Allowing Pets In Your Rental Units: Rewards vs. Risks

What’s the best approach for allowing pets in your rental units?  Most every risk creates an offsetting opportunity for gain, which certainly applies to the circumstance of allowing pets in your rental properties.  The American Pet Products Association reports that there are approximately 83.3 million dogs and 95.6 million cats in the U.S., which equates to nearly 50 % of households with pets.  Refusing to allow pets into your rentals will significantly reduce the pool of potential tenants for your property and will likely increase your vacancy period as compared to if you did allow pets.

Here are some ways to enhance the rewards, and greatly mitigate the risks, of allowing pets into your rental:

1. Charge a Higher Rent

At Real Property Management of Sarasota & Manatee we offset any additional wear and tear that might be associated with having pets at the property by charging tenants an additional $25.00 per month.  This amounts to an additional $300.00 per year to the owner.

2. Collect a Larger Security Deposit

At Real Property Management of Sarasota & Manatee, in addition to the 1 month security deposit we customarily charge tenants, we charge an additional deposit of $250.00 per pet.

3. Have an Ironclad Lease That Addresses The Pet Issue

At Real Property Management of Sarasota & Manatee we include a pet addendum to the lease, which clearly outlines the responsibilities of the tenants with respect to their pets.  The specific pet is named on the lease and we must “meet” the pet before move-in.  It is made clear that no substitutions, or additional pets are allowed without prior written approval, and that the tenant is fully responsible for damages and cleaning associated with the pet and its presence at the property.

If you have a systematic approach to proactively dealing with pets and pet issues there is no reason why you should not allow pets in your rental prperties, the rewards can more than offset the risks if you proceed smartly.

Real Property Management of Sarasota & Manatee is a residential property management and leasing company serving the greater Sarasota & Manatee county Florida area, including: Parrish, Palmetto, Ellenton, Bradenton, Lakewood Ranch, Siesta Key, Longboat Key, Sarasota, Venice, Osprey, Nokomis, North Port, Englewood, Rotunda, Punta Gorda, Florida.  Contact us at 941-225-8183.

 

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.