Whether or not you should allow pets in your rental property is a big decision. On one hand, irresponsible pet owners can cause more than their fair share of damage, and even well-behaved pets can have bad days. On the other hand, allowing pets in your rental home opens up a larger variety of potential tenants, and allows the property owner to charge more in monthly rent and in pet deposits.
At Simply Residential, we’ve worked with homeowners who allow pets, and those who don’t. This question comes up often. While we don’t have an official stance either way, we have found some helpful research. The infographic to the right details the current state of renting to pet owners.
Minneapolis and St. Paul are considered among the top 25 pet friendly cities for renters in the country, although comparatively fewer rental properties allow pets than there are renters who own pets. One of the most important things to remember when considering, or reconsidering, your pet policy is the anticipated amount of damage. This damage and the associated costs are often offset by a pet deposit and monthly pet rent. That information will tell you what the best and worst case financial situations will be if/when you decide to allow pets in your property.
To get a better understanding of what those numbers look like, contact us! We’re happy to discuss the pros and cons of renting to pet owners. Call us at 952.893.9900!