Should You Accept Pets at Your Property Rentals?
Most of my readers may not know but I grew up with a passion for animals and wildlife and eventually chose to major in zoology at the University of Central Florida. As I transitioned over to a more financially stable career in sales and marketing, I have never forgotten my passion for animals. Fast forward fifteen years later, I now have an NGO called Project Ulusaba and 5 rescue dogs. Which leads me to today's blog ….
As an avid traveler, rental property owner and keeper of said wolf pack above I know how pets can play a role in rental properties. Whether you are a pet owner or not this blog pertains to everyone.
Before you list your property as a long-term rental or vacation rental, this is a question that inevitably pops up. Because pets can make a mess, cause damage, or pose some liability concerns.
For these reasons, some renters have a hard time finding pet-friendly apartments and houses. And if they have more than one pet, it can be even more challenging.
So, as the landlord, are you willing to accept pets in your rentals? Some landlords do and here are the reasons why.
Most Pets Do Not Destroy A Home
Although it’s common to think pets create messes, especially puppies, most pets are not destructive. By interviewing the potential renter and reading through references, you’re likely to find out if the pets are well behaved.Also, creating a pet agreement is a smart idea. It can include a picture of the pet, vet records, and a personal pledge that there’s no history of violence with the animal. You can also charge a pet deposit and monthly pet rent.
Your Rental Might Have Pet-Friendly Features
Does your rental have a private patio or a fenced yard? What about tile flooring? If so, accepting pets might work for you.And if you have multiple rental properties, you can start accepting pets at one property then see how it goes. If it works at one, maybe it will work at others. But, if a certain property doesn’t quite feel pet-friendly, then in that case, it probably wouldn’t be wise.
Pet-Owning Renters Are Willing to Pay More
Because animals are an extension of one’s family, renters with pets are willing to pay extra fees. These fees come in the form of additional security deposits and monthly pet rent.Most renters who are willing to pay these extra costs are responsible with their pets. Of course there are exceptions, but most are responsible.
Offering a refundable pet deposit is an option, although not all landlords do this. Yet, by making the pet deposit refundable, it can incentivize renters to ensure the condition of the property stays in great shape.
What Happens If a Pet Causes Damage
In the experiences of many landlords, renting to a tenant who has pets has been successful in the majority of cases. If they encountered any issues, the pet rent and extra pet deposit were able to cover the costs of cleaning and repairs.Cover All Your Bases
Because most landlords charge pet rent and collect and extra security deposit, if any damages do occur, they are fully covered. In the event that the deposit falls short of covering any damage and the tenant doesn’t pay, the pet rent is intended to cover those costs.However, many landlords make thousands of extra dollars just by making their rental properties pet-friendly. Although, there can be potential problems, most landlords come out ahead.
Also, as a landlord it’s good to know that service and therapy animals have laws protecting their status. Take some time to familiarize yourself with those laws.
Ryan Gravel
Ryan Gravel is an American real estate broker and developer. He began his career at a young
age working for his family owned construction company.
After graduating college at the University of Central Florida with a degree in business,
Ryan set out to find untapped prolific markets around the world. His search landed him in
Playa del Carmen, Mexico where he founded Virgin Realty Mexico and co-founded the Saatal
Development Group one of the fastest growing development companies in the Riviera Maya.
With extensive market knowledge, professionalism, etiquette, innovation and integrity Ryan
is known as one of the most highly respected real estate advisors in the region.
