The Pros and Cons of Allowing Pets in Your Chicago Rentals

More and more these days, prospective tenants are asking whether or not they can have pets in your rental property. You've been resistant to the idea thus far but are wondering: is it finally time to give in?

There are both benefits and drawbacks to allowing pets in a rental property. Curious as to what these are? We're going to review them in detail below.

The Pros

There are many pros to allowing pets in your rental property. Perhaps the biggest of these pros is that you'll have more tenants to choose from. After all, if you don't allow pets, you're missing out on essentially every tenant that's a pet owner.

Considering the increased popularity of pets these days, you would be missing out on a substantial number of potential applicants. As such, you would essentially reduce your chances of finding a quality tenant.

Another benefit of allowing pets is that you can charge more money. Pet owners often have trouble finding pet-friendly apartments, and so have no problem paying a little extra for those that do allow their furry friends.

You're also bound to find that pet owners are more likely to stay in their apartments than are non-owners. They understand how difficult it is to find a good, pet-friendly option, and therefore opt to stay.

Finally, pet owners are, by and large, responsible individuals. They take care of other living creatures, and so are likely to take care of their apartment units as well.

The Cons

Of course, as you probably know, there are also downsides for those renters who allow pets. The most obvious of these downsides is simple: destruction. Pets tend to cause damage to apartment buildings.

Whether it be a cat scratching at the banisters, a dog ripping apart the carpet, or otherwise, pets certainly tend to leave their mark in a strong manner. And that's not even mentioning the odors that pets leave behind, most of which come from the presence of their urine and feces.

In addition to causing destruction, pets can be loud. This is particularly true of dogs, of course. If you own an apartment complex, the loud barking from dogs could cause issues between your tenants; many of these issues will be passed on to you, potentially leaving you stressed and overwhelmed.

There Are Big Perks to Allowing Pets in a Rental Property

While there are certainly downsides to allowing pets in a rental property, the benefits tend to outweigh them. In any case, do your research, become informed, and make the decision that's best for your rental properties.

Do you need help making the adjustment or with other rental property-related tasks? Interested in hiring a property management company? If so and if you're in the Indianapolis area, we here at HomeRiver Group are the people to see.