Pets are more popular than ever with American families. Around two-thirds of households in the United States have some sort of furry friend, with the most popular options being cats and dogs.
If you're a landlord, you may be wondering how to navigate pets in a rental property. Should you allow them? Should you have some exceptions? It can be a tough call.
We're here to help demystify the process. Read on to learn about how you can deal with pet ownership when looking for tenants.
Legal Protections for Service Animals
If a potential tenant has a service animal, you need to follow the stipulations in the Americans with Disabilities Act, or ADA. You cannot discriminate against residents who have a registered service animal.
Service animals differ from pets in many ways. For instance, they're trained to assist their owners with things they can't do because of disability, such as assisting with seizures or grabbing objects.
Pet Fees and Rent
Allowing tenants with pets is a great opportunity to make some extra income. You can charge pet fees, such as an additional deposit, or pet rent, which will be tacked on to the regular rent every month.
Since these types of fees are the norm, it won't come as a surprise for your tenants. They may just be happy that you allow their pets in the first place.
Protect Your Property From Damage
Pet ownership has many perks, but it can also come with risks, such as property damage. An additional security deposit for pets can alleviate this stress, but you still have to worry about repairing the damage.
You can also stipulate in the lease agreement that tenants pay for all damages from pets after they move out, regardless of the cost. You need to protect your property investment.
Attract More Tenants
Overall, allowing pets will help widen the tenant pool. This can be beneficial if you're struggling to find tenants that can afford your rental.
Make it clear in the application that pets will come with pet fees and potentially other charges. Your landlord policies should also go into detail about additional monetary obligations.
Decide on Rules and Regulations
You need a clear-cut policy on pets that applies to all tenants. Some of the common stipulations include size and noise limitations.
This way, all of your tenants can live comfortably, especially in close quarters such as an apartment complex. You'll also have to deal with fewer tenant complaints.
Consider Allowing Pets in a Rental Property
Not only do pets improve quality of life, but they can be the deciding factor for many tenants. Use this guide to ensure both you and your tenants have a transparent relationship regarding their furry friends.
Are you a rental property owner in the Columbus, Ohio area? PMI Columbus can help you craft landlord policies for pet ownership, so you can avoid property damage.
We can ensure your investment stays protected and keep you updated on the latest market trends. Contact us with any questions you may have.
