Did you know that almost 60% of Texas households own a pet? Sufficed to say, there are a lot of pet owners in The Lone Star State.
If you own real estate, you might be debating whether or not to allow pets in rental property. There are pros and cons to renting to tenants with pets. Keep reading to learn them.
Pro: A Pet Deposit
Allowing pets in a rental property might mean a little extra change in your pocket as an assurance. Allowing tenants to keep pets can be a gamble because you don't know if they will damage the property.
For many property management companies, pets mean a deposit is necessary. However, to stay compliant with Austin, Texas Fair Housing laws, you can't charge a deposit for tenants who need a service or emotional support animal.
Con: Pets Can Cause Damage
One con is that pets can cause property damage in your unit. When your tenant moves out, there may be damage that needs repairing. Not all pets are well-behaved and not all owners know how to train their animals.
This is where a pet deposit comes in handy. You can use the money from the deposit to repair property damage caused by pets. Plus, tenants are more likely to control their pet behaviors if they have an incentive to get their deposit back.
Keep track of pet deposits in your rental property accounting records to ensure tenants get their share of it back, if necessary.
Pro: More Candidates
Allowing pets in your rental property means more possible candidates. If you currently have a small pool of applicants, allowing pets will attract more prospective tenants.
Having more applicants means a lot of things for your rental property. Firstly, it means you will have an easier time choosing between applicants because you have a wider pool of options. When you have a property vacancy, it will be filled quickly.
Secondly, if similar rental properties in your area don't allow pets, you stand out from the competition. Allowing pets means you can charge a high rent compared to other property owners.
Con: Noise Complaints
Allowing renters to have pets might come with noise complaints from time to time. It's hard to stop a dog from barking and disturbing sensitive neighbors.
While some tenants will consider pets as companions, others may consider them a nuisance.
Tenants have the right to comfortable living, so take their complaints seriously. You can ask the tenant with the noisy pet to cure the nuisance. If the problem persists, you might be able to legally evict the tenant.
A property management company can help you understand tenant eviction laws in Austin, Texas.
Pets in a Rental Property: Should You Allow Them?
If rental applicants have pets that aren't service or emotional support animals, allowing them on your property is up to you.
Should you allow pets in a rental property? There are pros and cons to weigh before making your decision.
No matter what you decide, hiring a property management team can help. Monte Davis Property Management has years of experience helping landlords in Austin, Texas. To maximize your investment, contact us today.
