The short answer is yes. We do allow our property owners to have some discretion over pet rules. However, most of them allow pets and we encourage it. Let me tell you why.
Allowing pet owners will double your market. A good portion of the people renting single-family homes are doing so because they want to be able to have pets.
Because there is a higher demand for properties that allow pets, you will experience shorter vacancies between tenants. You’ll also have tenants longer. One study I read suggested that allowing pets can double the amount of time the tenant will live at the property.
Those two benefits work together; shorter vacancies and longer stays means more income and will more than compensate the potential costs associated with allowing pets.
Now, there is the potential for damage. Pets can get out of hand. They can pee all over the place. They can scratch up and ruin wood floors, door frames, etc. Pets can cause thousands of dollars in damage.
However, we do charge $35 per animal, which also helps to cover costs. We require potential tenants to submit photos of any animals they will have living in the house with their rental applications. This enables us to make sure we know exactly what animals will be there.
We also recommend our property owners request a 90-day Video Inspection, which will allow us to see if the tenant is, in fact, cleaning up after the animal and making sure it doesn’t destroy the property.
Despite the risks, we do thing allowing pets is a good policy. You can charge extra and reap the benefits.
Our experienced investment property management team can relieve you of the burden of managing your rental property while saving you some serious money! Call us today at (440) 220-7300 to see how we can help you!