As a property owner, it’s natural to be concerned about the potential risks that come with allowing pets in your rental property. At the same time, allowing pets opens your home up to a significantly larger pool of potential renters.

So, do you have to allow pets in your rental property? Absolutely not, it’s your choice.

That being said, here’s a few things to consider.

An estimated 66% of US households have pets, so if you choose not to allow pets you’re immediately cutting out almost 70% of your potential renter pool. This means your home will likely sit on the market longer before it gets rented, because only 3 out of every 10 people looking for a rental can even consider your home.

Let’s look at the numbers. Say your home is renting for $2,000 a month. That means each day it sits vacant you’re losing out on $66 of rent ($2,000/30 days = $66.66 of missed rent per day). If it takes an extra 3 weeks to find a renter because you’ve narrowed the renter pool by not allowing pets, that’s $1,400 of rent you’ve missed out on.

If you decide to accept pets, that doesn’t mean you have to accept all pets. You can have additional criteria within your pet policy. For example, you may only want to allow dogs and cats. Of if your rental has a small yard, perhaps you decide to only allow 1 dog under 25 lbs.

If you choose to allow pets, be sure to review your CC&R’s to make sure you’re aware of any applicable pet rules. There may be restrictions around the number of pets allowed on each property or type of pet allowed. For example, chickens may not be allowed in certain subdivisions.

Fair housing also plays into the conversation relative to assistance animals. According to HUD, “An assistance animal is an animal that works, provides assistance, or performs tasks for the benefit of a person with a disability, or that provides emotional support that alleviates one or more identified effects of a person’s disability. An assistance animal is not a pet.” Assistance animals are not considered pets, and therefore pet fees, pet rent and pet policies do not apply. You can learn more about assistance animals here.

One of the major concerns with regard to pets is property damage. Pet stains on carpets, chewed up trim, damage to the yard or scratches in hardwood floors are all concerns we hear when the topic of pets arise. These are valid concerns, and often the reason why owners decide not to allow pets.

There are a few ways to help mitigate these risks. First, is thorough move-in documentation. Photos, video, and a documented move-in condition form helps ensure everyone is on the same page regarding the condition of the home upon move in. If pet damage is identified when the tenants move out, the cost to repair the damage may be able to be deducted from the security deposit.

Another way to manage risk is through third party pet screening. These companies screen pets based on owner-provided information and documentation. The company we use provides a ‘FIDO’ score. The 1-through-5 paw score measures the housing-related risk of each pet and is based upon numerous risk factors and data points. These companies may also verify assistance animal accommodation requests.

To further reduce your risk, your property management company may have a program that help cover costs for pet damages above the security deposit. For example, clients who enroll in our Confident Owner Program receive up to $1500 for damages caused by a pet we approve for the home.

In the end, the choice of whether to allow pets in your rental home is yours. If after understanding some of the risks and benefits you decide you still don’t want to allow pets, that’s completely ok. Maybe you want to allow pets, but with certain restrictions. Or you may love animals and welcome them into your rental home. Whatever the case, your property manager should be able to help answer your questions and provide insights to help you make the right choice for your rental.