Did you know that nearly 64 million American households own a pet? For many of these households, their pets are more like family members than an accessory. They depend on rental properties with a pet-friendly policy to find a place to live.
Meanwhile, the city of Fort Worth is adding more than 19,000 new residents each year. A sizable percentage of these newcomers will own a pet.
For this reason, pet policy is one important factor for the residents of Fort Worth. Read on for a comprehensive guide to pets in a rental property. Explore how to handle emotional support animals and common pet limitations.
Why Are Pet Policies Necessary?
Some landlords don't want pets inside their properties. The primary concern is pet damage.
It's not uncommon for a pet to destroy expensive items inside the property. For example, you may have a dog or cat that tears up the carpet. Large dogs may put a hole in the drywall or break closet doors.
If the property owner decides to sell, this damage will reduce the home's value. To protect their assets, landlords will insert a pet policy into the lease agreement. Pet policies take many different forms depending on the property owner's preferences.
The landlord may choose to ban certain types of pets. Some landlords list specific dog breeds that are not allowed to live inside the property.
It's also common to put other pet limitations in the lease agreement. The terms and conditions may stipulate that all pets must be on a leash when walking the premises. There could be fines for failing to clean up after a pet's bathroom break.
Larger communities have expressed concern over loud animals. There may be additional restrictions and consequences for barking after a certain hour.
What Are the Benefits of Allowing Pets?
Millions of Americans own a pet. The most popular pets are dogs and cats, however, there are others like guinea pigs, rabbits, and snakes.
These people need housing just like any other Fort Worth resident. A strict anti-pet policy may turn thousands of potential tenants away and hinder your revenue stream.
If you own multiple properties, you may not want to reduce the size of your tenant pool. The risk of property damage is offset by sustained revenue in a competitive rental market. Tenants with pets are also more likely to renew their lease.
Pets can also be of service to your tenants. Some tenants rely on emotional support animals to treat mental health problems like depression and anxiety. Other tenants need a service dog to help them safely walk around the community.
Lastly, pets give a sense of community. People like to see tenants walking their dogs and socializing with other pet owners.
Your Guide to Pets in a Rental Property
You now understand the dynamics behind implementing a pet policy at your property. It's essential to protect your investment. While you may not want to ban pets outright, it's wise to put rules and restrictions in place.
Red Team Real Estate has been helping draft pet policies for over a decade. If you need help managing pets in a rental property, contact us today to speak with an expert.
