Property Management and Pets
There are over 71 million households in America with pets. This amounts to 63% of households. Half of renters have pets and 35% of people don’t have pets solely because their landlords will not allow them. Property Management Companies often love dogs, cats and other pets personally, but they have to ensure that having pets on properties is not a greater liability that it is worth for them as far as insurance is concerned. There are also many local ordinances that control the number and breed of pets that renters and homeowners alike are allowed to have. Here are the things a property management company has to take into consideration when deciding whether or not to allow pets.
Cost and Profit
Many renters are willing to pay more money in rent to be allowed to have their pets. Property management can decide to have some rentals be pet-friendly rentals which come with a higher rent, and other be non-pet friendly rentals. Pet rent and pet deposits can also be charged which can add income for a property owner and cover any damage the pet may cause. Pet-friendly properties usually rent twice as fast as others and the retention rate is also much higher.
Property management can also require that all tenants carry renters’ insurance and that people with pets have to have a clause covering injuries and damage done by the pet. Property owners also have to check their home owner’s insurance. Many insurance companies will not allow for certain breeds or weight and sizes of pets. In these cases, unless the property management company changes insurance companies, their hands are tied when it comes to pets. Sometimes, allowing dogs on the property can make insurance costs increase which will mean possibly higher rent or deposits for future and present tenants.
Service Animals
Service animals are not pets and there are federal laws in place that require property management companies to allow for registered service animals. Emotional support animals are not covered under these laws.
If you have questions about the pet policy with Scott Properties, Contact us today!