As a landlord in Kansas City, MO, one dilemma you're likely struggling with is whether to allow pets on your property.
On one hand, allowing pets seems like a no-brainer. You want your tenants to feel comfortable, and pets play a key role in that. On the other hand, pets might cause some trouble that you're not equipped to deal with.
Not sure how to reach the correct decision? Read on for a list of the pros and cons of allowing pets in a rental property!
Pro: Larger Tenant Pool
Kansas City's pet owners are in a difficult position right now. Since most rentals don't allow pets, their housing options are limited. Many of them are even forced to give up on their furry friends to find a place to live.
By allowing pets into your property, you gain access to this part of the tenant pool. As long as you have a solid tenant screening process, it should be much easier to find great tenants.
Con: Potential Property Damage
One big downside of allowing pets is rental property damage. Pets can chew furniture, damage walls, scratch floors, and so on. This is particularly true with pets whose owners neglect their training.
Looking to lower the odds of pets destroying your property? Take some time to conduct a pet screening. This is a great way to see how the pet behaves in different scenarios and if they can obey commands.
Pro: Better Tenant Retention
Given their struggles to find housing, pet owners are more likely to stay in rentals they find acceptable. Plus, settling in with a pet makes a rental feel more like a home, reducing the need to move around.
The question is: do you want to keep tenants who have pets? In general, the answer is yes. Taking care of a pet requires maturity, which makes pet owners more likely to respect your property as well.
Con: Possible Neighbor Complaints
Unruly pets can be a major source of noise complaints from neighbors. This is particularly common with dogs, who can bark at any time. Before accepting pets, you'll need a plan in place to address noise complaints.
Beyond noise, pets can break other rental property rules as well. For instance, some neighbors may worry about getting bitten. Talk to your insurer to see if you'd be liable for any accidents.
Pro: Higher Rent Potential
As long as you allow pets, you can charge pet rent. This is a great way to cover potential property damage caused by pets. Pet rent can be either a percentage of total rent or a flat rate based on your market area.
Keep in mind that pet owners are already likely to make timely rent payments. Taking care of a pet isn't cheap, so most people who have them tend to be on the affluent side.
Should You Allow Pets in a Rental Property?
As you can see, deciding if you should allow pets in a rental property depends on many factors. The above guide will help you make the right call!
Does dealing with pets seem like more trouble than it's worth? If so, outsource this task to our SCUDO team! Contact us here to find out how we've helped other Kansas City landlords like you!
