Making the decision to allow pets in residential rental properties should be not be taken lightly. As a landlord you may be taking on additional costs, responsibility and liability by allowing pets. However, you may also benefit from decreased turnover and a larger rental pool.
Here are few things that investors and/or landlords should consider before determining if they are going to accept pets in their rental units.
Pros
Decreased Turnover: Allowing pets has been shown to actually decrease turnover in tenants. Tenants with pets often have a hard time finding pet friendly rental units. This may discourage them from moving frequently. Because long term tenants can be very desirable, it may make sense to allow pets in your rental unit, providing you are adequately protected from liability and damage.
Larger Rental Pool: Many renters own pets and are therefore looking for rental units that will accommodate their furry (or sometimes not so furry) friends. By not allowing pets in your rental unit, you may be significantly decreasing your potential prospects. Having a larger rental pool, which includes pet owners, may mean lower vacancy rates.
Cons
Property Damage: Even small pets can cause large amounts of unwanted property damage. This may make it more difficult to re-rent or re-sell your property after your tenant has vacated. Because of this you should require a pet fee or pet deposit that can be applied towards correcting any property damage when the tenant vacates the property.
Insurability: Before determining if you will allow pets, it is a good idea to check with your insurance agent to see what your coverage is regarding pets. You will not want to be held liable if your tenant's pet attacks someone. To avoid this, ensure that you have adequate insurance coverage for pets, and check to see if certain types of pets or specific breeds are not covered under your policy. You should also consider requiring the tenant to have separate renter's insurance coverage for their pet and having you named as additional insured on the policy.
Crafting your Pet Policies
If you do decide that you are going to accept pets in your rental property, make sure that your pet policies are clearly outlined in the rental agreement or an addendum to the rental agreement. You should define the types of pets that are and are not allowed. Make sure to include as much detail as possible including breed, age, size, temperament, etc. You should also consider requiring proof of current vaccinations, neutering and licensing. Also, make sure to include stipulations for: tenants providing false information regarding their pets; excessive noise; and aggressive behavior.
Also, make sure to familiarize yourself with local and federal laws regarding rental properties. In Arizona you can find more information in the Arizona Residential Landlord and Tenant Act.
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We do not allow pets in our rentals. I guess for us pets are more for home owners. It is hard enough to keep rentals nice.