Everyone has different feelings about pets. Some can’t live without them. Some can’t stand pets. There are dog lovers and there are cat lovers. You know the drill.
No matter your own personal feelings on pets, should you allow them in your rental properties? That depends upon your own feelings as well as an examination of the pluses and minuses on allowing pets.
On the negative side:
- Pets will cause more wear and tear on your property. Untrained dogs like to chew on window sills. Cats like to mark their territory. Claws scratch up hardwood floors.
- Pets create noise. Especially large dogs. Noise leads to tenant complaints.
- Pets smell. Ever step inside that cat lady’s house? Inconsiderate dog owners leave smelly poop all over the property.
- Pets bring in unwanted guests such as fleas.
- Pets can make handling repairs difficult, especially if there is a large dog that growls at every stranger.
- Could be a legal issue if a pet bites someone on your property.
On the positive side:
- Pets can generate more income. You can require a non-refundable pet deposit and even extra rent.
- Many landlords do not allow pets. You can get an edge on your competition if you do allow them.
- Pet lovers may be longer term tenants because they cannot find other properties that will accept their pets. Thus, creating less turnover expense for you.
- Many pet owners are responsible and their pets will not cause much harm to your property or other tenants.
I am a pet lover and lean towards the more income side of the equation, so I do allow pets in my properties. However I do not allow all pets and I have a well crafted pet policy (and you should too if you allow them) that you can read here. This pet policy requires a non-refundable pet deposit, extra rent; it outlines pet size standards and sets other rules. I like to remind tenants that pets are luxuries and I do not have to allow them. So follow our rules and everyone can remain happy.
I also inspect my properties every once in a while to make sure everyone is following the pet policy, thus trying to nip potential problems in the bud (and they told me this would be passive income!).
One last thing, whatever you decide, remember that you have to allow companion animals such as seeing eye dogs.
So until next time, work smarter no harder.
