly, our team here at Key PA Property Management can help you make a wise choice.
Schedule your consultation with us today to discuss this in more detail.
