Beautiful, vibrant Orlando is a huge drawcard for people from across the nation.
Families and young professionals move here to take advantage of the thriving economy and favorable tax rates. Retirees flock to enjoy the sunny weather and relaxed vibe.
This makes the city an excellent prospect for property investors wanting to earn an income from residential rentals. Orlando rental vacancies are low, but that doesn't mean landlords can rest on their laurels.
If you want to maximize your Orlando investment, you must make your property as attractive as possible.
Allowing pets in a rental property is one way to do this. Read on to discover why you should or shouldn't go this route.
Benefits of Allowing Pets in a Rental Property
Over half of Orlando households own pets. So, you can increase your tenant pool considerably by relaxing your rental property rules about allowing pets.
Owning a pet is a long-term commitment, and a no-pet policy could be a deal-breaker for many tenants.
Most pet owners are responsible people who take good care of their residences and make timely rent payments. They're also more inclined to renew their leases to avoid having to search for another pet-friendly home.
You can charge a higher rent if you're willing to accommodate pets, especially if other rental homes in your area don't. People consider their pets a part of the family, so they're willing to pay more for housing that allows pets.
Drawbacks of Allowing Tenants to Keep Pets
You might find yourself spending more money on maintenance and deep cleaning when you allow pets in your investment property.
Badly-behaved pets can wreak havoc on your investment property. They may chew furniture, stain and scratch your flooring, and destroy your landscaping.
Some dogs bark incessantly, leading to complaints from neighbors. Allowing multiple pets on one property can make matters even worse.
Unattended animals may roam, causing destruction and soiling neighbors' yards. There's always a risk that a dog might bite someone, so you should insist that your tenants have insurance against this.
Dogs and cats shed hair, which can affect your HVAC by clogging air filters. Their urine can stain floors and carpets and leave an unpleasant odor in the house.
Dirty, ungroomed pets can cause a flea infestation in your home.
You can limit the risks associated with pets by interviewing the family and meeting the pet before agreeing to a pet-friendly lease. Ask questions about the animal's veterinary records, training levels, and how often they'll be left unsupervised.
A property manager can help you navigate the tenant screening process.
Maximizing Your Orlando Investment Property
Hiring a property management team is the best way to limit the risks associated with renting to pet parents.
SunnySide Properties can help you benefit from allowing pets in a rental property without the risks. We carry out comprehensive tenant screening and routine property inspections to help prevent rental property damage.
Get in touch today and discover how we can help you thrive as an Orlando landlord.
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