What is your pet policy for your rental home?
Seventy-three percent of Americans own either a dog or a cat. It’s a large percentage of the population that has pets, and many of them are looking for homes. You need to have a pet policy in place if you decide to allow pets. This is critical to managing your business.
Not Allowing Pets
I personally manage and own a lot of properties where no pets are allowed, and I have no problem getting the homes leased. Many people who are looking for rental properties do not have pets because they know it’s hard to find a well-maintained home that allows pets. So, if you decide not to allow them, that’s okay.
Charging a Pet Deposit
A lot of landlords and management companies will charge a pet fee or a pet deposit. They base the amount of that deposit on the size of the pet. Typically, the pet deposit will be around $200 per pet and will increase with the size of the pet. Larger dogs typically cause greater damage and have more wear and tear on a property. You’ll want to charge accordingly depending on the type of animal your tenants are bringing into the property.
Restricting Pet Sizes and Types
Most homeowners who have pets are responsible pet owners, but some are not. If you do decide to allow pets, put a weight limit or a size restriction in place. Maybe it’s 20 pounds or 40 pounds. You can identify certain breeds that you won’t allow. Put those limits in your pet policy, stick to them, and don’t manage on a case by case basis.