Pet policy for rental property

[Padam Neopane]

Hello BP Family,

Prospective tenant want cat in the apartment even though we have no pet policy. Tenant is ready to pay for any damages it may cause.

We never have pet issues in the past. 

I am thinking of renting with pet policy in place.

What should I be looking for managing pet. 

Please share your thoughts and suggestions.

Thank You.

[Nathan Gesner]

Quote from @Padam Neopane:

A written Animal policy with rules, penalties for violations, and additional fees. Most Landlords will charge an up-front fee and increase the monthly rent. Fees are yours to keep for the benefit of allowing a pet; they are not deposits and they are not "extra money" to pay for damages.

Cats don't cause much physical damage, but there is a problem with cat odor if the tenant doesn't clean the litter box regularly. I recommend inspections every three months to keep an eye on it. If you notice the odor, hit them with a fine of $100 or so and give them 72 hours to eliminate the odor and pass another inspection or the cat has to be removed.