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Over 6 million people live in Maryland as of 2022. All of those people need places to live, and that's why owning rental properties can be such a lucrative venture.
But, some of those people have pets, and it can be tricky to decide whether or not to allow pets in a rental property. How do you make the right decision?
We can help. Read on to learn the pros and cons so that you can make a decision for your business needs.
Pros of Allowing Pets
By allowing pets, you increase the potential tenant pool for your rental property. Many people in Columbia, MD, own pets and are actively searching for pet-friendly accommodations. This can help attract responsible and reliable tenants.
Pet owners tend to stay in rental properties for longer durations. They often face challenges finding suitable pet-friendly housing and are more likely to remain in a place that accommodates their furry companions. This can lead to increased tenant retention and reduced turnover, which is beneficial for landlords.
Due to the increased demand for pet-friendly rentals, landlords can often charge higher rent or pet-related fees. This can help boost the rental income and improve the financial returns on the property.
Not all pet owners are irresponsible. Many are responsible and take good care of their pets.
By allowing pets, you have the opportunity to attract responsible pet owners who are more likely to take care of the property and comply with rental property rules. But you'll want to conduct careful tenant screening to ensure you choose high-quality tenants for your property.
Cons of Allowing Pets
Of course, there are also many cons to allowing pets in rental properties - that's why so many landlords decide against it.
Pets can sometimes cause damage to rental properties. They may scratch floors, chew furniture, or have accidents that require extra cleaning or repairs. This can result in additional costs and effort for the landlord.
Some individuals may have allergies or other health concerns related to pets. Allowing pets in the rental property could limit the pool of prospective tenants who may be unable to live in a space that has had pets due to health reasons.
Pets, particularly dogs, can create noise and disturbance, which can affect other tenants in the building. Barking, howling, or constant activity may lead to complaints from neighbors.
Allowing cats in a rental property can still have some major cons. Cats can produce odors, particularly if litter boxes are not properly maintained.
It's important to establish clear expectations for tenants regarding litter box cleanliness and odor control. Additionally, extra cleaning may be required between tenants to remove any remaining pet hair or dander.
Pets in a Rental Property: Decide Today
There are many pros and cons to allowing pets in a rental property. Overall, you need to decide what's right for your property.
Do you need more help managing your properties in Columbia, MD? Contact PMI Mason Dixon today.
