pets
Pets can be a contentious issue for landlords, balancing potential income with risks of property damage and liability. Here’s a comprehensive guide to navigating pets in rental properties:
Benefits and Considerations
- Increased Income: Allowing pets can increase annual income by approximately $1,000 or more through pet fees and rents.
- Reduced Vacancy: Pet-friendly properties typically experience lower vacancy rates (10% vs. 14%) and quicker rentals (19 days vs. 29 days).
- Damage Risks: Pets may cause minor damages, averaging around $40 more than tenants without pets, compared to the potential costs of repairs.
Financial Precautions
- Additional Fees: Implement non-refundable pet fees and monthly pet rents to cover potential damages and mitigate risks.
- Renter’s Insurance: Require tenants with pets to carry renter’s insurance covering pet-related liabilities, ensuring protection against damages or injuries caused by pets.
Lease Considerations
- Pet Addendum: Include a detailed pet addendum in the lease specifying pet types, breeds, weights, and vaccination statuses.
- Policy Enforcement: Clearly state consequences for violating pet policies, including unauthorized pets brought in after lease signing.
Types of Pets and Restrictions
- Allowed Pets: Specify acceptable pets and assess additional fees accordingly. Obtain photographs for verification.
- Prohibited Pets: Evaluate the legality and insurance implications of unconventional pets or specific dog breeds.
- Service Animals: Comply with the Fair Housing Act by making reasonable accommodations for service animals, exempting them from pet-related fees.
Legal Compliance
- Fair Housing Act: Landlords must accommodate service animals and emotional support animals, exempting them from additional fees or rents.
- Discrimination Laws: Avoid discrimination based on disability; landlords cannot deny housing to tenants with disabilities who require service animals.
Documentation and Policies
- Photographic Evidence: Document pets with photographs to ensure compliance with lease agreements.
- Policy Review: Regularly review and update pet policies to align with local laws and rental market trends.
Conclusion
Understanding the complexities of managing pets in rental properties is essential for landlords aiming to maximize income while minimizing risks. Landlords can effectively manage pets in their rental properties by implementing clear policies, adhering to legal requirements, and maintaining open communication with tenants.
For expert guidance on property management and compliance with the Fair Housing Act, contact Real Property Management Executives Greater Atlanta today. We specialize in navigating the legal landscape of property management to ensure fair and lawful practices.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.