We study the emergence of density waves in dipolar Bose-Einstein condensates (BEC) when the strength of dipole-dipole atomic interactions is periodically varied in time. The proposed theoretical model, based on the evolution of small perturbations of the background density, allows to compute the growth rate of instability (gain factor) for arbitrary set of input parameters, thus to identify the regions of instability against density waves. We find that among other modes of the system the roton mode is most effectively excited due to the contribution of sub-harmonics of the excitation frequency. The frequency of temporal oscillations of emerging density waves coincides with the half of the driving frequency, this being the hallmark of the parametric resonance, is characteristic to Faraday waves. The possibility to create density waves in dipolar BECs, which can persist after the emergence, has been demonstrated. The existence of a stationary spatially periodic solution of the nonlocal Gross-Pitaevskii equation has been discussed. The effect of three-body atomic interactions, which is relevant to condensates with increased density, upon the properties of emerging waves has been analyzed too. Significant modification of the condensates excitation spectrum owing to three-body effects is shown.
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