Today, we’re barking about pets. We’re purring about the benefits of allowing tenants to move you’re your Arlington rental property with their pets but cautioning you against the risk and liability that can come with pet-friendly properties.
Here’s what you need to keep in mind when allowing pets in your residential DMV rental property.
Pets are Good for Your Bottom Line
You’ll earn more money when you allow pets into your property. This is what you want to keep in mind the most. While it might seem easier to Just Say No when it comes to pets, you could be losing a meaningful financial opportunity.
It starts with vacancy. When you don’t allow pets in your property, you’re reducing more than half of your entire tenant pool. Statistics have shown that nearly 70 percent of the population have at least one pet.
That leaves you with a much smaller selection when it comes to tenants. At least be open to the possibility of pets in order to attract as many people as possible to your vacant rental property. You don’t have to allow all pets, but your listing should indicate that you’re willing to consider pets. That’s going to bring more people to your rental.
In addition to reducing vacancy, pet-friendly properties do a better job of retaining tenants. Another good thing for your bottom line. You’ll save money on turnover and vacancy costs when you are willing to accept pets. Tenants who have dogs and cats are less likely to move at the end of their lease term because they know that it’s not always easy to find another pet-friendly rental home. They also don’t want to pay another pet fee.
Let’s not forget the money you earn in pet fees and pet rent.
Most pet fees are collected on a per-pet basis. So, if you have a $200 pet fee and a tenant moves in with two cats, that’s $400 you’ve earned just by allowing those cats in your property. Pet fees, unlike deposits, are non-refundable. If you need that money to clean up pet mess or repair pet damage, you have it available to you. If you don’t need that money, however, you still get to keep it.
Pets usually aren’t high earners, but they can still pay rent.
Most rental property owners will charge a pet rent for each pet residing in the property. Sometimes, the pet rent is $20 per pet. Sometimes, it’s as much as $50 per pet. This is an excellent way to earn more revenue thanks to your pet-friendly policies.
Screen Pets Carefully
You spend a lot of time screening tenants because you want to mitigate risk.
This is the attitude you need when you’re screening pets, too. Obviously, you’re not going to run a credit check on a poodle. But, you can ask for records from the tenant’s vet that shows the pet has all of its shots and vaccines. You can ask to meet the pet and judge whether it seems dangerous or misbehaved. Take a photo of the pet that the tenant is moving in with. This will ensure that you’re renting to the same pet throughout the tenancy.
Conduct rental reference checks. When you’re talking to a tenant’s former landlord or current landlord, ask about the pet and whether there were any problems.
Your Arlington Rental Property Needs a Strong Pet Policy
Set some clear boundaries for the pets in your rental home.
These might include restrictions on:
- The type of pets you’ll allow. Cats and dogs, probably. What about birds and fish?
- The size of pets you’ll allow. You can set weight restrictions, such as dogs up to 20 pounds.
- Breeds. This is particularly important if your landlord insurance company does not cover dangerous breeds. When a tenant wants to move in with a Pit Bull, for example, you can either forbid it or require them to buy extra insurance to cover any potential harm that the dog does.
A necessary aspect of creating a pet policy is mitigating liability. You’ll want to include in your pet policy that tenants must carry renters’ insurance that covers pet-related damage and potential injury to others. This insurance will protect both the tenant and you should injury or damage occur to an outside party. Ask tenants to sign an agreement or a lease addendum stating that they will be responsible for any damage that their pets may cause while in your property.
Safety and cleanliness are critical when you’re welcoming tenants to bring pets into their property.
You want to ensure that your rental home remains clean and safe for both tenants and their pets. You may want to include a clause in your pet policy about how tenants must clean up after their pets and dispose of any waste properly. Also, make sure your tenants’ pets are up to date with their vaccines, flea, and tick treatments. This will help reduce the spread of disease and prevent the infestation of pests.
A strong pet policy will also establish consequences for tenants who violate the pet policy. Establish clear requirements and be consistent with enforcement. You also want to establish consequences for unauthorized pets that are later found at the property.
Pets are a good idea, and a well-crafted pet policy will minimize risks, protect your investment, and keep your tenants and their furry companions happy. By setting clear rules, charging pet fees, ensuring insurance and liability, promoting safety and cleanliness, and establishing consequences, you can provide an enjoyable living experience for everyone involved.
For some landlords, allowing pets in an Arlington rental property is a no-brained. If you’re hesitant to open yourself up to the risk, contact us at Comfort Property Management. We can deliver extra peace of mind with our own strong pet policy, frequent inspections, and excellent tenant relationships.
Comfort Property Management leases, manages, and maintains investment properties throughout Northern Virginia, in Arlington, Alexandria, Fairfax, Falls Church, McLean, Ashburn, Sterling, Springfield, Reston, Chantilly, Manassas, Centreville, and Herndon.