Pros and Cons of Allowing Pets in Your Rental Property

Pros and Cons of Allowing Pets in Your Rental Property

Imagine falling in love with a furry companion, spending years bonding, only to have to leave them behind. For many pet owners, this is an unfortunate reality. Not every landlord allows pets in a rental property.

On the fence about allowing pets in your Council Bluffs, Iowa rental? Read on to review the pros and cons before making your choice!

Pro: Increase the Tenant Pool

Allowing pets in your rental property will expand your tenant pool. After all, about 62% of Americans own a pet. Nearly all (97%) say their pet is part of their family.

Many pet owners won't want to abandon their furry companion just to live in your rental property. They may decide to explore other properties in Council Bluffs instead.

Expanding the number of potential renters interested in your property can help you boost your occupancy rate. Otherwise, a long vacancy period can drain money from your accounts.

Con: Property Damage

Many landlords are reluctant to allow pets in their properties due to the risk of property damage. After all, animals have animal instincts. They could:

  • Urinate on the carpets
  • Dig through carpets
  • Bite wooden doorframes

If you decide to allow pets on your properties, consider charging a pet deposit. The deposit will help you cover any property damage that occurs.

Pro: Higher Rent Rates

Many pet owners expect pet-friendly properties to charge a higher rental rate. You can earn more money by requesting a pet deposit and monthly pet fee.

Setting a higher rent will allow you to cover any cons associated with allowing pets in your properties. The financial buffer can help you avoid stressful repairs after renters move out. If their pet didn't cause damage, the extra fees put more money in your pocket!

Con: Noise Complaint

Noisy pets can disrupt and annoy neighbors, leading to complaints. Noise can also create tension within the community.

Consider hiring a property manager. They can handle these disputes on your behalf to improve tenant-landlord relations.

Pro: Responsible Tenants

Most pet owners are responsible individuals. These renters are more likely to take care of your property. You'll have peace of mind knowing a responsible renter is taking care of your unit.

Con: Local Laws

Though property owners can disallow pets, you may need to review Iowa's laws regarding support animals. By law, landlords must allow service dogs and assistive animals that help individuals with disabilities.

If you're struggling to navigate these laws, hire an experienced property management company. They can help you remain compliant with Iowa law and the federal Fair Housing Act.

Consider Allowing Pets in a Rental Property

Deciding whether to allow pets in a rental property can feel stressful. Instead of making the decision alone, consult a property management company. They can help you weigh the pros and cons to ensure you're making an informed decision.

Want to discuss your options with a professional? Look no further than PMI of the Midlands! We have nearly 20 years of industry experience helping landlords in Council Bluffs.

Contact us today to schedule a consultation. We can help you make an informed choice!