If you own a pet, I bet you know how much it takes to keep it under control. Pets can prove quite useful in the end, mainly if you plan to offer them in-depth training. However, any aspiring pet owner should note that they are a responsibility just like the kids.

Despite this, most Americans are so ready to have them. Statistics from the National Center For Health Research indicate that more than 70 million American households have pets. It is a significant statistic and is now making landlords want to make their apartments pet friendly. 

Making an apartment pet-friendly is a decision of the owner. However, owners may want to consider the benefits it would bring and weigh them against the pitfalls. 

What's the Good Side of Making Your Apartments Pet-Friendly?

According to City Journal, millennials seem to be the greatest pet enthusiasts. About 70% of millennials in the U.S. cities have pets and were again reported to be renting more than other groups.

Therefore, if you own some apartments or you are looking to develop rental properties, you could benefit significantly by making them pet friendly. Let's get an overview of some of the notable benefits. 

Making your Rental Property Pet-Friendly is Lucrative

Developing income based apartments is a lucrative business by default. You can do several things to boost the overall income, but making apartments pet-friendly is one sure way to go.

Most pet-owners treat them as part of their families and are ready to pay for the expenses, including rent, medical covers, and food. Some landlords charge a fixed pet deposit, but if you want to earn more from your renters' pets, a monthly fee would be a better policy.

You can ask for as low as $30 a month, but remember this adds up to $360 of additional income a year. A portion of this income could repair or improve the necessary conditions for the pets, but if you have responsible tenants, you will probably pocket the entire amount.

A Lasting Solution for Vacancies

Have you been looking for an effective apartment vacancy solution? It is one of the things that can significantly undermine the levels of rent income. However, making your property pet-friendly can be a working solution, especially if you want to attract the largest living generation.

 Other than millennials being the largest living group of people, they are still the greatest pet enthusiasts. Therefore, your apartment is likely to attract more of them if you are accommodative of what they seem to love most. A significant number of them prefer to own a pet to start a family and have kids.

Also, pet-friendly apartments are hard to find, so your current tenants will want to stay rather than bear the hassle of finding other pet-friendly homes.

A Pet-Friendly Policy Protects Your Property

Of course, your pet-friendly apartment will have the necessary amenities to accommodate pets. You can have designated areas for the bathroom, so you will not have the compound messed up with poop. Also, you can put away items that can get damaged since you expect animals around.

Additionally, the pet fee or pet deposit will take care of any damages caused by the animals. Your tenants should know they will assume liability for any policy violations, so they can exercise extra care to prevent their pets from causing any damage.

Tenants also feel free to bring in their animal companions, provided they meet your pet policy's requirements. Such an agreement prevents the likelihood of dangerous pets sneaking into the property and possibly cause harm or damage.

Pet-Friendly Apartments Have the Society's Favor

In 2018, the number of homeless cats and dogs increased significantly. Several animal welfare organizations are already trying to save homeless animals, and making your apartment pet-friendly could mean a lot in the effort. Besides, a possible reason for the rise in the number of homeless animals is the lack of pet-friendly housing.

Therefore, allowing pets can save an animal's life and improve your society's reputation since some property owners are taking the blame for animal abandonment.

You Have a Large Pool of  Tenants

Millennials are just the majority of pet enthusiasts but not the only generation that enjoys animal companions. According to PETFOOD INDUSTRY, baby boomers were the leading pet-loving generation in 2015. The statistics indicated that over 51% of U.S. households owned a cat or dog by then, and the figure only gets bigger.

Therefore, a pet-friendly apartment enables the landlord to attract and accommodate a large pool of potential renters.

The Bad Side of Being Pet Friendly

Despite the pros of making your apartment pet-friendly, it's always good to look at both sides of the coin. The property is yours, and for you to make the best decision, it is best you know the shortcomings. So, how bad is it to make your property pet-friendly?

Pet-Friendly Apartments Could Turn Away Tenants

According to a 2018 report by the National Center for Biotechnology Information, cats and dogs' allergies affect 10% to 20% of the world's population. Sadly, they are the most domesticated pets, which means allowing them could scare away a significant number of potential tenants.

It could potentially mean high turnover rates when neighboring tenants suffer allergies or high vacancy frequencies. Also, a house previously occupied by a dog or cat owner may not be suitable for a new tenant that is allergic.

Pets Can Cause Damages or Harm

Pets can cause damage to different kinds of property. In 2017, Fox News published an article claiming that cats and dogs were responsible for the damage of over 8 million devices that cost the owners close to $3 billion.

The damage could be in the pet owner's house or even in another tenant's home. Whichever the case, it's a loss in your apartment, and it could be a much significant loss if, for instance, it's caused by a huge dog. Worst of all would be severe bodily harm to a child or even an adult.

Some landlords may argue that the pet fee or rent covers these losses, but at times, the damage can be too big for the pet fee to compensate. Tenants may also choose to move secretly when extensive damages happen, so you will have to bear the extra repair cost. Besides, some occurrences such as fatal attacks by aggressive pets could land you in trouble.

Pets can be a Nuisance

Some dogs tend to howl when owners leave them alone or bark when they spot a stranger or some danger. Such behaviors can be annoying to the occupants of your apartment, and when it gets too much, some may opt to leave.

Your Apartment Could Become Infested

Mites, fleas, and ticks are all common parasites on animals. If your pet-policy isn't keen on spraying, your property could quickly become infested with these pests. Potential tenants could lose interest at the sight of such parasites, and this could paint your apartment a bad picture.

Wrapping Up

As much as property owners may love and want to support tenants to keep pets, it's important to weigh both sides and see whether it is worth it. The love for pets, especially in American households, is apparent as the majority seem to be drawn to animal companions' positive side.

The decision, however, remains with the landlord. We have prepared an outline of the good and bad of being pet-friendly to help you weigh both sides and decide what's best for your apartment.