You may already know that under federal law, you can't discriminate against tenants with service or emotional support animals, even if you typically have a no-pet rule. These animals are considered part of a tenant's reasonable accommodations.
The question is, should you get rid of that no-pet rule, altogether? If you decided against pets in a rental property years ago, you may want to go back to the drawing board.
It's no secret that there are drawbacks to allowing pets in your rental properties, but there are benefits, too-and ways to protect your investment if you do say yes to pets.
Read on to learn the pros and cons of allowing tenants to have pets in your rental units.
Pros of Pets in a Rental Property
Idaho has the fifth-highest pet ownership rate in the nation, specifically when it comes to cats and dogs. If you don't allow either in your property, you're reducing your pool of applicants by about half.
Because so few landlords will accept applicants with pets, you also give yourself a long-term competitive edge. Tenants with pets have limited access to housing alternatives, which means they're more likely to renew their lease each month or year.
Cons of Pets in a Rental Property
The number-one concern that landlords tend to express about allowing pets in their rentals is the potential for damage. What if a pet soils the carpet and leaves behind a lingering odor or tears up the doorframes with their claws and teeth? Because you can't very well screen an applicant's pet for good behavior, you are taking on some additional risks.
Another concern is noise. Pets, especially dogs, may leave a tenant's neighbors frustrated if it makes incessant noise throughout the day and night. If these neighbors are also your tenants, you may worry about their willingness to renew.
Steps to Take If You Allow Pets in Your Rentals
As a Coeur d'Alene property management company, we know a thing or two about protecting an investment property from pets. One of the first things we recommend is charging a non-refundable pet fee in addition to the typical security deposit. You can also place a limit on the number of pets a resident can have and increase the pet fee for each subsequent pet.
We also recommend creating a clear, strict noise policy that you can refer to if a tenant's pet makes noise. You can reinforce that policy with fines and legal action that will encourage pet owners to get the situation under control.
Need Full-Service Property Management in Coeur d'Alene?
It's not uncommon for property owners to say no to pets in a rental property. However, modifying that rule could open the door to more tenants who have the potential to stay longer. With the right policies in place, you can also protect your own interests.
Do you need help running an investment property in Coeur d'Alene? Our property management team has years of experience and customizable services. Contact us to learn more today.
