Did you know that around 85 million families own some kind of pet? That's a lot of families with furry friends, but it's also a lot of potential renters.
What does this mean for you?
It means that you have a great opportunity to market your Miami area property to a wider rental property tenant pool. But first, you need to weigh the advantages of renting to a pet owner against the disadvantages.
If you are wondering if you should allow pets in a rental property, this guide is for you.
Pro: Longer Tenancy Periods
Pet owners often rent for longer because finding another landlord to accept a pet can be a hassle. This is great for Miami, Florida area landlords because it means you can generate more income from your rental property.
You won't have to worry about the costs of tenant turnover, including advertising, processing applications, and more. A longer tenancy period also means you can expect to see lower vacancy rates, which can help improve your profits.
Con: Damage to the Rental Property
Rental property damage is one of the biggest reasons landlords choose not to allow pets. Pets can scratch furniture, chew on woodwork and carpets, and dig holes in lawns.
They can also leave pet hair, dander, and other allergens behind after their owners move out.
This can lead to costly cleaning bills and may even require professional carpet cleaning or new outdoor furniture. Landlords may choose not to allow pets if they're worried about these kinds of issues happening on their rental property.
Pro: Pet Deposits and Fees
Many Miami, Florida area landlords set a pet deposit, which can be the same as, or higher than, the security deposit. Some landlords charge an application fee for pets.
Others have tenants who pay pet rent. Implementing this rental property pricing can help offset the extra work and expense involved in renting to pet owners.
Con: Extra Management Requirements
Enforcing rental tenant terms regarding pets can be a lot of work for Miami, Florida area landlords. They need to manage leash rules, cleanup, behavior issues, and more.
They also need to be aware of the laws that affect pet owners, such as those related to vicious animals and breed restrictions. Landlords should also know the potential liability if a tenant experiences an injury by another tenant's pet.
Accepting pets can be a major hassle for landlords. If you don't have time to manage the extra responsibilities, it may not be worth it.
Pets in a Rental Property: Make a Decision That Is Right for You
When considering whether to accept pets in a rental property, you need to weigh the pros and cons. The decision you make will affect your property, your renters, and yourself.
If you decide to allow pets, make sure you have a plan in place for managing them. If you decide against pets, consider how it will affect your property's income and long-term value.
PMI Miami Dade has over 20,000 residential and commercial doors nationwide. If you have concerns about your property, contact us today!