People are naturally drawn to Punta Gorda, Florida, with the area boasting one of the highest growth rates in the country. So, if you own an investment property in this thriving city and you're struggling to find tenants, you're doing something wrong.
Allowing pets in a rental property is one way to increase your rental property tenant pool. Introducing animals into your rental home certainly comes with risks, but it can also be beneficial in several ways.
Read on to find out about the pros and cons of implementing a pet-friendly policy for your investment property.
Pros of Allowing Pets in a Rental Property
In Florida, 56% of households own a pet, and most of these people consider these animals part of their family. This creates a high demand for properties that allow pets.
Rental property pricing hinges on supply and demand. So, when you increase the demand for your property, there's a good chance you can charge a higher rent, especially if only a few homes in your neighborhood allow pets.
Due to the scarcity of pet-friendly accommodations, these families are usually good tenants who go the extra mile to ensure they remain in place. They make timely rental payments, renew their leases, and take good care of your property.
Despite this, you must still carry out extensive tenant screening when placing these tenants.
Drawbacks of a Pet-Friendly Policy
In the USA, dogs are the most popular family pets, and these animals pose the greatest risks when it comes to your investment property. Cats and smaller pets, like fish, rarely cause any trouble at all.
Dogs can cause rental property damage by chewing on the wooden features of your home. They may dig up your landscaping or stain your floor coverings.
Pets can also cause unpleasant odors inside the home, making it unattractive for future tenants.
Hiring a property management company to carry out regular property inspections is one way to protect your investment. This can help keep your tenants on their toes when it comes to controlling their pets' behavior.
Barking can cause problems with the neighbors and disturb community harmony. There's always the risk that a dog may bite someone or escape from the yard and cause a traffic accident, too.
If you own a multi-family property, tenants without pets may move out due to the presence of other tenants' pets.
Be sure to amend the rental tenant terms in your lease to include pets. These stipulations should mention the number and type of pets allowed as well as the tenants' responsibility for any damage caused.
Transitioning to Pet-Friendly Accommodations
If you want to experience the best benefits of allowing pets in a rental property while limiting the drawbacks, it's best to hire a property management firm.
PMI Stingray Homes has many years of experience managing all types of properties, with or without pets. We offer tenant screening, property inspections, and property maintenance services.
Get in touch to enjoy the peace of mind that comes from working with experienced Punta Gorda property managers.