Should I Accept Pets at my Rental Property in Salem, OR?
Mendell Gosnell - Monday, August 17, 2015
Today we’re talking about whether you should accept pets in your rental property. We get this question a lot from current clients and potential clients. We often don’t answer it outright. Instead, we provide the pros and cons of allowing pets and we discuss some of the things to consider. Then, we let the owners make the decision that’s best for their property. That’s what we will do in today’s blog.
Allowing Pets: Pros
Responsible pet owners do tend to be some of the greatest tenants you ever have. Good pet owners make good tenants. You can sometimes charge more for rent and security deposits as well when you allow pets. Most tenants expect there will be a pet deposit or a pet fee. You are also likely to rent your property faster when you agree to allow pets. Some reports and surveys do show that upwards of 60 percent of renters or more are pet owners. That means that if you eliminate these tenants from your pool of potential renters, you may increase your vacancy time depending on the market. Another positive is that you will likely increase the length of occupancy as well. Pet owners tend to stay and rent longer.
Allowing Pets: Cons
Pets can leave behind strong odors and dander that can be offensive and hard to eliminate. Future residents may be hyper sensitive to that. Potential pet damage can also be costly to repair. You run the risk that the tenant’s pet can become a nuisance to neighbors. No one likes to listen to barking dogs. If you do accept pets, have a pet policy in place that includes all the details and restrictions you want, including limitations on breed and weight. Finally, remember that your pet policy does not apply to service animals. By law, they are in a class by themselves. Tenants and landlords have different rights and responsibilities when it comes to pets. Please contact us at Centurion Real Estate Management if you need help with a pet policy or you have any questions. Happy investing!