If you don't allow pets in your rentals, you are missing out on valuable opportunities. About 60% of North Carolina residents have pets. By not allowing pets in a rental property, more than half of your potential applicant pool is automatically disqualified.
Consider the pros and cons of allowing pets in your rental properties. While there are risks, the benefits are plentiful.
Pro: Larger Applicant Pool
Allowing pets into your rental home increases your applicant pool. Pet-friendly rentals stand out in a competitive rental market to attract more applicants.
Even if you do not allow pets, you must still allow service animals. Otherwise, you could risk being held liable for violating the Fair Housing Act by discriminating against someone with a disability. These animals are not considered pets, as they have a job.
Con: Potential Damage
One drawback of allowing pets in rentals is the risk of damage and increased maintenance. Even the most well-behaved and trained animals create more wear and tear on the home's surfaces. At worst, misbehaving animals can cause a significant amount of damage.
Thankfully, there are ways to prevent and address this. Start by adding rental pet policies to your lease. You could require a pet security deposit, charge a pet fee, or require the payment of pet rent.
Pro: Longer Tenancies
Renting with pets can be difficult due to limited available rentals and increased costs. Tenants with pets who find a great rental with a quality landlord are not going to move. Pet owners also tend to exhibit greater stability.
- Consistent income history
- Less transient residence habits
- Long term planning
You reduce marketing and tenant placement costs by allowing pets in your rental. You also reduce the risk of placing a problematic tenant because you have reduced tenant turnover.
Pro: Responsible Tenants
Generally, people who own pets have more responsible tendencies and traits. Welcoming a pet into your family requires a long-term commitment. Their ability to commit to long-term animal care also shows.
A responsible tenant takes better care of the property. Perhaps they perform minor maintenance tasks or let you know about maintenance needs promptly.
Cons: Potential Liability
North Carolina law states that pet owners are strictly liable for the injury and damage caused by their pets. If a landlord is aware of a dog's dangerous tendencies, they could also be held liable for injuries and damages caused by the tenant's dog.
You can reduce this risk by screening an applicant's dog before approval. Some landlords restrict dog breeds associated with attacks.
Say Yes to Pets in a Rental Property
Allowing pets in a rental property can increase rental income and create greater stability in tenant placement. While there are some risks, you can easily manage them. Working with a property manager can help you screen tenants, price your rental, and manage rental documents to limit liability.
The PMI Charlotte team of property managers actively works in the Charlotte, NC, rental market. We use advanced technology to help rental property owners maximize their investments.
Get real-time access to your property's management through our innovative owner's portal.
