Investment condos South Pasadena, FL “pet friendly” for maximum income

By
Real Estate Agent with Future Home Realty SL3037235

An Investment condo in South Pasadena, FL is a great option for anybody looking to invest in real estate, and many Buyers interested in Investment Properties in the South Pasadena, FL area have the goal to maximize the rental income: "How much rent can I get for this condo?" is one of the most frequently asked questions I hear from Investors.

Pet friendly condo in South Pasadena FLThere are many factors affecting how much rent a Landlord can ask for, and what Tenants are willing to pay for a condo or house.

One of the lesser known, yet very powerful factors affecting the vacancy rate and income potential of an investment property are the deed restrictions pertaining to pets. It makes a big difference if Tenants are allowed to bring their furry family member or not!

This does not affect the single family rental market much, most Investors owning single family homes can decide based on their individual preference if they wish to rent to pet owners or not. Tenants with a pet that are looking to rent a house are often able to find a selection of homes to pick from.

Not so Tenants looking to rent a condo. The majority of condominium complexes have deed restrictions that exclude pets for Tenants, many associations phrase it very eloquently that ‘The privilege of pet ownership is reserved for Owners, Tenants and Guests may not bring their pets.” Then there are condo associations that do not allow pets at all, as well as many apartment complexes where pets are prohibited.

Since condo rentals that do allow pets for tenants are scarce, a Landlord who is able and willing to rent to Tenants with pets is typically looking at a very low vacancy rate, and can possibly even command above-average rent. Additional pet deposit and mandatory, non-refundable cleaning fees are often paid for by appreciative Tenants, who are excited to have found a great place to live.

Any Investor looking to buy a condo or townhouse with the intent to rent it out should carefully review the properties for sale in the area, and their specific deed restrictions. There are some additional risks in renting to Tenants with pets, no doubt about it, but the financial exposure can be somewhat limited with an additional pet deposit. Many upscale, good Tenants with excellent credit, who own a cat or dog, are struggling to find appealing housing they even wish to rent.

A smart investor who recognizes this need for classy rental housing could capitalize on this niche, and have a very low vacancy rate combined with good rent prices over the lifetime of the investment.

If you are considering buying any investment property in the South Pasadena, FL area and have any questions, or would like to learn more about things to consider when buying and renting out your property, please call me at 727-480-4155 or contact me via ReachTanja@gmail.com! I would be happy to give you a private tour of properties for sale in our area.

Posted by

Tanja Cisliek Realtor 727-480-4155Tanja Cisliek |Realtor   ReachTanja@gmail.com   www.RealtorTanja.com  

A House is made with walls and beams .... a Home is made with Love and Dreams!

Call me today for all your real estatet needs! 727-480-4155


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Comments (10)

Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

You are so right.  This is such an issue for the condos and co-ops here in my area. And, those that allow pets sell for higher values.

Aug 11, 2012 09:42 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good information for investors looking in the South Pasadena area, Tanja.  Anyone that's interested should call you for expert assistance.

Aug 11, 2012 10:27 PM
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

I just had a client who wanted a condo on the water but she had two 70 pound dogs; she couldn't understand why I couldn't find her anything. It is important to know those rules from an investors view point, Tanja. Great post.

Aug 11, 2012 10:38 PM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

This is a really good post. I wonder how many agents point out to first time investors that pet friendly buildings make it much easier to rent because we have so many renters who own pets.

 

Aug 11, 2012 11:19 PM
Tanja Cisliek
Future Home Realty - Seminole, FL

Debbie, very valid point, sales prices are affected by pet policies as well, not only rent prices!

Gabe, thank you!

Toni, Investors always ask about rental restrictions, often forgetting that other deed restrictions have a huge impact as well, and yes, 70 pound dogs are indeed tricky family members to accommodate.

Jeffrey, I was trying to find a statistic on what percentage of Renters own a dog or cat, my experience tells me the number is very high!

Aug 12, 2012 07:11 AM
Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

What great information for South Pasadena renters who don't want to part with their pets. I know I wouldn't!

Have a great week!

Aug 12, 2012 11:05 AM
Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

Ain't it the truth?  I'm always amazed how many people who don't own a home, own multiple pets.  Still, investors should have a written policy about what they will take and what they won't.

Aug 15, 2012 12:38 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

We are having another MeetUp on Aug 29, Wednesday, at 12 noon at Rusty Bellies in Tarpon Springs.

Rusty Bellies is on the west end of the Sponge Docks - west of the roundabout, keep going toward the water.

RSVP if you can come.

Aug 15, 2012 12:46 AM
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

Tanja - pet rentals are so very hard to find; especially condos. Great post for your local area to help people find them.

Aug 15, 2012 04:57 AM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Pet friendly is hard to find and many don't allow dogs, only cats - or dogs weighing less than 15 lbs.

Aug 15, 2012 11:10 PM