Denver renters love their pets - and they're skipping over listings that don't.
Landlords who allow pets often fill units faster, charge more, and see longer stays. But it's not all tail wags: there's wear, tear, and potential noise.
With smart screening and solid pet clauses, you can boost profits without sacrificing peace of mind.
Let's go through how to decide about pets in a rental property.
Pros of Pet-Friendly Rentals
One of the most immediate benefits is the increased tenant demand for your properties.
A large portion of the rental market consists of pet owners who actively seek housing options that accommodate their furry companions. By welcoming pets, you open the door to a wider and more motivated pool of potential renters.
Pet-friendly units also create an opportunity for higher rental income. Many landlords charge a premium for allowing pets, possibly including a rental property security deposit. These add-ons can help boost your property's revenue without significant changes to your existing setup.
In terms of stability, tenants with pets are often more likely to stay longer. Moving with animals can be challenging and stressful, so once a pet owner finds a suitable home, they tend to stick with it. This reduced turnover translates into fewer vacancy periods and lower costs.
There's also an argument to be made for tenant responsibility. Pet owners often display a higher degree of care for their living space, knowing that maintaining a clean, safe environment is part of being a good pet guardian. If you're worried, property managers can help you take care of things.
Cons of Allowing Pets in Your Rental Property
Pets in a rental have clear advantages, but it's important to weigh those against the potential drawbacks. One of the most common concerns is property damage. Pets can be unpredictable, and even well-behaved animals might:
- Scratch floors
- Chew on fixtures
- Stain carpets
These issues can lead to costly repairs, especially if they accumulate over time or aren't reported promptly by tenants.
Noise is another consideration, particularly in multi-unit buildings or closely spaced homes. Dogs that bark frequently or pets that are left unattended for long periods can disrupt neighbors, resulting in complaints and tension within the community. This can ultimately affect your reputation as a landlord and your property's desirability.
There's also the question of liability. Some insurance policies either restrict or increase premiums for pet-friendly properties, particularly if certain breeds are involved.
Tenant screening becomes more complex when pets are in the mix. While many pet owners are responsible and considerate, not all take the same level of care. Assessing both the tenant and the pet adds another layer to your application process, requiring clear policies and possibly references or interviews to ensure a good fit.
The Bottom Line: Pets in a Rental Property
Deciding about pets in a rental property can be tricky. With this guide, it should be easier for you to make the right choice for your portfolio.
At PMI Aspire, we understand that allowing pets isn't just about policy; it's about positioning your property for long-term success in the Denver Metro rental market. Whether you're debating deposits, weighing wear and tear, or wondering how pet-friendly policies could boost your bottom line, our team is here to guide you with data-backed insights and real-world experience.
