Owning a home is tough enough, when you begin searching for possible tenants the job doesn’t get much easier. You have to assess your home and all of the amenities that come with it to properly list your property so that it is marketable to the public. When interested parties arrive to view your beautiful home there is a screening process that helps you find the candidate best suited to live in your investment. One tricky aspect of finding the right tenant is that about 68% of families own a pet, some of which could be service animals that benefit the families overall health. Whether you’re renting, or a tenant, filling an apartment with pets has its pros and cons.
I know we love our pets, but they are animals that have their own unique behaviors. Pets can damage the interior of your home by scratching the furniture chewing on appliances and leaving behind bad odors. Dogs can dig holes in the backyard, ruining the landscape. On top of the damages they can cause they can be disruptive and noisy to neighbors. Depending on the animal, they can spread allergens throughout an apartment.
Even with some of the those considerations, it can still be beneficial to have tenants with pets. For starters you are mostly in control of the type, size, and number of pets that are allowed to reside in your property. The number of animals that are allowed to reside in your home is also regulated by state laws. Housing pet owners, grants additional income. Most landlords will require a pet rental fee, which is an additional monthly fee that is added onto the base rent. There is a pet fee, which is an upfront, non-refundable fee for housing your pet. Lastly, there is also a pet deposit fee that is similar to the standard security deposit. The pet deposit covers any damages caused by your pet and upon the ending of your lease term, is refunded if no damages have occurred. It can also be required of the tenant to get renters insurance, Which will cover the tenant from theft, fire, or if you animal harms anyone on the property. There is also potential for a greater quality of tenant. The fees, and selectivity from landlords, can hold a tenant to a higher standard of living. Tenants owning pets can be some of the more responsible families out there.
Your lease agreement should be detailed with all of your requirements for pet ownership. This can include the amount for each of the fees, and the requirement for the renter’s insurance. To your discretion you may also want to add rules for the owners care of their pet such as, cleaning up after your pet and monitoring of the dogs behavior on the landscape if applicable.