As a real estate investor or landlord, one of the most critical decisions is allowing pets in your rental property. It’s a choice that can impact your rental income, tenant satisfaction, and the overall condition of your rental unit. At Gates Management and Realty, we understand the challenges and rewards of allowing pets, and we’re here to help you weigh the pros and cons.
Why Pet-Friendly Rentals Can Be a Win-Win
Let’s start with the upside. Pet-friendly rentals tend to attract more prospective tenants, particularly those who consider their pets part of the family. Many tenants actively search for housing that welcomes their furry friends.
Pet parents are often willing to pay higher rent, cover pet fees, or agree to a pet deposit if it means keeping their animals close. This can boost your rental income and lower vacancy rates, especially if tenants stay longer due to limited pet-friendly housing options.
Additionally, responsible pet owners often make responsible tenants. They’re used to caring for another living being and are usually more considerate of their surroundings. Many tenants with pets are also willing to submit to stricter tenant screening, provide current vaccinations, and even sign a pet agreement or pet addendum as part of the lease agreement.
What Landlords Should Watch Out for with Pets
It’s equally important to consider the risks. Pet damage, such as scratched floors, odor, and excessive barking, can result in additional wear and potential damage to the rental unit. Noise complaints from other tenants, dog bites, or messes left in common areas can create tension and increase your liability coverage requirements.
Some insurance companies may not cover certain dangerous breeds, so always check with your provider before updating your pet policy.
You’ll also want to be mindful of local, state, and fair housing laws. For example, while you may choose to disallow certain pets, you must make reasonable accommodations for emotional support animals and service animals. These are not considered pets, and denying them could result in a discrimination claim.
Steps to Take Before Approving Pet-Friendly Rentals
To help protect your investment, we recommend requiring a specified pet deposit, charging pet rent, and possibly implementing pet fees for cleaning or maintenance. Including a detailed pet agreement in the lease clause sets clear expectations and gives you a solid foundation for addressing issues like pet accidents, nuisance behavior, or the tenant's mess.
Don’t forget to conduct regular inspections, giving tenants reasonable notice, to ensure compliance and prevent long-term damage.
Ultimately, the decision comes down to your rental business goals, the type of property you own, and your willingness to manage the extra considerations pet ownership involves. Allowing pets can be a great way to improve tenant retention and increase rental income, but only if you set clear ground rules and communicate effectively.
Why Work With Gates Management and Realty?
Navigating the pros and cons of allowing pets doesn’t have to be overwhelming. At Gates Management and Realty, we help landlords like you make the right call for your rental property. From creating a firm pet policy to screening tenants and handling lease agreements, our team takes the guesswork out of property management.
Let us help you maximize your rental income while minimizing pet-related risks. Whether you’re just starting or managing multiple units, we’re here to guide you every step of the way.
Ready to make the right decision?
Explore our services or contact us today to see how we can support your property goals.
FAQs: Pets in Your Rental Property
1. Can I charge pet rent and pet fees together?
Yes, you can charge both. Pet rent is typically a monthly charge, while pet fees are usually one-time, non-refundable payments to cover extra wear or cleaning.
2. What’s the difference between a pet deposit and a regular security deposit?
A pet deposit is a specified sum explicitly held to cover damage caused by pets. A standard security deposit covers general damages and unpaid rent.
3. Are emotional support animals considered pets?
No. Emotional support and service animals are not considered pets and are protected by fair housing laws. You must allow such animals with appropriate documentation.
4. How do I screen tenants with pets?
You should screen tenants by asking about their pets' type, size, and breed, requesting proof of vaccinations, checking past landlord references, and possibly meeting the tenants' pets.
5. What if other tenants complain about noise or allergies?
Address other tenants' concerns by enforcing your pet policy, resolving noise complaints promptly, and conducting regular checks, giving tenants reasonable notice when needed.