According to a Yahoo article, data from real estate marketplace Zillow shows that, as of 2023, nearly six in ten renters have at least one pet. So much so that "pets allowed" has become the most used filter for rental housing searches.
All those stats and facts should prompt you, a Sarasota, FL, landlord, to consider the perks of allowing pets in a rental property. Just as crucial, however, is to weigh the disadvantages of implementing pet-friendly rental policies.
Read on as our team at PMI Manatee shares rental property management advice to help you better understand the pros and cons of pets in rentals.
Pro: Expanded Tenant or Guest Pool
A 2023 Pew Research Center survey revealed that 97%, or nearly all pet owners, regard their pets as part of their family.
Now, put yourself in the shoes of those folks. You wouldn't leave a beloved family member when you move to a new home or go on a vacation, would you?
So, one of the primary perks of allowing pets in your rental property, whether an apartment home or a vacation rental house, is that it expands your potential market. The more prospective tenants or guests you have, the more likely you'll find the best fit, and the sooner you can generate income.
Con: Potential Pet-Caused Property Damage
One of the primary disadvantages of renters with pets is that their non-human family members may cause property damage. Even the most well-trained and well-behaved pets may cause unintentional damage if they become anxious. An example of when this may happen is if their humans have to leave them behind to go to work.
Luckily, there's a workaround to this concern: requiring pet-owning tenants to carry pet insurance. Pet insurance policies usually have property damage liability coverage, helping policy owners pay for the damages their pets may cause.
Pro: Increased Rental Income
Another of the top advantages of pets in rentals is that they let you increase rental rates. After all, pets are technically "tenants," so you can negotiate a higher but still reasonable rent fee. For example, you can charge an additional pet rent, increasing your overall rental income.
Con: Possible Neighbor Complaints
Pets left alone for extended periods may sometimes cry and make noise because they feel lonely or anxious. Neighbors who don't own pets may find this a nuisance. They may file a complaint against you and the pet owner if they can no longer tolerate it.
One of the most effective Sarasota rental tips for reducing those risks is to improve your property's soundproofing. High-quality soundproofing materials can help block sounds and minimize noise transfer from your long-term or short-term rental property to nearby homes.
Boost Income by Allowing Pets in a Rental Property
Allowing pets in a rental property in Sarasota, FL, has many benefits, including an expanded tenant pool and increased income. While there are disadvantages, too, they're easy to address with pet insurance and soundproofing.
If you're still unsure about welcoming pets in your rental, PMI Manatee is happy to help! We're a full-service property management firm with over 20 years of industry experience. We specialize in short-term rental management in Sarasota and nearby areas.
Contact us today, and we'll happily clarify the pros and cons of implementing pet-friendly policies!
