About two in three Americans are pet owners, and nearly all (97%) regard pets as family members.
That should tell you how allowing pets in a rental property can expand your tenant pool. However, you'll also have to be more careful, as pets can cause property damage and be a liability risk.
The good news is that several strategies can help you minimize such risks. Read on for landlord tips that can help you navigate the world of pet-friendly rentals.
1. Never Allow Illegal Pets in a Rental Property
California prohibits keeping certain animals as pets. Examples include ferrets and most hamsters (except the domesticated gold hamster).
Breaking this law constitutes a misdemeanor. Those found guilty may face jail time and penalties of $500 to $10,000.
So, while you'd want to implement pet-friendly rental property guidelines, you should never allow illegal animals.
2. Conduct Comprehensive Tenant Screening
Tenant screening involves running credit, income, employment, criminal, rental, and eviction history checks. It also includes interviewing prospective renters to gauge their behavior and disposition. It also lets you "compare" what potential tenants say in person with the information they've given on their application.
So, why not use the tenant screening process to interview applicants with their pets? That way, you can gauge your potential tenants' personality and their pets' temperament. It can help you determine if their furry or not-so-furry family members are friendly, well-behaved, and well-trained.
3. Require Pet Insurance
Dogs and cats, no matter how adorable, affectionate, and well-trained, can still bite or scratch if provoked. They can also have pet accidents that may result in property damage.
That's why you must require tenants to purchase pet insurance as part of your rental pet policies. Ensure it provides coverage for pet-caused property damage and liability for animal bites.
4. Make Pet Deposit Mandatory
Even if pets are incredibly well-behaved, they can still cause property damage, albeit minor and accidental. For example, they may leave bite, chew, and scratch marks on the floors, walls, and furniture.
Experienced and responsible pet owners know this, so they'll likely agree to pay more toward their rental security deposit. Then, if their pets do cause property damage, you can use the funds to cover the repair costs. You'll have fewer out-of-money expenses to worry about.
5. Partner With a Property Management Company
A full-service rental property management company specializes in comprehensive tenant screening. So, they can assist you in finding reliable and trustworthy pet-owning tenants.
They can also help you draft and enforce tenant pet agreements. They can even handle most, if not all, of your lease-related needs! For example, they can do property marketing, inspections, maintenance, and rent collection.
Time to Make Your Property Pet-Friendly
Letting pets in a rental property can help Covina landlords attract and retain more qualified tenants. However, it can also be a risky endeavor.
Our property management company, PMI San Bernardino, can help minimize those risks. We'll screen each tenant (and their pets!) thoroughly and implement fair pet policies. Our ultimate goal is to make your Covina property more profitable and help your tenants feel so happy they'll want to stay in the long run.
So, speak with us today! We'll happily share how we can help you maximize your rental income.
