What's your pet policy

[Mike Ojo]

What's been your practice as a landlord? I personally don't mind a tenant having their pets live in the property but I'm also concenerd about the potential cost of having pets. What's been your experience? thanks.

[John Warren]

@Mike Ojo I just started allowing pets in a new apartment building I acquired here in Berwyn outside Chicago. I decided to do pets primarily because I can charge an additional pet rent. I am doing $25 per month, and have had zero push back on that. I may try bumping it up to $30 per month for incoming tenants in the next batch. 

That may not sound like a lot, buy at a 7 cap, each pet is adding $5,000 of value to my apartment building. This building has 19 units, so even if I can get half of the owners to have pets my value will go up $50,000!