For many people, pets are part of the family. So, by not opening up your residential rental property to pet owners, you could be eliminating a significant percentage of the potential tenant pool.
On the other hand, some pets can cause damage to floors and other areas of your investment property. With that in mind, how can you offer a pet-friendly rental while at the same time making sure that the home or unit is protected?
There are several ways to do so, such as:
- Meeting the pet(s) before accepting them and their owner(s) as renters in the property.
- Requiring a standard pet deposit and a damage deposit before the tenant moves in.
- Thoroughly cleaning any carpeted areas between tenants – particularly if a previous tenant also had pets in the home or unit.
- Having specific pet-related restrictions, such as a maximum weight limit.
- Ensuring that the pet(s) is updated on all of their vaccinations and other required shots.
- Making sure that any dogs and/or cats have been spayed or neutered.
- Holding landlord liability insurance, just in case of any accidents or injuries (including coverage that renders the liability for pet-related damages on the pet owner, not the property owner).
- Performing regular reviews of the property.
While it may require a bit more time and effort to make your rental property pet-friendly, there can also be some benefits, such as the ability to charge a higher amount of monthly rent, and opening up your vacant property(ies) to a larger population of possible tenants.
If you would rather delegate these time-consuming tasks to a property manager, give CFL Property Management a call at (407) 429-4834 for more information on how we can take care of your Central Florida real estate investment(s) so that you can have more time for yourself.