As a landlord in Palmetto, FL, you might be rethinking your approach to attracting and retaining tenants. After all, rental price growth statewide is slowing significantly, as demand softens and landlords across the Sunshine State hit the limit of what the current market will bear.
You don't need to invest in high-end upgrades or expensive sweeteners to keep loyal tenants in your property. Offering some flexibility by allowing pets in a rental property is one low-cost way to increase your value prop and attract a wider pool of tenants.
However, launching pet-friendly rentals should be done the right way if you want to reap the benefits. Here are our top five tips for pet policies in rental properties.
1. Weigh Up the Costs & Benefits
One of the most important property rental tips for this topic is to always weigh up the pros and cons to see if a pet-friendly policy is right for you. If your property appeals to families or young couples, a pet-friendly policy can be an attractive incentive, especially during lease renewal season.
However, if your investment is more geared towards college students or shorter-term residents, allowing pets could reduce the appeal for future tenants. Consult a property expert to get a clear picture of the right approach.
2. Set a Clear Policy
Clarity is always crucial when it comes to leasing with pets. Specify which pets are allowed and any restrictions. Common restrictions include size, breed, and number of pets.
Clearly outline these in the lease agreement. This prevents misunderstandings and protects your property. Remember, transparency is key in rental property management.
3. Know the Law for Pets in a Rental Property
Before setting your pet policies, understand Florida state laws. Landlords can set pet policies, but certain regulations apply.
For instance, landlords cannot discriminate against tenants with service animals. This is protected under the Fair Housing Act. Familiarize yourself with these rules to avoid legal issues.
4. Inspect & Assess
Regular inspections help maintain your property's condition. Schedule these inspections periodically and notify your tenants in advance.
During these visits, check for pet-related damage. Early detection prevents small issues from becoming major problems. This is a proactive step in effective leasing with pets.
5. Screen Pet Owners
Thoroughly screen potential tenants and their pets. Ask for references from previous landlords and veterinarians.
Verify the pet's health and vaccination records. Responsible pet owners are usually responsible tenants. This step helps ensure your property remains in good condition.
We Can Keep Tenants in Your Palmetto Properties
Allowing pets in a rental property will boost its appeal to a wider pool of potential tenants, and help you keep loyal tenants in the property for longer. When done right, a pet policy will help you ensure a more stable, reliable, and substantial return on your investment. For this, we are here to help.
At Palmetto Property Management Inc., we can help you draft the right policy, market your property to the right people, screen potential tenants, and proactively manage your lease for the best possible results in Palmetto, FL. Get in touch to find out how our friendly, local, and professional team can get you started.
