According to MarketWatch, 66% of U.S. households own a pet. It's a growing trend that means more renters are looking for pet-friendly homes. If you're a landlord in Salt Lake City, you may wonder if allowing pets in a rental property is a smart move.
Today we're taking a closer look into the pros and cons of allowing pets in your rental property!
The Benefits of Allowing Pets in a Rental Property
Allowing pets in your rental property can significantly increase the number of potential renters. With so many people owning pets, offering a pet-friendly space can attract more tenants and fill vacancies faster.
Another benefit is the possibility of higher rent. Many landlords charge extra for pet-friendly rentals, which can boost your income. Pet deposits and monthly pet fees are common, helping to cover any potential damage while adding to your profit.
Lastly, tenants with pets tend to stay longer. Finding another pet-friendly place can be challenging, so tenants are more likely to renew their leases. It can lead to more stable, long-term occupancy, which reduces turnover costs and helps maintain a steady income.
The Risks of Allowing Pets in Your Rental Property
There are three primary risks to allowing renting with pets. They are:
- Property damage
- Allergies and liability
- Noise and neighbor complaints
Property Damage
Allowing pets in your rental property comes with the risk of property damage. Pets can scratch floors, chew on woodwork, and have accidents that might stain carpets. Even with pet deposits, the cost of repairs can add up quickly.
Allergies and Liability
Allergies and liability are other concerns. If a future tenant has allergies, lingering pet dander could make the space uncomfortable for them. There is also the possibility of legal issues if a tenant's pet injures someone on the property.
Noise and Neighbor Complaints
Noise and neighbor complaints can also become a problem. Barking dogs or pets left alone for long periods can disturb other tenants or neighbors. These issues can lead to conflicts and could even make your property less appealing to future renters.
Legal Considerations and Local Regulations
Salt Lake City rental laws have specific guidelines about pets in rental properties. It's essential to understand these rules before deciding to allow pets. It includes understanding what rights you have as a landlord and what restrictions you might face.
Pet deposits and fees are also a key part of managing a pet-friendly rental. Many landlords require a refundable deposit or monthly fee to cover potential damages. The charges should align with local laws to avoid disputes.
Service animal regulations are another important consideration. Unlike pets, service animals have special legal protections. You cannot charge extra fees for service animals, and refusing to rent to someone with a service animal could lead to legal issues.
The Pros and Cons of Pet-friendly Rentals
Deciding whether to allow pets in a rental property requires weighing the benefits and risks. While pets can attract more tenants and increase rent, they also bring potential challenges.
At Envy, we serve multiple counties in northern Utah as a full-service rental property management company. We have a background in real estate investment, so we work to build lasting relationships with both investors and tenants.
Get in touch to find out how we can help your property!
