Wondering about policies other investors have on pets.

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Wondering about policies other investors have on pets.

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Canton, MI · Member since 2016 · 8 posts · 2 votes

Was hoping to get advice on pet policies. Have a condo I’m looking to rent out and a lady has a small dog she’d like to bring into the condo. Wondering about best strategies to receive a little extra cash in case of pet damages like peeing on carpets or scratching walls. Increase rents? $100 pet deposit fee? Any advice would be appreciated! Thanks.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    7y

    I accept pets. I dont have any extra deposit or fee, but I push my rents to the absolute highest the market will bare.

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  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    I accept pets but prefer no pets obviously . The market demands pets . In my one city I invest in there is a big property management outfit that has hundreds of rentals all around my stuff and they do not allow pets as a policy . That’s wonderful news for a slumlord like me ! When I run a Facebook ad saying I allow pets it is not uncommon for me to get literally 100 messages wanting to move in in just a day or two and these aren’t. Fancy properties either ! It can be a powerful tool to find and retain tenants if that what the market wants ?

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  • Matt M.
    Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
    7y

    @Luke Kurili

    Rentals my clients own get an additional $30/month for pets. I do not do pets in my properties, the extra money isn’t worth the damage and smell to me.

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  • David BarnettPro Member
    Rental Property Investor · Cambridge, MA · Member since 2016 · 634 posts · 415 votes
    7y

    I accept pets in my property.  At the signing of the lease, they are assessed a non-refundable $250 or so fee.  I don't charge an on-going monthly fee for pets.

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  • Ashley Hum
    Real Estate Broker · Raleigh, NC · Member since 2019 · 17 posts · 10 votes
    7y
    I accept only dogs under 45 lbs and only 2 per unit. With pet deposit and pet rent. I must add though all my properties have wood laminate and or tile flooring so no carpet. If I had carpet I would have to do no pets period. Also no aggressive breeds due to the rental insurance and property insurance held on the homes. I would ask your insurance agent too :)
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  • John Mocker
    Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
    7y
    Luke. Check with your Insurance Agent for a list of Dog Breeds that will cause your company to cancel or non-renew you. This dog does not sound like it would be a problem but what if that small dog is a Pit Bull puppy. Now you will have problems.
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  • John Thedford
    Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
    7y

    I charge additional rent for pets. BE CAREFUL and do not call it a pet DEPOSIT. Deposits CAN BE REFUNDABLE and are a liability.

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  • Cassandra Sifford
    Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
    7y

    With my rental I didnt accept pets. I had a neighbor with a dog and as she aged, she peed in the house... same spot at the landing of the stairs. Had a friend who had a cat that liked to scratch at the baseboards. That was enough for me to say no go at my property. If you do accept pets, request the non refundable pet fee and an additional monthly fee for the pet. Make sure it isn't a dangerous breed and see how things go. Well wishes!

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