Let's look at the pros and cons.
1. Potential damage. Fluffy likes to sniff, climb, roll in mud, chew, dig, explore, and may have occasional accidents.
2. Noise nuisance. Dogs bark. They bark at squirrels, the neighbors, the dishwasher, the mailman.
3. Dander and allergies. (Roughly 10% of American are allergic to household animals).
However, there are many positives to allowing pets at your rental property.
1. More applicants. (As stated, 68% of families have a cat or dog. Not allowing Fluffy into your house is limiting your tenant pool by astonishing amounts).
2. Additional Income. You can charge a additional deposits and rent to ensure any damages are covered.
3. No surprises. When rentals are sparse, families feel pressure to pounce on the first home available. If it doesn't allow pets; they are forced to get rid of a member of their family, pass up the perfect home, or most commonly; lie about having animals in the house.
In the end, whether you’re a dog person or a cat person, letting them into your rental space is a big decision. It can affect rental rates, the number of tenants to choose from and your liabilities. If you do decide to rent to tenants with pets, be sure to check them out beforehand and always use your best judgement. Like people, you shouldn’t let just any pet into your home.