How does one maximize on allowing pets?

[Travis W Condon]

A long time tenant is moving out and we just posted the home will be available for rent. The first family that responded is asking about allowing a cat. I realize most people will say they wouldn't allow pets. However my question is how does one maximize pet allowances? Add on an additional $50-100 per month? A one time pet deposit seems like it possibly can't cover the cost of damage a dog/cat is capable of doing. I've been investing for almost 3 years and haven't had to deal with pet issues. 

Thank You!

[Kim Meredith Hampton]

@Travis W Condon Allowing pets increases your prospect numbers ten fold. You just need to make sure you perform your due diligence and ask for photos, pet addendum, vet records, monthly pet fee and either a pet deposit/fee

[Bruce Woodruff]

I never allow pets, be it LTR, STR or whatever..... I know it increases your base, but I have seen many times as a Contractor the real damage a pet can do. Your deposit will never cover the bad ones. Not worth it IMHO...

The real number are - 68% of renters own pets, while only 55% of Landlords allow them.

[Eliott Elias]

You add a deposit, usually $500 and $250 of that is non refundable. 

[JD Martin]

#1: All renters carry renter's insurance for liability & damage (this usually starts at 100k), with you listed as additional insured/additional interest (this depends on your state).

#2: Charge a non-refundable additional fee on the front end, generally reasonable for additional cleaning and turnover costs you will absorb.

#3: Add an additional amount as "pet rent".

I avoid #2&3 by simply increasing my rent charges on the front end whenever a unit turns, so that I don't have to worry about all the "emotional support animals" and "service animals" that magically appear on applications or in the property as they try to do an end-run around additional fees/charges. I just bake the extra $50/100/150/whatever into the price of the rent and then take any extra money as a refundable deposit. Then if they don't have an animal, great - I make more money. If they do, well I'm getting paid every month for it anyway.

[Nathan Gesner]

Quote from @Travis W Condon:

Absolutely. Some Landlords are afraid of the damage caused by pets. I manage 400 rentals and 150 of those have pets. I can't remember the last time a pet caused more damage than the deposit would cover, which means the monthly pet rent is extra income to the Landlord.

Recommendations: 

1. Sign up for a free account with petscreening.com and make tenants register their animals. $20 for the first animal, $15 for the second. Requires vet records, pictures, etc. 

2. Have a strong pet addendum. Connect and send me a private message to request a copy of mine.

3. You need good rules, consequences for violations, and the ability to enforce those rules swiftly and professionally.

4. Look at your market. Some people charge as much as $100 per month, per animal. I recommend $50 per cat, $50 - $100 per dog based on the risk they present (digging, chewing, scratching hardwood floors, etc.) Remember that little dogs are just as likely to urinate indoors and cats create an odor that is extremely difficult to remove.

5. Inspect at least every six months, paying particular attention to odor.

[Nate Sanow]

I make it known I don’t care about pets. In reality people lie and will sneak them in if you don’t allow and even if you inspect they could say they are dog sitting. I give a little grace on pets, but make it wildly crystal clear that I treat pet damage the same as people damage. I don’t care about your pet deposit making me money because your entire deposit will be mine if there’s damage. 

[Travis W Condon]

Quote from @Eliott Elias:

You add a deposit, usually $500 and $250 of that is non refundable. 

 What are your thoughts about a monthly pet fee?

[Russell Brazil]

By charging high rents

[Michael Plante]

To me if a renter pays a monthly fee for an animal they fell they have paid for damages the pet will do 

I prefer to up the rent and state what pets are allowed.    I end up with the same amount of money each month and the tenant doesn’t feel they have a free ticket for their pet to mess up the house 

And of a renter takes the place and I let that is a bonus 

[Eliott Elias]

Quote from @Travis W Condon:

Quote from @Eliott Elias:

You add a deposit, usually $500 and $250 of that is non refundable. 

 What are your thoughts about a monthly pet fee?

 Limits tenant pool alittle bit, completely up to you