There’s no way around it: for pet owners, pets are part of the family. Our pets provide us with company, emotional support, love…the list goes on and on. It’s no surprise that renters with pets are exclusively searching for pet-friendly homes.
Most Renters Are Pet Owners
According to the Humane Society of the United States, 72 percent of renters have pets. You’re missing out on almost three-quarters of the entire rental market when you don’t allow pets in your rental property.
Savvy Businesses Embrace Pets
You wouldn’t be the first savvy businessperson to embrace pets. In fact, you may have noticed an increasing amount of “yappy hours” at local bars, pet-friendly restaurant patios, boutique pet stores, luxury pet boarding facilities, pet accommodations at upscale hotels, and specialty dog treats sold at farmers markets. These services are extremely popular because people genuinely love their pets and want to take them wherever they can.
Embracing pets isn’t just nice, it’s a smart business decision.
Benefits vs. Risks
As with any business decision, allowing pets in your rental property comes with a certain amount of benefits and risks.
Benefits
- You can earn more money on your property investment by charging a higher rent or adding pet fees
- You’ll have a larger pool of potential tenants to choose from
- Tenants will be happier in your rental since they’re able to keep their pets
- Tenants with pets tend to renew their leases, leaving you with less vacancies
Risks
- Pets may damage your property
- Some pets could injure neighbors or yourself
- Certain pets could pose noise issues (incessant barking, howling, etc.)
- Pet dander and allergens might get trapped in carpeting and air ducts
Although allowing pets in your rental property isn’t always hassle-free, it’s definitely a prospect worthy of your consideration. Especially since so many renters are also pet owners, and you can be sure that they will choose their pet over your incredible rental.
The key to implementing a successful pet policy is working to mitigate the aforementioned risks involved with renting to pet owners.
How to Mitigate the Risks
Get pet references and screen the tenant
Conducting pet interviews is an increasingly common practice in the rental world. This allows you to meet the pet in question beforehand and learn more about your potential tenants as pet owners. You want to make sure your tenants are responsible pet owners before you move forward with renting your property to them and their pet(s).
It’s also a good idea to check in with your tenants’ previous landlords. Is there a pattern of negligent behavior? Would they rent to them again?
Apartments.com makes it easy to screen tenants, get the information you need, and find a qualified renter fast. Unlike our competitors, who use various third-party resources to collect information, we partner with TransUnion to provide you with screening reports for evictions, credit, and criminal history. Another feature you’ll find only on Apartments.com is support for co-signers, guarantors, and co-applicants. If you need more information to make a decision, you can request supporting documents from potential tenants directly on our platform. Get all the information you need to find the right tenant quickly and easily.
Charge pet rent
Charging an additional monthly pet rent will allow you to increase your monthly income as well as have money on hand if you need to repair any immediate pet damage. Pet rent typically averages between $10 and $60 per month, so try to keep your own pet rent within that range. An exorbitant pet rent will deter even the most pet-oriented renter. Try to stay competitive while still mitigating risks.
Collect a bigger security deposit
Along with charging pet rent, you’ll also be able to collect a pet deposit when you start renting to tenants with pets. Be cognizant of your state’s maximum allowable amount when determining the exact rate of your pet deposit.
Some landlords have found success in requiring all tenants with pets to pay for a professional carpet cleaning and air duct cleaning upon move out. This removes pet dander and allergens, so people with any pet allergies are not excluded from the future tenant pool.
Try to evaluate personality over breed
All kinds of dogs have the potential to bite (and bark). However, a dog’s temperament and owner tend to be more indicative of this potential than the dog’s breed.
Be sure to meet the tenant’s dog before you lease to them. You’ll uncover everything you need to know during the pet interview. On the other hand, it is important to keep in mind that some breeds may not be covered by renters insurance. Make sure your potential tenant is aware of this, and selects an insurance plan that covers their specific breed of dog.
Require that a pet be neutered or spayed
According to the ASPCA, spayed females will not go into heat, meaning they won’t damage your rental’s carpeting or yowl for mates. Neutered males are less likely to roam away from home and are more likely to be better behaved — less aggressive, less likely to mark, and less likely to mount other animals or inanimate objects.
Be specific about your pet-friendliness in the lease
Have your tenants sign a pet agreement that states what types of animals you allow in your rental property.
Sample “No Pets” Clause
ANIMALS. No animals (including mammals, reptiles, birds, fish, rodents, and insects) are allowed, even temporarily, anywhere on the Premise unless Landlord has provided authorization in writing. If authorization is given, Tenant(s) may have to pay a non-refundable pet fee or increased security deposit amount. A service animal will be authorized for tenant(s) with disabilities.
Sample “Pet Addendum” to a Lease Agreement
This Addendum is made on [MONTH DAY, YEAR] between [LANDLORD’S NAME] (Landlord) and [TENANT’S NAME] (Tenant), and is understood to modify the Residential Lease for [PROPERTY ADDRESS] (Premise) originally dated [MONTH DAY, YEAR].
1. PERMISSION
Landlord grants permission to Tenant to keep the domesticated pet(s) on the Premise during the term of the Lease. Landlord may revoke permission at any time if Tenant fails to comply with any of the terms and conditions in the Lease or subsequent Addendums.
2. SERVICE ANIMALS
Service, Guide, Signal, or Support animals are not “Pets” according to the Americans with Disabilities Act (ADA), as long as the animal is being used by the Tenant to support a disability or handicap, or the Tenant is training the animal(s). Additional information on Service Animals and subsequent rights and protections can be found on http://www.hud.gov.
Is the Tenant’s pet actually a Certified Service Animal or in training to be a Certified Service Animal? : _______ Yes, _______ No.
3. ANIMAL PROFILE
Type of Animal: Dog, Cat, Bird, Rabbit, Pig, Reptile, Fish (circle all that apply)
Name of Animal(s): ______________________
Weight of Animal(s): ______________________ (lbs.)
Breed of Animals(s): ______________________
Age of Animal(s): ______________________
Spayed or Neutered?: _______ Yes, _______ No
Current on Vaccinations?: _______ Yes, _______ No
Possesses Current Animal Licenses?: _______ Yes, _______ No
______________________________________
Tenant Signature
______________________________________
Landlord Signature
Renting to tenants with pets doesn’t have to be a complicated process. In fact, it can be quite lucrative in the long run. Follow the above tips and you’ll have pawsitively no trouble finding responsible pet owners to lease your rental property.
