Many residential investment property owners allow their tenants to have pets in the home. But while doing so can open up the window of potential renters – as well as provide an opportunity to charge a higher amount of monthly rent – there are also some risks that could come along with doing so.
These might include damage to the property and/or premises, along with possible legal action if the animal were to bite or injure someone while they are inside the unit or in the yard. The good news is that much of these potential perils can be reduced by simply including a pet agreement in the lease.
Items to incorporate in a smart pet-friendly lease include:
- Identifying the type(s) of pets that are allowed to reside on the property (such as specifying a size and weight limit, as well as the total number of pets that are allowed in the household)
- Requiring proof of the pets’ identification and vaccinations
- Making the tenant(s) responsible for any damage and disturbances that the pet(s) may cause
- Requiring landlord or property owner approval of the pet(s) before signing and moving forward with the lease
- Charging an additional security deposit and monthly rent
Making sure that your rental property leases are up to date, along with ensuring that the property maintenance is attended to, and that the rent is collected, can be a full-time job – particularly if you own multiple homes or units.
That being the case, hiring an experienced local property manager could help you to free up more of your time, while still benefitting from your real estate investments. There are other services that could be delegated to a property management team, as well, such as record keeping and preparation of financial statements.
So, if you own residential rentals in Orlando and/or the Central Florida locale, give us a call and we’ll provide you with more details.
