Imagine spending years bonding with a fur-ever friend, only to learn you can't live with them anymore. Pets often become family members. Having to leave them behind would be devastating.
Renters in Orlando, FL often feel the same way. On the fence about allowing pets in a rental property? Read on to review the pros and cons before making your choice.
Pros: Tenant Pool
If you currently don't allow pets in your rentals and have a high vacancy rate, it's likely you're limiting your tenant pool. After all, most Americans (62%) own a pet.
Most pet owners wouldn't want to part ways with their pets just to live in a rental property. Nearly all pet owners (97%) say their pets are a part of their family. These renters are more likely to look for other apartments in Orlando that allow pets.
Limiting your tenant pool can lead to higher vacancy rates. Allowing pets, on the other hand, could help you fill every unit.
Con: Rental Property Maintenance
Not all pets are well-behaved, unfortunately. It's possible some property damage will occur if you allow pets (especially with new pet owners).
Animals can dig through your carpets, urinate on the floor, or chew wood fixtures. You could have to pay thousands in rental property maintenance fees.
You don't have to pay for these rental property repairs out of your own pocket, though. Instead, consider charging a pet deposit to cover the costs.
Pro: Quality Tenants
Taking care of a pet is a lot of hard work. Most pet owners are responsible individuals who take care of their pets and homes. Allowing pets will open your tenant pool to more reliable individuals.
You could have peace of mind knowing someone responsible is taking care of your rental property.
Con: Local Laws
Before deciding not to allow pets, research Orlando's laws on the subject. Florida law requires landlords to allow emotional support animals (ESAs) without extra fees. ESAs are recognized under the Fair Housing Act.
However, Florida law does hold ESA owners liable for any damage their animals cause on the premises. If you're struggling to navigate these laws, talk to a property management company. They can help you keep up with new laws and regulations.
Pro: Higher Rent
If you decide to allow pets, consider charging renters a pet deposit and monthly pet fee. You can start generating more income if you attract pet owners to your property.
If there is rental property damage after they leave, you can cover the costs. If damage didn't occur, you can put that money into your pocket!
Some animals can cause noise, disrupting neighbors and leading to complaints. Hire a property manager to handle these disputes for you. They can establish rules, including quiet hours, and enforce them on your behalf.
Allowing Pets in a Rental Property
You don't have to make the decision about allowing pets in a rental property alone. Instead, consult an experienced property management company. They can help you make an informed decision based on your needs and goals.
PMI Prime Home has nearly 20 years of industry experience helping property owners in Orlando. We can help set you up for years of success. Contact us today for a consultation.