America is a country that is full of pet lovers. Did you know that pet owners spent over $60 billion on their pets last year? Even if you don’t have a pet yourself, you probably know someone who does.
So just where do all of these pets live? Take a look at almost any rental-listing website and you’ll likely see disclaimers stating that pets aren’t allowed. If you are a property owner, this leaves you in a very interesting situation. Do you keep your property pet-free to avoid potential damage and repairs? Or do you allows pets in order to attract tenants?
Some property owners feel very strongly that allowing pets is a bad move and are resolved to keep their properties pet free. For those who may be on the fence, there are a few advantages that we will point out below as well as some tips on how protect yourself and your property when pets are allowed.
Advantage #1 – Pet Rent
Most pet owners consider their pet as another member of the family. It’s important enough to keep their pet with them that they are willing to pay an additional fee each month on top of rent. For larger breeds, you can reasonably charge up to $100 a month and up to $50 a month for smaller dogs and cats. This pet rent can add up quickly over the span of a year lease.
Advantage #2 – Fill Vacancies
As a property owner, you know how important it is to avoid long vacancies between tenants. When you allow pets in your properties, pet owners will no longer automatically skip over your rental as they do their search. Pet friendly rental properties are in high demand, which means your property is likely to stay occupied more frequently and for longer.
If you do decide to allow pets in your rental properties, here are a few tips to consider that can make a difference:
Be Sure to Have a Good Lease
Take the time to review the current lease agreement you use and add in explicit details regarding pets. This might include what breeds and sizes are allowed as well as a plan for pets that become a nuisance to neighbors.
Plan Ahead for Clean-Up
Chances are, you may have some additional clean up to do at the end of a lease when a tenant has had a pet. Plan ahead so that you have funds available for this extra clean up.
Know the Law
When it comes to charging a deposit for a pet, be sure that you are in compliance with local laws. For example, in some states, you cannot ask for more than the amount of one month’s rent for a deposit.
Do you need more insight on whether it’s a good idea to allow pets or not? Give RPM East Valley a call at 480-981-7000.