Should Landlords Allow Pets?
Q: Gerald, we have never allowed pets in our rentals, but lately we’ve been getting more tenant applicants with pets. Do you think we should start allowing pets in our rentals? Stacy, King Of Prussia, PA
A: Great question, Stacy. First and foremost, you should think through your property management policies and procedures long before you even take rental applications because it makes decision-making much easier. I have been a landlord for almost 20 years and have never allowed pets either because of the damage that pets can do to a property. In some local real estate markets you can mitigate the risk of allowing pets by making tenants with pets pay an additional security deposit, in other local markets you cannot charge an additional security deposit for pets so find out the local laws wherever your rental properties are, don’t guess and hope!
Ultimately, real estate boils down to supply and demand and the person with the money (potential tenants in this case) ultimately will have the final say. If you can attract and retain good, paying tenants with a no pet policy then you can maintain the status quo, but if all your best tenant prospects have and want to keep their pets, you probably should revisit and reconsider your no pet tenant policy.
Thanks for your question, Stacy. For more real estate tips and information visit my blog at geraldlucas.com.