There are a couple of pros and cons to allowing a pet as a landlord. Fifty percent of all current tenants looking for rental property have pets. Also, in this market, you have a high number of foreclosures. Due to that, you have a lot of displaced families. Lots of families have at least one pet, and many of them have more than one pet. About 65 percent of displaced families have a pet in their household, and they need somewhere to live. Considering pets as a possibility in your rental property as a landlord is always a good idea. It gives you a larger pool of potential tenants and applicants.
Generally, people who have pets in the home seem to make up a larger percentage of the qualifying market. When you allow a person with a pet into your home, they are the tenants who will normally stay in the property longer. They are often family oriented and they take good care of each other, they take good care of their pets and they take good care of the property. As tenants, pet owners display more pride of ownership. They enjoy being involved in their surroundings and in their home. The pets themselves are usually well cared for, and the properties they live in are often well cared for too. This makes the maintenance and upkeep of your property much easier to manage.
The negative to allowing pets is that there are certain pets insurance companies frown upon. Typically, if you are on the fence about whether or not to allow pets, that’s not a call your property manager is going to make for you. It will depend on your insurance policy and you may have to limit yourself to specific breeds and sizes. You also want to make sure the conditions of your home are appropriate for any animals that might be living there with your tenants. These are things to consider when a property manager is marketing your home. Allowing pets will always give you the ability to appeal to a larger pool of renters.
When a pet is approved for a rental, we always recommend that landlords collect a higher security deposit. This will cover you in case the pet does cause any damage to your property. Irresponsible pet owners can leave damage when they move out, so collecting a higher deposit will protect you from that possibility.
If you have any questions, or you would like more information on establishing a pet policy, please contact us at Select 1 Realty.