Allowing pets can feel like a gamble: more applicants and income on one hand, more risk and maintenance on the other. In reality, a smart pet policy can turn pets into a competitive advantage without opening the door to avoidable damage or drama. Here’s a practical cost-benefit breakdown to help you decide what’s best for your rental.

The benefits (why pet-friendly rentals can pay off)

#1: A larger tenant pool + faster leasing 

Many renters have pets, and pet-friendly listings can stand out in crowded markets. The result is often more applications and fewer vacancy days [1], especially when comparable rentals have “no pet” policies. Pet-friendly rentals can also attract strong, long-term tenants [2] who don’t want to move again and go through another pet search.

#2: Higher monthly income opportunities 

Pet-friendly rentals frequently support additional monthly pet rent [3] and/or a pet deposit (where legal) [4], creating a built-in buffer for extra wear and tear. Even a modest monthly fee adds up over a lease term and can offset routine turnover costs.

#3: Longer tenant retention

Pet owners often stay longer because pet-friendly housing is harder to find. Longer stays reduce turnover expenses like advertising, cleaning, and vacancy loss. Some landlords also report fewer “move-out surprises” when pet rules are clear from day one.

The risks (what can go wrong)

#1: Property damage and odor

Scratched floors, chewed trim, stained carpet, and lingering smells are the big fears, and yes, they can happen. This is the most common “hard cost” risk and the reason your policy should focus on prevention, documentation, and enforceable accountability. 

#2: Noise and neighbor complaints

Barking and pet-related disruptions can strain relationships with neighbors or other tenants. In multi-unit housing, this can become a recurring management issue if expectations aren’t explicit. 

#3: Liability and insurance concerns

Bites or injuries can create liability exposure. This is where screening, rules, and the right insurance requirements matter most.

#4: Allergies and future marketability 

Pet dander can impact future showings and require deeper cleaning between tenants, especially with carpet and HVAC filters. 

How to make pets work (without regret)

If you choose to allow pets, protect your property with a clear structure:

• Use a written pet addendum [5]: define approved pets, limits, behavior expectations, cleaning standards, and consequences 
• Screen the pet like the tenant [5]: request vet records, references, and basic behavior details 
• Charge the right fees (within state laws): pet rent and/or deposits can reduce financial risk
• Inspect proactively: early check-ins can catch damage before it becomes expensive 
• Require renter’s insurance with pet liability (when allowed) [3]
• Know the rules on assistance animals: assistance animals are not considered pets [6], so standard pet fees/restrictions generally don’t apply 

Bottom line

For many landlords, a pet-friendly policy is worth it when it’s paired with strong screening, a detailed addendum, and consistent enforcement. The goal isn’t “yes pets” or “no pets”, it’s pets with guardrails.

If you want help building a pet policy that protects your property while keeping your rentals competitive, contact FAS Management today to help you set clear rules, reduce risk, and keep leasing smooth. 

Sources:

1. https://bestfriends.org/pet-care-resources/pet-friendly-rentals-increase-profitability-landlords?utm_source=chatgpt.com
2. https://www.wolfnest.com/blog/the-pros-and-cons-of-allowing-pets-in-a-rental-property
3. https://www.rentgowalters.com/blog/accepting-pets-pros-and-cons
4. https://www.rosenbaumrealtygroup.com/property-management-blog/should-you-allow-pets-in-your-rentals-the-data-behind-the-debate
5. https://theindependentlandlord.com/pet-friendly-landlord/
6. https://www.dpor.virginia.gov/sites/default/files/Virginia%20Fair%20Housing/B463-VFH-Anim_Assist.pdf?utm