One of the questions we get asked most by our new investors is, “Should I allow pets in my rental property?” While most concerns with allowing pets are liability and property damage, with the proper planning and systems in place, those concerns are greatly minimized. According to The Humane Society, 72 percent of renters have pets. Not only do you expand the renter pool when you allow pets, but pet owners also tend to stay in one place longer, to avoid putting undue stress on their animals.
If you decide to expand your potential renter pool by allowing pets, there are a few things to consider before making it official.
Identify Pet Types
Some liability insurance companies will not cover incidences where “dangerous breeds” are kept on the property. It is always important to identify these breeds with your insurance company.
Weight Limits and Numbers of Pets
Even if you don’t have a preference on this, your HOA might. Some HOA communities (particularly in condo complexes) have these restrictions already in place. You will want to check with them prior to securing a tenant to ensure any stipulations you set meet the outlined requirements.
Charge a Pet Deposit or Pet Fee
Charging a pet deposit or fee is a great way to minimize exposure to pet-damaged items. What’s the difference between the two? The pet deposit is collected by the tenant upon move-in and is released back to the tenant at the end of the lease, pending no damage was caused. Pet rent is essentially charging each animal their own rent, and is kept by the owner. Our property management team can help you determine which works best for you.
There are also extra precautions you can take to ensure a great tenant/pet experience.
Require Property Vaccinations
Upon the approval of a tenant ask to be provided vaccination records for each pet. This insures the pet, in the event of an issue, has been properly vaccinated.
Meet with the Pets
You can also ask that you are able to meet your possible tenants’ pets in person. Doing this allows you to see firsthand the temperament of the pet and how they interact with new people.
Whether you decide to allow pets or not, we would love to help you help your clients with Property Management Services. We offer services from TENANT PLACEMENT to FULL PROPERTY MANAGEMENT. For further information, give us a call at (702) 538-7500 or email us at firstname.lastname@example.org!