Today we are talking about allowing pets in your rental home and how to mitigate risks when allowing tenants to move in their dogs and cats.
Benefits of Allowing Pets in Your Rental Home
The single biggest positive is you’ll get higher rent when you allow pets. You will also have the ability to rent your property faster, and it will likely be to a more stable tenant. Two thirds of the rental pool has at least one pet, so if you say you aren’t going to permit pets, you’re eliminating a large part of your potential market. When you segment your market like that and you’re only willing to focus on a smaller pool of non-pet owning tenants, you’re marketing to fewer people and you’re also competing against the other landlords who aren’t allowing pets. The chances of renting your property quickly and for the highest rent diminish significantly.
Mitigating Risks When Allowing Pets in Your Rental Home
Obviously there are some risks involved when you allow pets in your rental property. Everyone hears horror stories about dogs chewing on baseboards and cats peeing on carpets. Animals can cause damage, but if you mitigate the risks, you will have a successful experience. Make sure you have a smart pet policy in place, a strong pet addendum and a pet screening policy. You don’t want to allow all pets; you can set restrictions on size and breed. You also have the opportunity to increase the tenant’s security deposit. Most property managers require tenants with pets to pay between $200 and $500 in a higher deposit per pet. This will cover the potential damage those animals may cause.
If you have any questions about pet policies, or you need more help with your decision to allow pets, please contact us at Advantage Property Management Services.