As a rental property owner myself, I often face the same question – do I allow pets in my property or do I restrict them? Since I am not a pet owner, my first response is, “no, I do not want pets.” Even some of the owners I work with will request no pets even if they had pets in the house when they resided in it. Most owners are concerned about damage to their property. The following statistic is extremely relevant to how you answer this question:
According to the American Veterinary Medical Association, 43% of Colorado households have a dog. When you consider the number of households with a cat, we know that over 50% of all Colorado households have a dog or cat. Based on our local expertise, I can only assume that Fort Collins, Loveland, and Northern Colorado follow these same statistics.
So, what is the correct answer to the question? Based on the above statistics, if you say “no” to pets, you immediately cut your prospective tenant pool in half. Now, there are some additional factors that play into this but from a high level, over 50% of the prospective tenant pool will be removed. This can lead to longer vacancies that in turn lowers your profitability.
Here are some things to consider when it comes to pets:
- Think about charging a higher security deposit to insure any damage outside of normal wear and tear is covered
- Consider a non-refundable pet deposit that will help with reconditioning your property after the tenants have vacated
- Advertise the property as “pets negotiable” so you can make the decision based on the type of pet
- Restrict the type of breeds
These are just a few things to consider when it comes to pets in your rental property. Call Real Property Management of the Rockies today for further information regarding this topic. We would love to speak with you at 970-658-0410.