Would You Rent to a Pet Owner?

Investors in rental property are rightly leery of allowing people to keep anything more complicated than a goldfish in their homes. Pets, while charming and a valuable addition to people's lives, also dig, scratch, eliminate and chew. However, there are many people who want to find a home with their beloved Fido or Fluffy and are willing to pay extra for the privilege. So, is there a way you can tap into the pet owner rental market in order to make it a safe bet?

Many people willingly fork over pet deposits and pet rent just to keep their beloved pet with them. Pet owners may also stay longer, since there are fewer options for them in the rental market. Also, landlords who are themselves pet owners and lovers may want to offer more options to people trying to find a home where they can keep their pets.

However, it can be tough. Cat urine is pretty much impossible to get out of a carpet and a banister that has been crushed between canine molars is not going to grace the stairwell with any semblance of elegance. A single medium-sized dog or cat can render a house unfit to live in within hours. So, the first answer to the question, “is it worth it to rent to pet owners?” is usually a resounding NO. 

To reduce the risk of getting an irresponsible pet owner, start with the interview. What are the prospective tenants' views on pet control? How do they plan to clean up any accidents? Are their pets spayed/neutered? Are their pets groomed regularly? Do their pets get regular vet care? Who is their vet? Do their pets have any training? Obedience classes? How about pet care when the owner is away?

The more involved an owner is with their pet's care and training, the better. An owner who has letters of reference from vets, trainers and boarding kennels is more likely to be a good bet for a tenant. See if you can meet the pet. Well-mannered, friendly dogs and cats are much less likely to be stressed and damage property.

You need a pet rental contract. You can require that pets be of a certain kind, for instance, indoor cats, small dogs or only non-shedding pets. Or you can require that your tenants' pets be spayed/neutered. The contract should identify the pets and indicate whether more are allowed or not. The pet rental agreement should clearly state the owner's responsibilities. They should keep the pet under control, not allow it to disturb others, clean up after it and repair/replace any damage it does. The agreement will also state how much the deposit/fee/rental is and the terms and conditions of its return, if applicable.

You are within your rights to charge a fee for the pet in addition to the security deposit. This can be upwards of several hundred dollars. Some landlords charge “pet rent”, which can be around $10 - $25 per animal, per month. Be aware that some states may not uphold charging pet rent or an overly large pet deposit, so make sure you know the regulations of your jurisdiction.

Renting to pet owners can be rewarding if you get the right tenants. A person who is dedicated to the proper care of their dog or cat is more likely to care for your property and be a better renter.