Almost 60 million U.S. households have at least one dog, according to the American Veterinary Medical Association.
Have you ever been torn between maximizing your rental income and maintaining a pristine property? Allowing pets in rental properties can be a contentious topic among landlords, especially in dog-loving communities like Virginia Beach, VA.
It's crucial to weigh the pros and cons before you open your doors to furry tenants. Read on to learn more about pets in a rental property.
Understanding the Benefits of Allowing Pets in Your Virginia Beach Rental Property
Permitting pets in your rental property can significantly increase the appeal among potential tenants. Here are some advantages of a rental property pet policy:
Wider Tenant Pool
By allowing pets, you're likely to attract a broader range of potential tenants. As a matter of fact, many renters will only consider properties that accept pets.
Higher Rental Income
Do you want more Virginia Beach landlord tips? You can justify charging a higher rent or a pet deposit to offset the potential for wear and tear.
Stronger Lease Duration
One of the benefits of renting to pet owners is that they're usually more inclined to stay longer in a rental. This reduces vacancy rates and turnover costs.
The Drawbacks of Pets in Rentals
It's true that pet-friendly policies have their perks. Still, you'll also want to consider some drawbacks that allowing pets in a rental property might bring.
Property Damage
Pets can cause significant wear and tear, including scratched floors and stained carpets. You may need to invest in more expensive flooring materials that are pet-friendly.
Increased Liability
There is potential for liability issues if a pet injures another tenant or visitor. This may lead you to reconsider your insurance coverage.
Noise Complaints
Barking dogs can lead to complaints from neighbors. It can jeopardize the peaceful coexistence of tenants.
How to Make the Best Decision for Your Rental Property
The decision to allow pets in your Virginia Beach rental property should align with your goals as a landlord. Here are a few strategies based on property management advice:
- Implement pet policies: Create clear policies regarding the types of pets allowed, pet deposits, and expected conduct to minimize potential issues
- Screen tenants thoroughly: Perform background checks and verify pet references, which can help identify responsible pet owners
- Regular property inspections: Schedule inspections to keep an eye on your property and ensure it remains in good condition
By implementing these strategies, you're not only complying with pets in rental property policies but also securing your investment.
It's Time to Make the Right Choice About Pets in a Rental Property
Allowing pets in a rental property can be a double-edged sword. It's essential to conduct a thorough assessment to determine what's right for you and your property. With community characteristics in mind, like those in Virginia Beach, consider how pet policies reflect on your rental reputation.
PMI S. Hampton Roads has successfully managed various properties for nearly 20 years. Our expertise can ease the transition into a pet-friendly policy while protecting your investment.
Reach out today to learn more and claim your complimentary rental analysis in Virginia Beach.
