To pet or not to pet??

[Justin Frye]

So I just started marketing for my new rental online and I'm starting to run into the question of are pets allowed and if so what's the deposit/monthly fee?  I'm looking for opinions and policies for pets in your rental properties.  I'm trying to decide whether to allow it and what to charge them/policies in lease. The area is mostly made up of multi-family properties and there's not many pets near or out for that matter that I've seen so far, I figured Id ask and get the pro's opinion on this topic. Thanks for your advice!

[Collin Goodwin]

@Justin Frye we manage a few hundred rentals and are pet friendly in nearly 80%+  of them. The only reason we are typically not pet friendly is because of the owners sole objective. With that said, pets are an absolute advantage when it comes to marketing, for reasons discussed above. So the question becomes, why would you not allow pets? The answers here are pretty obvious, but the facts don't always support it. 

Here is my take; humans can do just as much damage to a unit as a pet. Additionally, one bad pet can do more damage that 3 good pets. To me, it comes down to responsible people, period, who in turn likely are responsible pet owners. As a result, when applying to rent one of our units, potential tenants have to provide the following: 

1. All Pet Info (Name, Breed, etc)

2. Photo of the Pet

3. Proof of Up-to-date vaccinations 

4. A disclosure stating the pet has not been involved in any incidences that would classify the pet as "dangerous or potentially dangerous" as defined by the state of SD. 

Why do I want this information? 

1. So when we do our inspections, we know that the pet who applied for residency is the pet thats actually there. 

2. Do I really care about the vaccination schedule? To an extent, but I really want to show responsible pet ownership. 

In addition to the application, we require a Deposit, Not a Fee. In my experience, once a pet fee is paid by the tenant, its almost as if it is a sunk-cost to them -- "I don't care if my dog chews on the carpet, I already paid my pet fee" as opposed too "Don't chew on that carpet, I want to get my deposit back!" Although a likely subtle difference in actual cost, we find the mindset difference is far greater.