People really love their pets in the US. In fact, the American Veterinary Medical Foundation reports that 36.5 percent of all American households have at least one dog, and just over 30 percent own at least one cat.
At one point as an investment property owner, you will have to decide whether to allow your tenants to have pets. While pets can definitely pose a damage risk, permitting residents to have them can attract more tenants who are willing to pay a higher rent for the privilege. If you’re going to go the pet route, you need to have a policy in place to protect your property and set out the responsibilities for those animals for your tenants.
Your pet policy musts
Any pet policy you use must spell out the type of animals allowed, the responsibilities of the owner, and any other conditions you’ve set. Make sure all your terms are permitted under any applicable federal, state and local laws. Note that different regulations apply to service animals because they’re not considered pets and shouldn’t be banned by your pet policy.
A good policy will spell out what types of animals are allowed and how many are permitted per unit. Obtain information about the animal from the tenant so you have a profile that includes its current vaccinations and any applicable license status.
One requirement worth considering is only allowing spayed or neutered animals when it comes to cats and dogs. The Humane Society of the United States says that spayed and neutered animals are less likely to roam, howl, spray or urinate to mark territory, behaviors that could lead to problems and repair expenses for you as the property owner.
Check with your insurer
According to NOLO, some insurance companies won’t cover certain dog breeds, such as pit bulls. These dogs are viewed as dangerous by the insurer, so if you’re in that situation, you may want to limit what breeds you accept in your rentals. While you may not be liable for harm to someone else caused by a tenant’s dog, there is no guarantee, and you shouldn’t open yourself up to any potential lawsuits.
Ultimately, a clear pet policy can save you a lot of time and trouble. Create yours today if you’re allowing or going to be allowing pets on your properties, and make sure you apply it equally across the board.
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