Pets in Rental Property

Owners are concerned about the damage to their rental property that pets can cause, whereas tenants feel as though their pets are part of their family. It is difficult to a decision when it comes to allowing pets into your investment property.

Nothing beats an old school pro vs. con list right?

PROS of allowing pets		CONS of allowing pets
Opportunity to lease for higher rent Listing will reach and apply to more prospects Responsible pet owners usually make responsible tenants Difficulty finding a rental that allows pets can lead to longer term tenants Increase income by implementing “pet rent”		Damage caused by pets Disturbances – barking, running loose, etc. Liability if a pet bites a person or attacks another pet If you let one tenant have a pet you have to let them all Loss of future tenants due to allergies (sorry, I am reaching here to make the columns even)

You mean I get more monthly rent if my property will allow pets??? YES!

Not only can you collect a monthly “pet rent” you can sometimes start at a higher monthly rate. In many areas it is hard for a tenant to find a rental that will take their pets and are willing to pay more rent. These tenants could also become long term because the search for a pet friendly home is so difficult.

I know you are concerned about damage to the property. Yes... it does happen but there are a few things you can do to minimize this damage.

Create and implement a pet addendum that clearly outlines your expectations of the tenants as pet owners.
Perform frequent inspections.
Collect a pet deposit along with an extra pet rent. This deposit and rent can be used after move out if there are any damages.

Remember that Service/Companion/Assistance animals do not fall under the term “pets.” More to come on this soon!

Ultimately it is your decision to allow pets in your investment property.