It's vital to know that over 58% of Texans own one or more pets.
This means that Coppell rental property owners have some big decisions to make. There's a big debate when it comes to accepting pets in a rental property or not.
Are you stuck on this decision? Read on to unpack some pet perks and drawbacks.
Pro: Expanded Rental Property Tenant Pool
Allowing pets broadens your potential tenant pool. Many individuals and families in Coppell are pet owners. By embracing this demographic, you can boost your odds of securing reliable tenants a great deal.
Con: Rental Property Damage
One of the main concerns associated with allowing pets is the potential for property damage. These things can lead to repair costs and a decrease in the property's value:
- Scratched floors
- Gnawed furniture
- Accidents
Pro: Increased Rental Payments
Pet-friendly units often come with higher rents. Pet owners may be willing to pay a premium for a home that accommodates their furry companions. This can translate into increased rental income, which helps you maximize the financial returns on your property.
Con: Noise and Disturbances
Pets, especially dogs, can create noise disturbances that may disrupt neighbors and violate local noise ordinances. Barking, whining, and other pet-related noises can lead to complaints and strained relationships with neighbors.
Pro: Loyalty and Longer Tenure
The bond between pets and owners can make them more committed to maintaining a stable living situation. This will result in less turnover and decreased vacancy periods because they'll rent with you for much longer.
Con: Allergies and Health Concerns
Some prospective tenants may have allergies or health concerns related to pets. Allowing pets in your rental property may limit the pool of potential tenants who can't coexist with animals due to health reasons.
Pro: Positive Rental Tenant Terms
Pet owners often exhibit responsible behavior because they don't want to create any friction in their communities. This can lead to a smoother landlord-tenant relationship and a more harmonious living environment.
Con: Potential Liability
There's a potential liability risk associated with allowing pets on your property. If a pet causes harm to another tenant or damages their property, the landlord may be held liable for the damages. This risk emphasizes the importance of thorough screening and clear lease agreements.
Pro: Competitive Rental Property Pricing
In the competitive Coppell rental market, allowing pets can make your property stand out. This unique selling point may attract more tenants, giving you an edge in setting competitive rental prices.
Con: Increased Maintenance and Cleaning Costs
Pet-friendly rentals often need more frequent maintenance and cleaning. Carpets, in particular, may need more attention due to pet-related stains and odors. These extra costs should be factored into your budget when deciding to allow pets.
Will You Accept Pets in a Rental Property?
The decision to accept pets in a rental property comes with both advantages and challenges. Educating yourself about these potential pitfalls makes it possible to avoid them while reaping the perks.
Whether you take pets or not, having a Coppell property management team can make your job a lot simpler. Contact PMI Cowboys Realty to discuss our incredible solutions. We have over two decades of experience.
