Investment property owners don’t have to be pet lovers to love the benefits of allowing pets in your property. Many landlords find that renting to pet owners is an excellent idea.
Allowing pets in your Waimea rental property
doesn’t mean you have to allow all
pets—or pet owners. However, when you open your home to pet owners, you broaden your pool of available tenants. About 72% of the rental population
owns a pet. Excluding pet owners from your tenant criteria means you could be missing out on a better selection of tenants.
Many landlords who rent to pet owners find it’s worth dealing with a little extra fur in their rental property. However, having a pet-friendly investment property should require a pet policy. Keep reading to learn how to create your property’s pet policy.
Pet Owners Make Excellent Tenants
Landlords often find that pet owners make excellent tenants. They’re responsible and understand the importance of dependability. Many baby boomers
have pets to help deal with having an empty nest when their children no longer live at home.
- Pet owners find it difficult to find rental properties that allow pets: When they find a place where they can live with their beloved pet, pet owners often renew their lease. For landlords, this means a reduction in tenant turnover. When tenants stay in your property longer, you make more money.
- Pet owners take good care of their pets—and your property: Pet owners want to renew their lease for your property. To help encourage you to offer a renewal, pet owners pick up after their pets and take excellent care of your Waimea property.
- Pet owners pay a pet deposit: Your pet policy should include a pet deposit in addition to your regular security deposit. A pet deposit helps hold pet owners accountable for following the rules. Plus, the amount of the pet deposit covers repairs caused by pet damage or any deep cleaning needed if a pet owner doesn’t renew the lease.
There are plenty of benefits to making your investment property a pet-friendly home. However, be sure you proceed with caution—and put a clear, enforceable pet policy in place.
Reduce Your Risk with a Pet Policy
Before you accept the first dog that comes with a tenant, document what it means for tenants to have pets in your rental property.
- Set your criteria: You can be selective about the breeds and sizes of pets you allow in your Waimea property. If you don’t like the idea of some of the Big Island’s more exotic animals living in your investment home—like a sea turtle or a monk seal—make sure you exclude them in your pet policy. Have your criteria in place before you open your property to pet owners and pets.
- Screen potential pets: Much like you screen potential tenants, screen potential pets before you approve them for your property. Check for vaccinations, a history of aggressive behavior, or any health problems that could cause a problem in your property or for neighbors.
- Document the rules: Make sure your pet-owning tenant understands the rules of having a pet in your Waimea rental property. From picking up after a dog to rules about behavior and excessive noise, create a pet addendum to the lease agreement. List the rules and the penalties for violating the rules.
Be sure to review all pet applications fairly. Avoid discriminatory practices when screening pets and pet owners.
What to Do When Fido Isn’t a “Pet”
When a tenant requests an accommodation for an assistance animal, “Fido” is no longer “just” a pet. Landlords must allow tenants with a disability to have an assistance animal in your Waimea rental property—regardless of your pet policy.
Fair Housing laws require reasonable accommodation for service animals. However, landlords can still put rules in place to protect your property.
- Landlords can ask for confirmation that a pet has training as a service animal.
- Landlords cannot ask about a tenant’s disability or their specific needs regarding the service animal.
Service animals are often well-trained to make your tenant’s life easier. They can be an easy “pet” addition to your rental property while making it easier for your tenant to stay, too.
Your Waimea Property Manager Knows Pets and Policies!
Allowing pets and pet owners into your investment property isn’t
an easy decision. An expert Waimea property manager
can help you create your pet policy and
screen the right pets to enhance your investment property income.
Hawaiian Dream Properties knows how to handle pets and pet owners! We know how to make sure your property has the protection it needs to keep destructive animals out—while letting the right pets in. If you’re considering making your Waimea rental property
into a pet-friendly rental home, let us help!