Almost 60% of Texas households own pets, which means Texans highly value their furry friends. Homeowners are lucky enough that they don't have restrictions on pet ownership, but renters often don't have that privilege.
Finding pet-friendly housing can certainly be a challenge for renters in San Antonio, TX. But for landlords, this can be an untapped goldmine.
Of course, having pets in a rental home has both its advantages and disadvantages. Keep reading to see what they are so you make a wise decision.
Pro: There's a Larger Rental Property Tenant Pool
Based on the above statistic, if you aren't currently renting to pet owners, you're missing out on 60% of the available renter market. This number can potentially be bigger, as people can add members to their families later.
In fact, many people consider pets as family members, so it's a given that when they move, they'll want to bring Fido along.
Pro: Longer Tenure
Are you having issues with tenants breaking their leases? This can be frustrating, as you'll have to keep up with a revolving door of renters, which means repeating the marketing and screening process repeatedly. Not only is this costly, but it eats up a lot of your energy too.
Tenants with pets are more likely to stay in one place for longer. Since finding pet-friendly housing can be difficult, they'll be happy to stay in your home if it's safe and comfortable.
Pro: Higher Rent Potential
In 2023, studies found that San Antonio rent prices increased 7% from 2022. As a conscientious landlord, you may be hesitant to raise prices even more; you're afraid of alienating renters and causing them to look elsewhere.
However, allowing pets on your property is sure to help with rental vacancies. Not only that, but tenants will accept higher rent prices. You can charge pet rent, deposits, and fees, which owners feel are fair to charge.
Con: Potential Rental Property Damage
You're taking on more living creatures in your rental home when you allow pets. Whether they're humans or animals, they're sure to put more wear and tear on your property.
In addition, if the pets aren't well-trained, they can cause damage by scratching furniture, tearing up curtains, etc. They may also leave behind rental property odors, which will be tough to get out.
However, these issues can be easily remedied by charging pet rent and deposits. That way, you can maintain your property without paying too much out of pocket for extra costs.
You Should Allow Pets in a Rental Home
Judging by the pros and cons in this article, it's mostly advantageous to allow pets in a rental home. You'll have fewer issues with rental property tenancy, and you can charge higher rent, plus fees to cover any potential damages.
Just make sure to have a good tenant screening process. This will raise the chances of renting to responsible people, and as a result, you'll have fewer issues.
If you want assistance with managing your rental home, contact PMI Profit Realty today. We offer free rental analyses!
