As interest rates soar and property prices continue their upward climb, increasing numbers of people are opting to rent a home instead of buying one.
That's good news if you're a Missouri landlord, but it doesn't guarantee 100% occupancy or mean you'll find good tenants for your investment home. One way to increase your rental home's desirability is by adopting a pet-friendly policy.
Is this a good option for your Kansas City investment property? Read on to explore whether you should allow pets in a rental property and discover the risks involved.
Risks of Allowing Pets in a Rental Property
While most pet owners take good care of their pets and take steps to limit any damages, there are certain risks associated with allowing pets in your rental home.
Untrained, unruly pets can cause a great deal of damage to your investment property. They may:
- Soil carpets and floors
- Chew furniture
- Shed hair inside the property
- Destroy landscaping
- Create an unpleasant smell inside the home
In these cases, your tenants could leave you with a hefty cleaning and repair bill when they move out.
When they're left alone at home, dogs may bark incessantly, leading to conflict and complaints from neighbors.
Unsupervised pets may escape from your property and create a disturbance in the community. In some areas, allowing dogs to roam freely is a contravention of local bylaws and may lead to severe fines.
The best way to limit your risks when it comes to pet-friendly properties is through stringent tenant background checks. These should involve meeting the pet with the family and asking them about its behavior patterns and training.
During this interaction, you must also inquire about how often the family leaves their pet unattended. Hiring a property manager will also help ensure a capable person is inspecting your property regularly to limit pet damages and manage lease infringements.
The Benefits of Pet-Friendly Rentals
Around 44.5% of Americans own pets, so when you allow pets in a rental property, you can expand your tenant pool considerably.
Pet owners are also more likely to pay higher rent than other tenants due to the scarcity of pet-friendly rentals. You can also charge a pet deposit to cover any property damage caused by their pets.
In most cases, pet parents are responsible people who make good tenants. They're aware of how difficult it is to find landlords who accommodate pets, so they're loathe to risk losing their homes due to lease infringements.
In a similar vein, pet owners are more likely to renew their leases to avoid starting the search for pet-friendly accommodation again.
Maximize Your Kansas City Rental Property
PMI Fountain City can advise you on how to best manage pets in a rental property. We can help you compile an effective lease to protect you from pet damage.
We also carry out extensive tenant background checks and perform regular and intensive property inspections to protect your investment.
Get in touch to discuss your property management needs in Kansas City, MO.
