Tenants w/ Multiple Pets

[Rachel H.]

Hi everyone. I have potential tenants who want to rent my house, and they have three dogs and two cats. Yeah, I know that's a LOT of pets. I've had a dog - a small dog - in my house for eight years, and there's been no serious damage. They said they've never had a problem with damage to wood floors or anything else, and these look like model tenants in other respects (sufficient income, clear background check, excellent credit, etc.). My question is: if I'd be okay with one or even two pets, and probably not too concerned about damage, should I still be okay with a total of five if they say damage is unlikely? Yes, I know tenants will say anything, but I guess I'm trying to figure out why multiple pets is that much worse than a single pet or two pets, except for the fact that it increases the chances of damage. The security deposit will be quite high to begin with, and I will charge an additional pet deposit and pet rent (though I'm still figuring out how much it should be, and would love feedback on that). Curious to hear all your thoughts and suggestions. Thank you in advance! 

[Nathan Gesner]

What's the risk? Animal urine, torn up carpet, scratches on doors and trim, chewed up trim, dug up lawn.

What would it cost to repair? The amount it would cost to replace all the flooring throughout.

Should you accept them? If you can find a way to charge them enough to offset the costs.

EXAMPLE: you have a 1,200 sq.ft. home and it would cost $4,000 to replace the carpet. However, carpet has an expected life-span of 10 years and this carpet is already 5 years old so it has a value of $2,000. You increase the rent $125 a month ($25 per pet) and in one year you will have $1,500 plus you have their security deposit. That should cover the cost of renovation if they totally destroyed your carpet. If they leave the place in good shape, you just earned an extra $1,500 income.

Define the risk. Mitigate the risk. If you can't mitigate the risk, reject the applicant.