In Virginia, 55.5% of households have pets, meaning that half your potential tenant pool consists of animal lovers. And if you're having a challenging time renting out your property in Vienna, VA, then it may be wise to consider renting to pet owners if you aren't already.
As with any subject, there are pros and cons of allowing pets in a rental property. It's up to you to weigh them up to determine whether it's worth it.
So what are the advantages and drawbacks you should think about? Read on to find out.
Pro: Higher Rent
Of course, all tenants are looking for the lowest rent possible. However, if they see a nice property that also allows their furry friends, then they'll be more than willing to pay extra for that luxury.
This means that even if you're in a competitive area, you can beat out other landlords simply by making your property pet-friendly.
Pro: More Responsible Tenants
Not only do you get access to a larger tenant pool, but you'll likely get more responsible people in your units too. Since pet-friendly rentals are tough to find, they'll be more inclined to take care of your property. Also, you can count on timely rent payments.
Plus, it takes a certain degree of responsibility to care for another life other than your own. So it's safe to say that pet owners are typically more reliable than the average person.
Pro: Longer Stays
Once a tenant's found an excellent pet-friendly property, they're usually loathe to leave. It's a pain to settle in, then move out and settle in again.
These longer tenant stays reduce tenant turnover and vacancy periods. As a result, you'll have more money in your pocket.
Con: Rental Property Damage
Depending on how well-trained the pets are, they may leave things like scratches, stains, and odors in your units. If this occurs, you'll have to spend extra to repair and clean your property after renters move out.
However, you can easily mitigate this con by charging pet deposits and rent. Pet owners will understand the need for these charges and will gladly pay them to secure housing.
Con: Allergies and Noise Complaints
There's always the chance that a current tenant is allergic to animals. Once a pet owner moves in, they might break or not renew their lease so they can go live somewhere without pets.
In addition, untrained pets can be noisy and destructive. Current renters will be in a hurry to find a quieter and more peaceful property.
Consider Allowing Pets in a Rental Property
There are inherent benefits and risks that come with having pets in a rental property. But as you can see, the cons are negligible when compared to the pros.
So if you'd like to increase your revenue and don't already rent to pet owners, start doing it. You'll find your profits soaring when you do!
Would you like a professional to help you with property management? Then contact us today. We at Vienna Property Management Inc. will make your job as a landlord easy!
