Cats vs. Dogs - What do you allow?

Question

We're getting ready to rent out our 3/2 1250 sq ft recently flipped home with a small front yard and generous backyard. As pet owners ourselves, we're willing to allow our tenants to have a family pet, but realize both cats and dogs can potentially do damage. Landlords seem to be fairly evenly split between the NO pets camp and the Pets are ok and that's what a deposit is for camp. We tend to fall into the latter as our property is in a neighborhood likely to attract a family and families often have pets. So I'm wondering how you handle this? What do you allow: cats, dogs, numbers of each, size or breed restrictions and what kind of deposit? Any input would be much appreciated!

Sharlene Mulchandani · Answer

@Bonnie Low We allow pets (both cats and dogs) at our properties, so if you decide to do so, an airtight pet policy is a must. I suggest charging a one time, non-refundable pet fee - most landlords usually charge anywhere between $50-$500 for pet fees, which you can use for any damages. You can charge this fee, depending on the amount of risk presented by the pet. Additionally, you can charge a small monthly amount for pet rent, where you can charge anywhere from $10-$80 each month. Pet fees (whether one time or monthly rent) are not legal in every state, so I suggest you refer to your state laws as well.

Steve Milford · Answer

@Bonnie Low Make it easier on yourself. Find out how much homes in area rent for and how much pet rent is. I.e. rent 1500, pet rent $25 per pet; most will have 2, dog+cat or 2 dogs etc. Now make your rent $1,550, and forget "pet rent"; yet charge for pet deposit, exclude breed per insurance and local regs/hoa, and just accept that you will put in new floors when they move out (don't put in super nice floors in the first place).

Mary M. · Answer

75% of renters own pets.. so if you dont allow pets you severely restrict your tenant pool. I enthusiastically allow pets - I do charge a refundable pet deposit and minimal pet rent. As for breed restrictions.... check your local laws first.... then ask your insurance carrier. Mine (Travelers) does not have breed restrictions - they follow locale restrictions. I do require the tenant to carry liability insurance that covers dog bites if they have a dog. If I am leasing a unit and they have a dog, I want to meet it before I say yeah or nay to an application. I also have a pet policy which they agree to. So its a win for all :)

Taylor L. · Answer

Certainly I believe in allowing pets. Deposits and pet rent more than make up for damage the vast majority of the time. My properties are in other markets, so rent and deposits are likely different in dollar value than your market. In determining rents, I would look at comparable properties that accept pets, log a number of their deposit & rent rates, then set yours somewhere in the middle.

John Warren · Answer

@Bonnie Low I have started allowing pets in all of my buildings here in the Chicago area. In B and C class apartments it is one more thing that allows me to keep my vacancy really low as a lot of other owners don't allow pets. I also charge $25 per month in extra pet rent which helps a lot with refinances as it is adds to the NOI. I have had almost zero issues with my furry, rent paying friends. The only thing I have tried to do is limit the dogs to smaller and medium sized dogs. So far, one person seems to have slipped in with a larger dog in 28 units but I haven't had any complaints yet.

Bonnie Low · Answer

@Mary Mitchell this is great info. I would not have thought to ask them to carry a liability policy for their dog or to ask to meet the dog first. Thank you!

Ron H. · Answer

No cats ever! Cat odor very difficult to deal with. I allow 20 lb max dogs ( or close to this) no puppies, no aggressive breeds. Must have renters insurance with pet coverage. Must show rabies certificate. Must provide pictures. Must meet dog. $35 per month fee each. 2 dogs max but one is strongly preferred. So far no issues with my dog owners. I still prefer no pets but allowing some pets gives me a wider tenant pool. Note: I remove all carpeting from units as part of my BRRR process.

Colleen F. · Answer

Multifamily cats only. Only 1. It would just be a pain to manage barking dogs nextdoor in apartments. I don't need that headache. Single family dogs must be met. Limit 2. No puppies If the dog doesn't behave when they meet me they don't move in. (actually it is mostly the owner not maintaining control of the animal I look for). And people with poorly behaved dogs don't usually want to bring them back for an interview because I am too much trouble. For dogs they must have liability on the renters insurance. For student renters I don't allow pets. Always one security deposit although I have considered a move in fee for pets to cover cleaning fur. Also consider your flooring choices. It is expensive to repair pet stained wood floors.

Andrew Jefferson · Answer

@Bonnie LowI am not an RE investor yet but I'd like to share my view from a tenant's perspective to hopefully provide some help.My Wife and I love animals, which is why we've owned a chinchilla and a small dog while renting. For us, our past landlord was extremely lucky to have us as tenants as most of the things they did or didn't do could have ended very badly for them financially speaking... this is why.1. Our lease contract did not have anything about pet policies even though our to be landlords knew we had animals. This could have ended badly for both them as well as us in ways... so my suggestion is to have a thorough lease agreement regarding animals if you do decide to allow them. I'm a firm believer of a very extensive lease agreement!2. They didn't collect a pet deposit from us... I'd assume pet deposits may be limited in some ways depending on state laws but I'd think a deposit that would cover a thorough cleaning (if the tenants move out and leave the place looking and smelling like a barn) and refinishing/fixing the floors and baseboards if applicable should be a good standard. 3. Knowing the obedience of the animal(s)? I ask this as a question because again I am not an investor yet but this would be something going through my head. Is the animal trained? Can a animal's temperament be used as a metric to not allow a tenant to rent? Personally I would trust tenants with an excellently trained animal over a tenant w/o one because the level of responsibility proves to me the tenant does not take owning a pet likely and would treat the rented space with respect. And vise versa if the animal doesnt appeared trained then they probably won't care much about their rented space.I hope this was helpful in some ways! And good luck on your rental!

Henry Lazerow · Answer

I allow small pets in my rentals. It really widens the tenant pool and you can charge a pet fee. I do ask for photos of the pet and don't allow any aggressive breeds. I think pet owners stay longer also as it can be harder finding a place that allows them (no data on this but just a thought haha).