Recent statistics show that about 70% of American households own a pet and this number is growing. This means that if you're a landlord who doesn't allow pets, you've already eliminated most of the population as potential renters.
It doesn't have to be this way, though. The majority of landlords will allow pets in their apartments. Unfortunately, the number is still significantly lower than that of pet owners.
Suppose you did want to allow pets in a rental property. How would you go about it? Is there any way you'd need to prepare beforehand? We'll answer that question and more in this article.
Setting Standards
For some reason, there's a tendency to assume that allowing pets means allowing all pets with no exceptions. The truth is that allowing pets simply means that you're open to the idea.
Landlords do this all the time, and the standards are often reasonable. For instance, some landlords only allow one or two pets per unit, and that's fair because most people don't own more than two pets anyway. Other landlords set size limits, and that's also reasonable.
One thing you should never do is decide based on the breed because it tends to be unreliable. Statistically speaking, children are the most common victims of dog bites, and the dog is almost always a familiar one. Dog bites are mostly dependent on how often you interact with dogs, and under what circustances.
Screen Your Tenants
Tenant screening in a pet-friendly apartment is the same as for any apartment, with one exception. In addition to screening your tenants, you'll also need to screen their pet/s.
Much of the information you need will come from the tenants' background checks. Since you can't charge an animal with a crime, any legal issues involving the animal will show up on their owner's record.
If the owner's record is clean, ask them about the pet. Try to determine if the pet has any issues, or if they might pose a threat to others. The last step is to meet the pet, and see what your impression of them is.
Financial Aspect
Allowing pets into your rental properties could be lucrative, because pet owners are often willing to pay more to accommodate their animal companions.
There's also the issue of damages. We'd all like to think our pets are well-behaved, and they might be, but everybody has their bad days. Not only that, but the animals are moving into a new home, so it makes sense that they'd be a bit stressed.
With this in mind, it makes sense to charge a little extra in case of damages. You could always give it back if no damages occur.
Should You Allow Pets in a Rental Property
Should you allow pets in a rental property you own. The simple answer is probably. While banning pets can keep the apartments cleaner, it's also a missed opportunity.
Pets can make rental property a far more lucrative venture. Plus, most risks can be mitigated, or reduced, by taking a few precautions. We've discussed these precautions in this article, but there's more to learn.
If you want to learn more about being a Hawaiian landlord, please visit our site. We can tell you why you should consider buying property on Hawaii's big island.
