When it comes to renting your investment property, tenants with pets are something to consider.
Should you prohibit pets entirely? If not, how much should you charge, and how do you include guidelines into your lease agreement in order to help protect your property?
Our professionals from a Property Management company in Central Florida weigh in with their top tips:
What to Consider
While some property owners decide they’d like to completely prohibit pets, doing so may shrink your potential tenant pool. So, what kind of guidelines should you have in place when allowing pets in your property?
First, putting limits on the breed or size of an animal may be something to consider.
“Restriction of the size or breed can help ease any concern." Haley Gerig, Professional Property Manager in Central Florida, says of pet policies. "Pets are great to allow in rentals. This opens up your ‘pool’ of possible tenants to choose from. Most families or single tenants have pets as companions or family pets to bring joy to their household.”
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What to Charge
Many landlords also choose to collect money in some form to cover any damage that pets could potentially cause, whether it's related to shedding, accidents inside, or any other kinds of structural damage such as biting or scratching.
Here, the landlord has a number of options. One option is requiring a pet deposit, which is refundable at the end of the lease if the animal hasn't caused any significant damage. Another option would be to require a non-refundable pet fee upfront - a way of ensuring that the animal “pays its way” for the length of the rental agreement.
A third option involves a small monthly fee that's tacked onto the monthly rent, known as ‘pet rent.’ There are a number of benefits to this kind of agreement for both parties. It not only helps the person who's moving avoid a large upfront cost on top of all other moving expenses, and for the landlord, it is another ongoing revenue stream over time.
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Many tenants are understanding of a modest monthly pet fee and are willing to pay in order for their pets to move in with them.
"When qualifying a tenant, the pet gets qualified as well. Always ask for a current photo of the pet, current vet records, and payment, such as a $200 non-refundable pet fee, per animal. Keep in mind, all Therapy/Service animals are not considered pets, they are considered to be a working tool, or an appliance, for the individual and must be allowed by Florida Law." Glenn W. Cowham, a Professional Property Manager in Central Florida
Planning Ahead
It is also important to think about legal and financial protection when allowing tenants to have pets.
A landlord should always be aware of what pets are residing in their properties, and require the property documentation for each animal. It’s also important to have record of current medical records for protection in the event of an incident with the animal.
"You'll need to check with your home insurance policy,” says Shelley Anderson, a Central Florida Property Manager. “Many policies have restrictions on pet breeds and types. You need to make sure, when allowing pets, that they are not excluded from your policy. Should something happen and the pet is excluded, then the affected person can come after you directly, and your insurance will not cover the incident. I also highly recommend collecting a nonrefundable pet fee for each pet. We collect a $200 non-refundable fee per pet in the home. We also recommend to collect a recent picture of the pet or even meet the pet. You need to make sure what they have is what they have told you - you don’t want a Chihuahua turning into a Great Dane."
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Landlords who want help navigating the ins and outs of pets in their rental property should contact a Property Management Company who specializes in managing rentals and lease agreements.
Enlisting the help of a professional can take the confusion and hassle out of proper lease language, and that pets and other issues are dealt with properly, efficiently, and consistently.
Let us help with all of the nuts and bolts of day to day Property Management, as well as long-term planning for better financial security and confidence. View our full brochure to learn more about our services, or request a consultation with a member of our Property Management team.
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