There are various benefits for allowing tenants to have pets on the premises of one’s rental property. Allowing pets increases the number of potential tenants and may decrease the amount of time the property is left idle and vacant, as many potential tenants have pets. A property owner can also charge their tenant a pet deposit in conjunction with other deposits; this can provide extra security as well as extra cash for repairing damage caused by a pet. The property owner can also charge pet rent (i.e., an additional fee for having a pet), and being more accommodating to pet owners and pets increases the chances of having long-term renters. Note, however, that service animals are protected under the American Disabilities Act and are thereby exempt from such charges or fees.
- The majority of rental properties in the U.S. do not allow pets.
- When pets are allowed, a pet deposit should be collected to help cover pet-related damages and cleaning.
- Charging pet each month on top of the regular rent can substantially increase income.
“By allowing pets at your rental, you open your tenant pool and increase the desirability of your rental. This leads to shorter vacancy times between tenants.”