There are at least 65.1 million American households with a dog. Over 43% of them live in Texas. That's not to mention all the cats, dogs, birds, and exotic animals living in the state.
Despite this, pet-friendly rentals are a rare diamond in the rough. They're attractive to tenants but can be dangerous for landlords.
How can you get the benefits and mitigate the risks? Read on to learn how to manage pets in a rental property in Bedford, TX.
Create Effective Landlord Pet Policies
Include a tenant pet agreement in your lease. It should include regulations about everything owners may need to know. This includes the:
- Types and number of pets allowed
- Breed or weight restrictions
- Vaccination and licensing requirements
- Leashing or caging requirements
- Tenants' responsibility for pet damage
- Insurance requirements
- Pet deposits or fees
- Right to remove the pet if it becomes dangerous or a nuisance
- Changing the agreement
Careful screening is also part of all effective landlord pet policies. Interview the animal and its owner to see how they interact with each other.
Keep an Eye on the Pets
One of the major reasons landlords hesitate to allow pets in a rental property is the potential for damage. They can ruin your precious investment by scratching the furniture or having an accident on the floor.
Regular property inspections help prevent this. They make sure that pet owners are holding up their end of the bargain and cleaning up after their pets.
They also ensure that other parts of the agreement are being withheld. An inspection could help you spot problems such as an unauthorized pet.
Consider Finances and Insurance
You can offset potential costs from pets using:
- Pet deposits
- Pet fees
- Monthly pet rent
Another one of the best financial rental property tips for properties is to get insurance. You can put a requirement in your lease that tenants with pets have to have them insured. It's another way to offset any costs.
Don't Forget About Support Animals
Managing pets effectively is only one of your responsibilities as a landlord. You'll also have to manage service and emotional support animals.
Service animals are specially trained to help those with disabilities. Think of a guide dog leading the blind. Emotional support animals have no special training but help with emotional disabilities such as anxiety or PTSD.
The Fair Housing Act says you can't refuse a tenant who has a genuine medical need for a service or support animal. You can screen them like anyone else, and it's the best way to prevent issues later.
Property Management for Managing Pets in a Rental Property
Having pets in a rental property opens you up to more income opportunities. There are also more chances for damage and other risks.
Managing pets starts with an airtight pet policy. It also involves regular inspections. Deposits, fees, and insurance can offer any financial impact. Remembering the legal requirements around support animals helps keep you out of legal hot water.
PMI Metroplex offers full-service property management in the Dallas/Fort Worth Metroplex area. We handle all the difficult tasks like managing pets effectively. Contact us to see how we can preserve your investment and maximize its profitability.
