Whether you are a dog person, a cat person, or have no interest in pets, handling a property means removing emotion from pet ownership and thinking about the issue objectively.
Making a smart decision could save you hassle and improve your rental income.
This guide will help you do that. Read on to learn all about accepting pets in a rental property and how to strike a balance between keeping tenants happy and protecting your Portland rental.
The Benefits of Accepting Pets
It's your choice as a landlord whether or not to accept pets. The only exception is if a tenant needs a support animal. However, accepting pets has many advantages.
You'll get more applicants for your property, so it can help you secure a tenant faster. A property in demand can also command a higher rental rate, and that could give you a greater return on your investment over the long term.
Pet-friendly properties also retain tenants, meaning less turnover and all the costs associated with remarketing your property.
Check the Law
In Portland, tenant rights and other laws govern how you manage your rental property. So, you need to familiarize yourself with these.
You should read up on legal information, such as pet limits in some buildings and information on dangerous or banned breeds.
Create a Written Policy
If you are happy to accept pets in your rental, that should come with some conditions. Start by creating pet policies for rental agreements. Specify the pet breeds you'll accept and the number.
Outline rules about pet behavior and access to parts of the home. You should also stipulate a separate pet deposit to help protect you financially from property damage.
Setting Fees for Managing Pet Damages
Accepting pets is associated with extra costs because they are more likely to damage property. So make sure that's reflected in your charges. You could request a pet premium on the standard rent fee and an additional security deposit.
You could also include costs for property cleaning at the end of the tenancy. Outlining these fees in your policy is essential for transparency and good tenant relationships.
Creating Pet-Friendly Rentals
Take the time to ensure your property is pet-friendly. It will lower the risk of issues or damage.
Choose durable, easy-clean floors and robust furniture. Avoid adding expensive furnishings that could get ripped or chewed, like rugs. Ensure outdoor areas are easily accessible, too, if the pets need to roam.
Handling Complaints
If you receive a complaint about a pet, it's essential to address the issue promptly.
Have a procedure for handling the problem with your tenant, and balance your tenant's rights with those of your neighbors, especially with issues like noise and damage. Conduct regular property inspections, too.
Pets in a Rental Property: Is It Right for You?
Remember that as a landlord in Portland, you don't have to accept pets in a rental property. However, you should consider the advantages. If you do, make sure you protect yourself with clear policies and fees.
Our PropM, Inc. are property management experts who can handle every aspect of your rental, including negotiating with tenants over pets. Visit our services page to find out more about what we offer.
