It’s such a hard decision. Let’s say that you’re a landlord, and you love animals. Yet, you also know that not everyone is going to care for their pets (or your property) the way you do. Should you risk allowing pets in your rental unit?
Multi-Family Unit Or Single Family Home?
One of the easiest ways to determine whether you should let pets live in your rental units is to consider liability issues. This pertains mostly to dogs. If you have multiple dogs in multiple units, there may be fighting between animals. There is also less chance that anyone will take responsibility for cleaning up after the dogs when they go outside, because they can always just say, “Well, it wasn’t my dog’s mess!”
Emotional Support Animals (ESA) And Service Dogs
You will need to consider how many units you have though, because you may be legally required to allow emotional support animals, not just service dogs, in your multifamily units. People who suffer from PTSD or clinical depression can get a great deal of comfort and emotional support from animals. They are now able to register their own pets as emotional support animals. These animals haven’t necessarily been trained as well as other service dogs, but they still serve an important function to the person. They are considered a medical tool, not a pet.
Here’s an excerpt from Certapet that explains if your rental is exempt:
“There are very few properties that are exempt from these laws — a building with 4 or fewer units, one of which is owner-occupied; single-family homes where the owner does not use a real estate agent to buy or rent the property, and the owner owns less than three single family houses; and housing owned by organizations or private clubs that is used for members.”
You can always have a no pet policy. Then, you can make the needed allowance for the service dog or emotional support animal should it come up. To learn more about landlord responsibilities when it comes to emotional support animals and service animals, click here.
Are Pet Owners More Likely To Be Financially Secure?
Here’s something to consider. Renters with pets actually make more money on average. According to Practical Apartment Management, by Edward Kelly, more than six out of ten pet owners earn over $50,000 a year. They have the money, but it’s actually hard for them to find rental homes that allow pets. Consider that tenants who have found a place that welcomes their pets are less likely to move and are willing to pay a little more in rent just because they aren’t willing to part with their furry best friends!
Sure, you risk ruined carpet, scratched walls and doors, but you can be sure to adjust for that that in your security deposit requirement.
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.