Deciding on whether you should allow pets in your multifamily dwelling can be a huge decision and a wide range of factors need to be considered before arriving at an answer. Unfortunately, a fast or easy answer is not possible as there are both pros and cons to allowing pets. As your premier agent specializing in apartment buildings for sale in British Columbia, I would like to present some of the pros and cons of having a pet friendly policy in your multifamily property.
Pros of a Pet Friendly Policy
Create More Interest
A pet friendly policy is a guaranteed way of generating more interest in your multifamily property. In some cases, you will be able to attract up to 70% more possible tenants.
Not only does a pet friendly policy attract possible tenants, you as a property owner will also be able to ask for more rent. This rent increase can be written into any rental policy with terms such as:
- Non-refundable fees associated with pets.
- An increase in a damage deposit in case of pet destruction.
- A monthly rent attached to the pet itself.
Tenants in pet friendly properties tend to stay longer. Part of this is because finding a rental that has a pet friendly policy can be difficult at best. The other part of the reason is moving pets around (especially dogs) can be stressful on both the owner and the pet.
Cons of a Pet Friendly Policy
The one obvious reason why a pet friendly policy may not be ideal is the fact that the chances of incurring property damage will increase. This can be offset with an increased damage deposit, but unfortunately wear and tear in each suite will increase if you allow pets in your building.
Pets can be noisy and upset other tenants in your building. This disruption can lead to other non-pet owning tenants relocating to avoid the noise. Again, if you are going to adopt a pet friendly policy, you may want to include the amount of noise or the number of complaints in the original rental agreement.
With pets often comes allergies. This is especially true of any long-haired cat or dog breed. Allergens can spread from suite to suite via air ducts and will affect the common areas. Be sure to notify the tenants that you are a pet friendly building, so that they can plan accordingly.
Before arriving at any type of decision, it is wise to weigh the facts to decide if a pet friendly policy is right for your multifamily property. If you would like more information on this topic or are interested in viewing some of the new and exciting multifamily properties that are available, please contact me today. I look forward to hearing from you soon.