One of the many important decisions you will make as a landlord is whether pets will be allowed in your rental property. Did you know that 68% of U.S. households have a pet? Allowing pets in your property is your opportunity to have more applicants interested. Most pet owners consider their pets like family. If you have a pet, you understand that you are not going to go anywhere without your beloved pet. Pet-friendly houses and apartments tend to be way more attractive. As a landlord, you want to remain competitive in the market and you definitely don’t want to limit yourself excluding a good portion of good tenants just because they have pets. So if you absolutely hate the idea of allowing pets in your rental you might want to reconsider.
Pets can be a benefit to your rental property. Moving to a new home can be stressful, so you can imagine that moving with a pet is even harder for many reasons. Pet owners want to avoid moving often because they do not want to stress out their pets. There aren’t as many properties available to pet owners. Only 55% of landlords allow pets, so it becomes a difficult task for renters with pets to find rental properties that suits their needs. When they finally find a place that allows pets they are most likely going to want to renew the lease. Tenant turnover and vacancy can quickly ruin a profitable investment. Pet-friendly properties will lower your vacancy rate and increase your renewals.
You find a great tenant but it has two dogs. I know what you are thinking, what happens if they scratch things up or damage the property? Although some pets may be destructive, most of them are not. Some pets do far less damage than children. To ensure that pet owners are good about preserving the condition of your property you need to ask for a pet deposit or a pet fee. Some people even charge pet rent. A pet deposit will cover any kind of damages associated with pets. They must also have a security deposit so those two combined should cover you for anything that a dog or cat could do. General security deposits are legal in every state but separate pet deposits or pet fees are only legal in some.
Pet Policies
As a landlord, it’s your responsibility to have a detailed pet policy in place. This policy should outline the rules for both tenants and their pets and should be included in your lease. The pet policy should include:
Define What Pets You Will Allow
- Types of Pets Allowed: specify the exact animals you will allow
- What dog breeds will you allow & weight limits
- Decide the number of pets allowed
- All pets will have the required shots, licenses and tags
- The tenant is required to pay for any damage their animal has caused
- Require the tenant to get liability insurance
- Specify pet owner responsibilities: waste removal, supervision, sound control (barking), etc