Nearly 70% of American households have a pet, and in a pet-friendly city like Austin, it’s very important for landlords, property managers, and HOAs to consider the pros and cons of allowing pets on the property. Here are some things that will be important to consider before making a decision on whether or not you should offer pet-friendly housing.
Allowing Pets Can Attract and Retain Residents
Pet-friendly properties can attract more residents, especially in a city like Austin, where dogs are welcomed in many businesses, bars, and restaurants. People with pets are also inclined to stay in their properties longer, as finding another pet-friendly, affordable residence can be stressful and hard to come by. Moving can also be stressful and scary for pets, meaning that your residents will think twice before moving out.
Check if Your Insurance Has Restrictions
Insurance policies can vary just as much as properties and amenities do in Austin. Before you decide to allow pets on your property, you’ll want to check with your insurance company to see if they prohibit animals. You’ll also want to chat with your insurance company about changing your policy to allow pets and aks questions like if there are breed restrictions, weight restrictions, etc.
Have a Detailed Pet Policy in Your Lease
Leases are important in laying out the restrictions and expectations between tenants and landlords; therefore, it’s paramount that you include whether or not you allow pets in your lease. Include the size, weight, type, breeds, and number of pets allowed. The lease should also outline the responsibilities of pet owners, like pets being on leashes at all times and owners picking up after their pets. Stipulate a warning and/or penalty system in the unfortunate case that a pet becomes a problem to others.
Pet-Friendly Units Can Take Longer to Prepare for a New Renter
Pets generally bring more wear and tear to units, which means that they can take longer to refresh and get ready for a new tenant when the old tenant leaves.
Pets can be a wonderful addition to your property and bring you great tenants, but it’s a decision you’ll have to weigh heavily. If you’re thinking about enacting a new pet policy, a property manager can be of great help. We’re well-versed on how to handle things like this, so contact Prism Realty Management with any questions you may have.
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