Have you heard that two-thirds of American households own one or more pets?
In the bustling suburb of Melville, New York, many landlords face a recurring dilemma. Should they permit pets in a rental property? The decision to permit pets can have a huge impact on a landlord's business.
This is why it's paramount to weigh the potential perks and setbacks of allowing pets. Are you a landlord who's stuck on the fence in this debate? Read on to unpack this pet issue to see what could be your smartest decision.
Con: Limited Availability for Non-Pet Owners
By allowing pets, landlords may reduce the number of non-pet owners interested in renting the property. Some people have allergies or personal preferences.
This may lead them to seek pet-free environments. Passing on a pet-friendly rental could narrow your tenant pool.
Pro: Increased Rental Income
Allowing pets could also attract a broader range of potential tenants. A massive portion of the population owns pets.
Pet-friendly rental properties often command a higher rent. This provides landlords with the opportunity to increase their rental income.
Con: Potential Property Damage
One of the primary concerns of allowing pets in rental properties is the possibility of damage to the unit. Pets, especially dogs and cats, can cause scratches and stains.
You may see wear and tear on floors, walls, and furniture. Landlords may need to invest more in maintenance and repairs as a result.
Pro: Expanded Tenant Pool
By embracing pet-friendly policies, landlords could tap into a larger tenant pool. Many responsible pet owners struggle to find suitable rental properties. This makes a pet-friendly rental more appealing and desirable to them.
Con: Noise Complaints
Pets, especially dogs, can generate noise that disturbs neighbors. It affects the overall peace and quiet of the property.
Barking, whining, and other vocalizations may lead to complaints from other tenants. This has the potential to strain the landlord-tenant relationship.
Pro: Longer Rental Tenure
Tenants with pets tend to stay longer in their rental properties. The challenges of finding a new pet-friendly rental often encourage responsible pet owners to maintain a long-term tenancy.
This provides landlords with more stability and fewer vacancies.
Con: Liability and Insurance Concerns
Allowing pets may expose landlords to potential liability issues. If a pet causes harm to another tenant or visitor, the landlord could be held legally responsible.
Some insurance policies may not cover damages caused by certain breeds of animals. This leads to increased insurance costs for landlords.
Would You Allow Pets in a Rental Property?
Reflecting on if you should allow pets in a rental property in Melville, New York is a complex choice. Even though the perks are tempting, make sure you're comfortable with the possible drawbacks.
No matter what you decide, a property management company can support your business. PMI Lighthouse offers top-notch services.
Contact us so we can team up.
