When renting out your property, you have to make a decision on whether to allow pets or not. There are pros and cons for both sides, but let us tell you what we have found.
Such a large percentage of the population in today’s world are pet owners. Of the people who have pets, most consider their pets to be part of the family. They are attached to their pets, and wouldn’t give them up for anything! With that in mind, we have observed that property owners who DON’T allow pets in their rental miss out on nearly 70% of potential tenants. 70%! It isn’t hard to see that your rental may sit vacant longer than properties that do allow pets.
Of course many property owners are hesitant to allow pets for fear that the pets may destroy their property, cause messes, etc. These are notable concerns. Through our experience, though, we have found that if managed properly, allowing pets is more advantageous than it is a hassle. We have a few tips to help you manage a property with pets:
1. Limit the number of pets. Destruction in a rental property is often cause by multiple pets inhabiting the space. Our policies only allow for 2 pets max.
2. Limit the types of pets allowed. Dogs are the most common pet allowed, and are the easiest to manage. Other types of animals can cause significant odors and mess. Cats can also be a problem, because so many people being allergic to them. If tenants move into your rental that was previously occupied by cats, it can cause major health issues. Be careful of allowing large aquariums as well; these can cause significant water damage if something were to happen.
At Advanced, we typically only allow dogs. We also restrict our breeds of dogs allowed to only non-aggressive breeds. This is important to note.
Of course it’s generally up to the property owner what type of pets to allow, but we highly advise against other types of animals.
3. Collect a pet deposit. When allowing pets, be sure to collect a pet deposit upon lease signing. By Kansas law, you can collect up to 1/2 of a single month’s rent for a pet deposit. This can often be a little too steep of a price though. We have found that a pet deposit equivalent to $100 per bedroom is a fair value.
4. Check your homeowners insurance. While additional insurance is not typically necessary when allowing pets in your rental property, it’s a good idea to know what would be covered in the event of an incident.
If you have more questions on allowing pets in your rental property, give us a call at 785-320-7977!