Since 68% of people in America own a pet, it's often a good idea to allow pets in a rental property. However, some landlords are hesitant to put up with pets considering they're a potential risk to the property.
To help you gauge if this is the right decision for your property, we've put together an easy guide. It'll go through the key things to keep in mind if you want to allow pets in your rentals.
Read on for more information!
Clear Rules
Rules and regulations are a vital part of a successful rental property, but they're even more important when you involve pets. Tenants need to understand their responsibilities as a pet owner.
The pet policy for your rental must be easy to access and easy to enforce. If the rules allow any wiggle room, you could leave yourself open to higher repair costs and greater stress in the future.
When creating your listing, make sure to outline what's expected from the tenant and their pet.
Pet Deposit
Whenever you allow pets on your rental property, you'll want to ask for a pet deposit beforehand. This will aid you in any costly repairs that might be necessary after the tenant leaves.
It's something you'll be able to fall back on when needed.
Many landlords use a month or two's worth of rent as the general pet deposit amount. The amount you'll ask for often depends on the size of the property, the type of pet, and how long the tenant plans to stay.
Support Animals
If you decide to not allow pets on your property, you must take a look at the Fair Housing Act. Physical and emotional support animals don't fall into the same categories as regular pets.
Even if your policy is to not allow pets, you should still have rules in place for support animals. It's not lawful to ignore a person's need for a support animal, so prepare your policies to fall in line with these regulations.
This keeps your business protected while also making tenants feel comfortable on your property.
Itemized Statement
After a tenant and their pet leave the rental property, you should go through and make note of any damages. Create an itemized statement complete with pictures so that you have proof of any problems that occurred.
This will help you if there are disputes over repair costs. As a property manager, it's up to you to defend yourself and your business. This kind of record-keeping goes a long way in protecting yourself.
Managing Pets in a Rental Property
Allowing pets in a rental property means you'll increase your workload. Even the most well-behaved pets will require you to do extra prep and cleanup. That's why it's a good idea to enlist help from professionals so you can focus on other tasks.
PMI Northbay uses top-notch technology to help your property management find success. We have 20 years of experience backing us and we'll use that expertise to help you, too. Check out our services to find all the management assistance you'll ever need!
