Landlords and property managers are increasingly allowing pets on their properties.
According to an Appfolio study of Millennial renters, over 76 percent are pet owners, suggesting a high demand for pet-friendly housing. The latest amenity trends are addressing the needs of pet owners with features like pet grooming stations, dog runs and walking services.
While accommodating pets on your property opens you up to a much larger pool of prospective tenants, it’s also important to put the necessary rules and regulations in place to help you manage residents and their pets.
Increase the security deposit
Allowing pets in your rental can put you at risk for pet-related property damage. Protect your investment from potential damages by requiring tenants to put down a larger pet deposit.
.A more substantial security deposit can help you cover the costs of cleaning stained carpets, repairing chewed surfaces, or removing scratches when the resident vacates the property.
Charge additional rent
It’s common for landlords to charge an extra pet fee of $50-$100 per month for animals over a certain size. The additional charge can help you cover the damages a larger animal may cause to the property. Set your size or weight limitations and apply them across the board for all pet-owning residents.
Request a pet interview
Before you approve the applicant and sign the lease, you can request to meet the pet to confirm that he or she is well behaved. Pets can be a liability as occupants of your rental, so interacting with the pet beforehand will help affirm that the animal is trained and friendly.
Establish a pet policy for tenants
Make sure the provisions in the lease protect you from the liability of having a pet on the premises. You can require the applicant to submit health and vaccination records as well as proof that the pet is spayed or neutered. Keep your property clean by requiring residents to pick up after pets and designating an area for animals to relieve themselves.
Make pet-friendly retrofits to your property
Minimize the costs associated with maintaining a pet-friendly property by replacing carpets with hardwood floors or linoleum. These flooring options are easier to clean, won’t trap dirt or odors, and have a much longer life span than carpet. Applying stain-resistant treatments to carpets and fabric will also help your property withstand more wear and tear from pets. Install fencing in your yard or patio to create a closed-off area so pets can’t escape.
Be sure to read up on Fair Housing Laws in your area for any limitations on the rules in your pet policy. It’s important to have a system in place that protects your investment and helps you work with pet-owning residents to provide a trouble-free living experience.
This article courtesy of Zillow. Visit her blog here.
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