Pros and Cons of Allowing Pets in Your Nashville, TN Rental Property

Pros and Cons of Allowing Pets in Your Nashville, TN Rental Property

Pros and Cons of Allowing Pets in Your Nashville, TN Rental Property

Over 60% of Tennessee households own a pet. Pet parents are dedicated to their animals and won't live somewhere they aren't welcome.

As a rental property owner, you have a decision to make. You can either accept or deny residents with pets.

There are pros and cons to allowing pets in a rental property. Keep reading to learn them.

Pros of Pets in a Rental Property

Allowing pets in rental property comes with benefits you might want to reap as a landlord. The pros include an increased tenant pool, higher rent prices, and increased tenant satisfaction.

Increased Tenant Pool

Allowing pets in your rentals can increase your potential rental property tenant pool. Many renters have pets, so you'll be attracting a larger number of people than you would be if you refused pet owners.

More options mean having your pick of the litter after the tenant screening process. If other rental properties in the area don't allow pets, your property will stand out from the competition in Nashville, Tennessee.

Higher Rent Prices

Allowing pets means you can ask more for rental payments. Landlords can charge a pet fee, pet security deposit, or pet rent. Some landlords opt to charge a monthly fee to increase rental income significantly.

Pet fees can range anywhere from $100 to $500 per pet. Pet rent ranges from $15 to $50 per month.

Increased Tenant Satisfaction

Tenants with pets are more satisfied renters. Pet owners consider their pets as part of the family. They would rather live with their pet in a so-so property than live without them in a great property.

Landlords attract more responsible and committed tenants with a pet-friendly environment.

Cons of Pets in a Rental Property

You can choose to refuse applicants with pets as long as they don't have service or emotional support animals. Pets are potentially a liability and can cause property damages that increase maintenance costs.

Potential Liability

If a pet injures another tenant, landlords might be held responsible. Enforcing strict rental property pet rules can mitigate potential liability issues.

Ensure you have adequate insurance coverage to protect your investment from this possibility.

Property Damage

A big concern about allowing pets is rental property damage. Pets might chew furniture, scratch floors, and cause damage to doors and walls. These problems result in costly repairs and maintenance.

Increased maintenance costs can significantly impact your bottom line. Charging an adequate pet fee can make up for this.

Should You Allow Pets?

Nashville, Tennessee, landlords have an important decision to make when it comes to accepting pets.

If you allow pets in a rental, you can benefit from increased rental income and happier tenants. For many, the pros outweigh the cons. If you are hesitant about accepting pets because of the additional work involved, let us help.

At PMI Music City, we have over 20 years of local rental property management experience. Our service offerings on a local level provide our clients with excellent customer service by maximizing owner profitability.

Contact us today to learn how we can help.