In 2023, Tampa Bay currently has two top spots for the most pet-friendly cities in the US. It's only natural that the area's residents expect to live and get around with ease with their furry friends by their sides.
If you've had to turn away renter after renter because they want to reside with their pets, then you might want to rethink things. After all, you're losing out on a large stream of revenue.
Is it worth allowing pets in a rental property though? Read on for a few pros and cons so you can make a better-informed decision.
Pro: A Larger Rental Property Tenant Pool Selection
You can expect a wider selection of tenants to choose from. The more choices, the more likely it is you'll find responsible renters who will pay rent on time and not participate in rental property damage.
Also, think about it: because Tampa Bay is such a pet-friendly area, there's bound to be a wealth of renters who need housing. If you're there to provide what they need, then you'll have a steady stream of income.
Pro: You'll Increase Your Revenue
Not only will your income be steady, but it'll rise too. For one, you can have higher rental property pricing, even in a competitive setting; pet owners are willing to pay more to secure housing. You can even add a pet deposit and/or rent to cover any potential damages.
In addition, your turnover rate will go down. Pet owners often stay longer in rental properties. They're sure to renew their leases, so you'll have less marketing, showings, and interviews to go through.
Pro: You'll Have More Responsible Renters
Good places are tough to find, so pet owners will strive to stay at your rental property. They'll typically make rental payments on time, which will be a huge load off of your shoulders.
Plus, they'll take great care of your units. They understand the importance of responsibility, as they're used to caring for another life. This ensures that they'll respect your property and your rental tenant terms.
Con: There May Be More Property Damage
While pet owners themselves may take better care of your property, the animals may not necessarily follow in their footsteps. Naughty pets can chew up blinds, have accidents on the carpet, and destroy furniture. And even well-behaved animals can cause faster wear and tear in your units.
The good news is, pet deposits and rent can easily take care of these extra costs.
Con: Pets Can Be Noisy
A number of animals can be noisy, which can ruin the peace in your community.
However, you can keep the peace by having strong tenant relations through a property management company. They can ensure that everyone stays happy.
Pets in a Rental Property Is a Good Idea in Tampa Bay
It's up to you to decide if it's worth having pets in a rental property, but generally speaking, it's a wise decision.
You'll expand your tenant pool and earn a reputation as an excellent landlord who provides a safe space for pets. As a result, you'll increase your income and worry less about property damage and rent payments.
Contact PMI Tampa Bay today for help with property management. We have 20 years of experience.