Owners are concerned about the damage to their rental property that pets can cause, whereas tenants feel as though their pets are part of their family. It is difficult to a decision when it comes to allowing pets into your investment property.
Nothing beats an old school pro vs. con list right?
|PROS of allowing pets||CONS of allowing pets|
You mean I get more monthly rent if my property will allow pets??? YES!
Not only can you collect a monthly “pet rent” you can sometimes start at a higher monthly rate. In many areas it is hard for a tenant to find a rental that will take their pets and are willing to pay more rent. These tenants could also become long term because the search for a pet friendly home is so difficult.
I know you are concerned about damage to the property. Yes... it does happen but there are a few things you can do to minimize this damage.
- Create and implement a pet addendum that clearly outlines your expectations of the tenants as pet owners.
- Perform frequent inspections.
- Collect a pet deposit along with an extra pet rent. This deposit and rent can be used after move out if there are any damages.
Remember that Service/Companion/Assistance animals do not fall under the term “pets.” More to come on this soon!
Ultimately it is your decision to allow pets in your investment property.