When deciding whether or not to allow pets at your rental properties, there are several factors to take into consideration. Here is some information to help you decide whether allowing pets at your rental properties is a good choice for you.
- Allowing pets at your rental property increases the pool of applicants
- Nearly 70% of households have pets but only about half of landlords allow pets at their properties
- Finding a place to rent that allows pets can be challenging for tenants.
- Renters are likely to stay and renew their lease
- Opportunity to earn more if you charge a monthly pet fee
- Being pet friendly improves your reputation
- Yes, pets can cause damage but there is not a significant different in the amount of damage cause by pet-owning tenants compared to non-pet-owners
- Most damage is covered by pet deposits*
- To best prepare and protect your investment, you can do more extensive screenings on renters with pets:
- Pet resume
- Vaccinations, obedience training records
- Renter’s insurance with pet coverage
- Reference checks with prior landlords to learn about pet and tenant behavior, especially things like barking, cleaning up
- Put limits on pet number, pet weight, breed
- Pet resume
*According to research by the non-profit organization Foundation for Interdisciplinary Research and Education Promoting Animal Welfare (FIREPAW)
If you do want to allow pets at your rental, the most important thing is to have a good, clear pet policy so you and your tenants know what to expect. Please note that service animals are not subject to the same regulations and restrictions. Make sure you know the local laws or work with a property management company who can effectively and skillfully navigate all laws and policies for you.
For more information about the Concierge Property Management Services at Caron B Realty, please call Doug Davis at (808) 596-4883 or email concierge@caronb.com
