70% of households have at least one pet living on the property, but that doesn't mean you want pets in a rental property you manage. Before you outlaw tenants with pets, you must understand the pros and cons of allowing pets in a rental property.

We've created a list that will help you get closer to deciding whether tenants with pets are something you can deal with.

Pro: Ability to Charge Higher Rent

The first advantage of allowing tenants with pets to move into your properties is you'll be able to charge a higher rent. The reason you'd be able to charge higher rent is that you've got to cover potential damage to the property that the pet could cause:

• Chewing or scratching items in the home
• Peeing on the floor

Managing a property is to increase the amount of money you make with each investment. Charging higher rent will increase your monthly income each month.

Con: Damage to Your Property

While you'll be able to charge higher rent to cover any damage done to your Chicago property, it doesn't mean you want your property to be damaged. Sometimes the damage your property sustains from pets will cost far more to repair than you could imagine.

If you don't want to replace flooring or chewed wires every couple of months, that would be a reason to oppose tenants with pets moving in.

Pro: Lowered Tenants Turnover

As the manager of numerous properties, you understand that keeping tenants in your properties is essential. A high tenant turnover rate can become costly because you have to spend more to attract tenants to each property.

Because there is a small pool of landlords that allow pets in their properties, tenants will want to stay within yours as long as possible.

Cons: Increased Vacancy

Yes, you'll have more applicants to choose from when filing your property, but it might increase the vacancies you have for tenants who don't have pets. The number one reason some tenants move out is because of the noise that pets make.

When they move into your Chicago, Illinois property, they want peace and quiet, but this can be forfeited when pets are around. Also, some people have pet allergies that can be irritating when people with pets are around.

Pro: Larger Pool of Tenant Applications

With so many people having pets and not enough properties allowing them, you will have a more significant number of applicants for your property. When you have a larger pool of applicants, it means you'll reduce your tenant turnover rate.

It also means you can take your time to ensure you choose the right tenant for your property.

Cons: Potential Injuries

Each year 4.5 million people are bitten by dogs, and this is something you need to consider when you weigh the pros and cons of pets in rental properties. If you decide to allow pets on the property, you must create pet-friendly rentals.

This will ensure that everyone remains safe when living on your properties.

Should You Allow Pets in a Rental Property?

When you become a property manager, you ask yourself a series of questions, including if you should allow pets in a rental property? You need to weigh several pros and cons before making your final decision.

Do you need access to resources that allow you to screen tenants or lease your rental property? Contact GC Realty & Development, LLC.