According to Dogster.com, two-thirds of American households have pets. Almost all (97%) also say their pets are part of the family.
Given all those statistics, it's easy to see why more renters are looking for pet-friendly housing in Orem, UT. And unless you allow pets in your rental property, you could miss out on a lot of potential income.
However, having pet-friendly rental property policies also opens your property to several risks. For this reason, you must familiarize yourself with the pros and cons of allowing pets before you make any decision.
Our team at PMI Reliant has shared insights into the positive and negative impact of pets on property to help you make a more educated decision. Please read on.
Allowing Pets in Your Rental Property: The Pros
One of the most compelling reasons for having pet-friendly rentals is the broader pool of potential tenants. Many families and individuals are looking for places that will welcome their furry companions, and accommodating this demand can result in:
- Higher rental prices: Pet-friendly homes often command higher rent
- Reduced vacancy rates: By appealing to pet owners, you might find tenants faster
- Longer lease duration: Pet owners are more likely to stay in a property for an extended period
Indeed, permitting pets can help maintain occupancy rates. As reported by Multifamily Dive, 6 in 10 renters said they decided to renew their lease agreement because of a favorable tenant pet policy. So, in a rental market as competitive as Orem, Utah, welcoming furry family members into your rental property can give you a significant edge.
Welcoming Pets in Your Rentals: The Drawbacks
While the benefits are enticing, you must weigh them against the potential downsides. For one, consider how pets can impact your rentals. Some of the cons include:
- Possible property damage: Pets can cause wear and tear on carpets, flooring, and walls
- Allergies: Future tenants may have allergies
- Disturbances: Pets can create noise issues
- Increased maintenance: More cleaning and upkeep may be necessary
If not managed correctly, all those factors could lead to financial setbacks and tenant turnover. Nevertheless, implementing a pet deposit or monthly pet rent could help mitigate these risks if you decide to allow pets.
Evaluating the Decision
Understanding local pet ownership trends in Orem, Utah, can be crucial in your decision-making. Many residents will likely have pets because of the area's family-friendly reputation and outdoor lifestyle. Researching the demographics in your area can help you make a prudent decision regarding whether to allow pets in your rental properties.
Finding the Right Balance
After weighing both the pros and cons of allowing pets in your rental property, you'll be in a better position to make the right decision. Remember, striking the perfect balance between accommodating pet owners and protecting your investment is key. A well-thought-out approach can boost tenant satisfaction, reduce turnover, and enhance your property's profitability.
At PMI Reliant, we understand the complexities of Orem, Utah's rental market. Our owner, Dale Lee, is a Realtor with over 30 years of successful business ownership and management, property management, construction, and insurance experience. Kandi Lee, our co-owner, is also an experienced realtor with over 20 years of successful business ownership.
Together, we can help make your pet-friendly rentals stand out and be profitable. Call us today to learn more!
