A recent report shows that Duluth, MN housing is in high demand and there's short supply, so it's an excellent time to be a landlord. You may already have a good stream of income from tenants, but the truth is, there's always room for improvement.
You might not allow pets on your property since it's less trouble to deal with. However, it may be time to change your policies.
If you're not sure about allowing pets in a rental property, then you're not alone. Read on to find out the pros and cons to consider for your property in Duluth, MN.
Pro: You Can Raise Your Rent Price
In a tight market, people are already willing to pay more to secure housing. But when it comes to bringing their furry friends along, they're willing to go even higher, and you should take advantage of that.
So if you were worried about property damage that may occur from misbehaving pets, then you can get additional income to compensate. A higher rent price can also cover extra maintenance costs, as well as pet deposits and fees.
Pro: You'll Have More Long-Term Tenants
Building your property portfolio will only bring you so much success. If you don't focus on reducing your tenant turnover rates, then your profits will be abysmal.
Focusing on tenant satisfaction will encourage them to stay with you longer. And because pet-friendly housing is more difficult to find, renters will happily renew their leases with you.
Con: Potential Property Damage
As with any animals, you run the risk of them not being well-behaved, especially if they're not properly trained. And even model pets can scratch the floors or have accidents on the carpet. Repairing and replacing these items can be costly.
However, as we mentioned before, you can charge a higher rent fee, deposits, and a pet fee to cover these expenses. You'll likely come out with a higher profit than if you'd not allowed pets on your property.
Con: Noises and Disturbances
While cats and other creatures are practically silent, admittedly, dogs can bark incessantly. Your current tenants won't like their peace and quiet disturbed by these newcomers, which can cause them to either break their leases or not renew for the next year.
Some renters may be allergic, too. Again, these health issues can cause them to move away in the near future.
Allowing Pets in a Rental Property Is a Good Idea
There are many pros and cons regarding allowing pets in a rental property, and we haven't covered them all. However, it's generally a good idea, as long as you're prepared.
If you carefully vet your tenants, charge higher rent, add a pet deposit, and keep up with property maintenance, then you'll come out in the green. And if you need a helping hand with these tasks, hiring a property management company is always a good idea.
Contact PMI Lakeshore now if you'd like the expert opinions of experienced property managers. We'll make your job a hands-off one.
