Around 60% of Kansas families own at least one pet, so property investors who do not allow pets in their properties are severely limiting their market.
That's never a good idea for landlords who want to make the most of their investments. Perhaps you should reconsider.
Keep reading to find out about the pros and cons of allowing pets in a rental property.
The Risks of Allowing Pets in a Rental Property
Allowing tenants to keep pets can result in excessive rental property maintenance bills.
Some types of pets can cause extensive rental property damage. Dogs may chew on furniture and wooden fixtures and dig up your landscaping. Pet hair can become lodged in your HVAC filters and impact their operations.
Pet odors from dirty animals can linger in a home for months, especially if they've soiled the carpet and flooring. This means you'll need to deep clean your interiors more frequently.
Unless their owners follow a stringent parasite control program, cats and dogs can cause a flea infestation in your rental home.
Dogs may bark incessantly or dig under your fencing, causing neighborhood disputes. They may even bite someone.
The Benefits of Pet-Friendly Properties
Most pet owners in the USA consider their pets a part of the family. So, they'll go to almost any lengths to find pet-friendly accommodation when looking for a rental home.
This means you can charge a higher rent when you allow pets in your investment property, especially if other rentals in the neighborhood don't allow this. You're also entitled to charge a pet deposit to cover any damages caused by pets.
Caring for a pet is a huge undertaking, and you'll find that most pet owners are responsible folk who follow your rental property rules, pay rent on time, and renew their leases.
You can minimize the risks associated with allowing pets on your property by introducing a pet clause into the lease agreement. This may hold pet owners liable for any damages caused by their animals.
It's also a good idea to meet potential tenants' pets before signing a lease agreement with them. This will give you an idea of how well cared for the pet is and their level of training.
During this interaction, you should also find out how often the pet will stay at home alone and insist that the tenant take out a renter's insurance policy to cover damages resulting from dog bites.
A Property Management Team Helps You Maximize Your Rental Properties
Hiring a property management company is the best way to ensure your rental home stays in immaculate condition.
PMI Advisory Group can help you reap the benefits of allowing pets in a rental property while avoiding the pitfalls. We can help you set up clear pet policies for your lease agreements.
We perform thorough tenant screenings to safeguard the value of your property, no matter what, and we carry out regular rental property inspections.
Get in touch today to discuss the best options for your Topeka investment property.
