What do you do about pets?

[Leslie Johnson]

What are your thoughts on tenants having pets? Do you charge an extra monthly rate for pets? Limit size? Extra security deposit?

[Nathan Gesner]

Studies vary but you can expect that at least 50% of all renters have a pet. If you automatically reject pets, you automatically lose half your audience.

Instead of flat-out rejection, try to find a way to mitigate the risk and even make more money.

By accepting pets, you set yourself apart from other Landlords and open your property to a wider audience.

Tenants with pets tend to stay longer because they know how hard it is to find a pet-friendly rental.

Tenants with pets tend to pay more.

Most pet owners are good, responsible people that will take care of their animal just like they take care of their children, their cars, and their personal hygiene.

We screen pets using petscreening.com and I highly recommend you look into it. The service is completely free to you, involves no work on your part, and provides an additional layer of security.

After approving the animal, I recommend an up-front pet fee and an increase to the monthly rent. For example, you may charge $200 for the first pet and $100 for a second. Then increase rent $50 a month per pet. Most people will gladly pay this cost to have their pet with them.

NOTE: be careful with your language. A fee is earned and kept; a deposit is refundable. In other words, always charge a pet fee, not a pet deposit that has to be refunded. Also, don't charge monthly "pet rent" because that implies the rent will go down if they get rid of the pet. Simply increase the rent $XX and make it one rent charge without referencing that the increase was due to the pet.