Welcome to San Diego Blog | February 16, 2018
Should Your Investment Property Be Pet Friendly?
A common question that we hear in the property management industry has to do with whether or not to allow pets in an investment property. Views on this issue couldn’t vary more, so here are some pros and cons for you to consider.
Obviously, properties that allow pets will attract a wider range of applicants, especially in San Diego where you can be outside with a furry friend every day of the year! According to a study by Michigan State Extension, pet owners tend to be more responsible as they have made the decision to take on the responsibility of a pet. They also tend to stay longer as they may not have as many options due to their pet ownership.
Another reason to consider allowing pets into your rental unit is the opportunity to increase revenues. For instance, pet-friendly rental properties often charge a monthly pet fee and an increased deposit to cover the potential additional risk of allowing a pet. Just be sure that this additional fee will cover your cleaning and increased insurance costs and will not be cost prohibitive to pet owners before you decide.
However, there are drawbacks to allowing pets, and unfortunately it is often the pet and not the pet owner that causes the problem. A few common problems that property managers experience in dealing with pets are:
- Dogs may bite, threaten, or annoy residents. They can cause insurance claims against a property owner and may cause people to move out or not rent if they are afraid of animals or have an allergy.
- Pets can cause odors and make messes even with the most responsible owner. Irresponsible pet owners can incur fines from HOA’s that may be transferred to a property owner.
- Insurance companies may raise premiums or cancel coverage if certain animals are allowed on the property.
- Pets can cause noise issues that may turn a quiet complex into a zoo!
Once you have considered all of these and have decided to make your property pet friendly, there are still a few more steps we recommend that you take. Check with your insurance provider to see if your current policy places any restrictions on the type of animals you may accept. Require renters insurance of all your tenants in order to avoid unnecessary lawsuits. Consider what a reasonable deposit and additional fee will be. And to allow piece of mind for maintenance technicians and neighbors some owners will place their own breed and weight restrictions for their home.
None of this information would apply to a service animal so make sure you know you local, state and federal laws, and if you need help, contact a property manager today!