We have brought on several new owners to our KC Property Manager property management services. And we always have to talk to the new income property owners about their pet policy. Most income owners don’t want to allow pets. That’s almost always the first inclination. But let’s stop and discuss this, shall we?
I’d say about 45-50% (maybe more?) of the prospective tenants out there have a dog or cat or bird or something. They do. Heck, even most of the owners that don’t want to allow pets have a pet. :) It’s part of who we are as a society. So if you are not going to allow pets then you are automatically eliminating half the tenant pool right off the bat.
And think about this. Pet owners usually expect to pay more to occupy your rental property. In fact, I cannot remember the last time a real tenant candidate was surprised when I mentioned additional pet deposits or a bump in rent.
Protecting your investment property and getting the tenant to buy in to keeping your house nice can begin with a good talking to and a financial incentive to make sure their pets are doing no harm to the unit. I like the idea of a $350-$500 REFUNDABLE pet deposits because it’s incentive. If the dog is large or there are multiple animals I suggest a refundable pet deposit in ADDITION to a rent bump. $25 a month or even $50 a month is negotiable.
Don’t eliminate half your tenant pool. Make money from them.