Pros and Cons of Allowing Pets in Your Vernon Hills, IL Rental Property

According to the American Veterinary Medical Association (AVMA), the number of dog-owning households in the U.S. has increased from 31.3 million in 1996 to 59.8 million in 2024. During the same period, the number of cat owners has also risen from 27 million to 42.1 million.

Considering many of those households are renters, one question frequently on landlords' minds is whether to allow pets in a rental property. After all, this topic affects tenant satisfaction and influences rental property management strategies.

The experts at PMI NVP Estates will explore the benefits and drawbacks of permitting pets in your Vernon Hills, IL, rental properties, so read on.

The Case for Pet-Friendly Rentals

Allowing pets in a rental property can significantly enhance tenant satisfaction and lead to longer leases. Statistics from Multifamily Dive indicate that most renters today own pets and are now renters' #1 priority. So, there's no question there's a considerable demand for pet-welcoming rentals in Vernon Hills.

Here are some key benefits of pet-friendly policies.

Wider Tenant Pool

Despite pet-owning renters now making up most of the rental population, many landlords in Vernon Hills still implement no-pet policies. You can increase your potential tenant pool by not following in their footsteps and opening your rental properties to pet-owning renter households instead.

Reduced Vacancy Rates

Properties that allow pets can experience lower vacancy rates. If tenants can keep living with their furry family members, they will likely stay and renew the lease agreement.

Higher Rent Potential

Pet-welcoming properties often command higher rents. As a landlord, you can charge an additional pet rent or require a pet deposit, adding to your income.

Challenges of Allowing Pets in Apartments

Allowing pets in apartments and rental homes also comes with inherent challenges and drawbacks, such as:

Potential property damage, including faster wear and tear on building and structural components
Increased property maintenance and repair costs
Noise issues (especially with dogs) that may prompt neighbors to file complaints
Insurance issues, as some insurers may impose higher premiums or restrictions on properties that allow pets

Consider all these drawbacks carefully, as they can impact your bottom line.

Navigating Pet Policies in Vernon Hills

Understanding local regulations regarding pets in rental properties and developing pet policies that comply with fair housing laws is vital for landlords in Vernon Hills. At the same time, you must effectively mitigate risks associated with pets by requiring pet deposits and conducting effective tenant placement and screening practices. With these tips, you can stay on the right side of the law while reaping the perks of a pet-friendly policy.

Finding the Right Balance When Allowing Pets in a Rental Property

Allowing pets in a rental property requires careful consideration of both benefits and challenges. Successful rental property management involves balancing pet owners' needs and desires while protecting the property's integrity. By crafting a well-structured pet policy and remaining informed about local rules, landlords can create an appealing environment for tenants while ensuring their investments are secure.

If you're still unsure about turning your rental into a pet-welcoming haven, PMI NVP Estates can help. With our full-service property management solutions, local expertise, state-of-the-art technology, and residential guarantees that provide pet coverage, we can help maximize your rental income.