Lee’s Summit owners will often ask about whether or not they should include pets in their rental portfolio. Some investors are worried about the damage that pets can cause to a rental property. You have the right to decide whether or not you’ll rent to tenants who have pets. However, you should consider a few things before you make that decision.
Property Management Lee’s Summit: Pets and Vacancies
First and foremost, you need to consider an important statistic. We know that between 50 and 52 percent of people are pet owners. So, you can see that if you don’t allow pets, you’re taking out half of the rental prospects. That immediately limits the potential renters you have for your properties, and it will stay on the market longer. You may think you don’t want that half of the tenant pool, but when we dive into the numbers and look at vacancy rates, the costs can add up by not having the property occupied.
Lee’s Summit Rental Property Pet Policy
You have several different ways to mitigate the costs of pets and the risks that come with them. Pets are not a protected class, so you can pick and choose which ones you will allow. Set up some procedures and follow them. First, determine what you will tolerate. Maybe you’re okay with dogs but not cats, or vice versa. Perhaps dogs and cats are fine, but you don’t want snakes. Define your parameters. Put these requirements and restrictions into a pet policy and include that information in your lease agreement. Decide whether you just want to collect a pet deposit or whether you want to charge additional rent every month.
Overall, you’ll find higher revenues and lower vacancies if you have a good pet selection and procedure in place.