All Forum Posts by: Kimberley R.

Grant, although you may consider lowering your rent a bit if it is significantly higher than the comps in your area, I would strongly suggest that you do NOT minimize your rental criteria! It's essential to a long term, profitable, worry free experience that you fully screen every applicant over the age of 18, require 3x the monthly rent as veriable income, and disallow anyone with poor credit history from taking posession of your rental! I require a minimum credit score of 680, non negotiable, as anything below that number has historically indicated that the tenant either cannot, or will not, pay their debts in a responsible fashion. Don't pursue applicants who are ambivalent, or who realize after receiving the application that they won't be accepted. If a sincerely interested, QUALIFIED applicant has concerns about the rent, they can attempt to negotiate with you but be careful not to compromise on the quality of the tenant themselves just to fill the vacancy. Dont be in a hurry! It's better to wait for a good tenant than to accept a bad one☺

I'm in Chicago also, and strictly avoid any mention of  a "security deposit" for the reasons cited by @Ray Harrell. We charge first months rent, a non refundable move in fee that is less then 50% of the rent to prevent a tenant claiming "they called it a fee but it was actually a deposit," and any additional non refundable fees (e.g. pet fees) that apply.

As a cat owner, I can definitively say that my cats have in no way damaged my home, and I readily welcome pets into my rentals with additional fees and pet rents charged to compensate for the mere possibility of damage occurring (which it never has.) 

Charge the fee, add additional pet rent, and allow the cat to stay. There are so many animals that need homes, and as long as a pet owner can demonstrate responsibility for the pet while maintaining the condition of the property, allowing pets is a win win for both the landlord and the tenant.

I agree wholeheartedly regarding the installation of luxury vinyl plank flooring! It's beautiful, durable, and easy to install and maintain. It truly is the best, most cost effective option for a rental property.

I would readily agree to rent to prospective tenants with pets, as pet owners overall often demonstrate a level of responsibility and commitment to caring for their animals that indicates strong character. 

Additionally, pets are considered family to most owners, and people will in most cases refuse to abandon their pets in exchange for housing opportunities. I have personally owned numerous pets throughout my life, and believe as a result of experience that concerns regarding damage are greatly exaggerated. 

Request a non refundable pet fee, charge an additional 25.00 rent, add an addendum to lease that states that they cannot allow their dog to relive themselves on your lawn, and your tenant will most likely greatly appreciate your willingness to extend them a lease agreement and will therefore uphold their responsibilities on behalf of their pet.

I've personally never experienced a problem, and welcome applicants with pets with the aforementioned, or similar, contingencies.