If you've recently inherited a property or you're considering moving out of your home, you may question, "Should I rent or sell my home?"
Renting out a Baltimore property can generate a steady stream of income in addition to a full-time salary. However, you may have concerns about the lease, finding good tenants, property management, and what to do about pets in your home as a rental.
Many tenants have pets, so it's an issue that will certainly come up sooner or later. However, working with the most reliable property management Baltimore offers makes accepting pets an easy decision. With experts, you will have the proper protocols put in place, ensuring you are protected and even earn a little extra, too.
Our Baltimore team is here to walk you through the details about maximizing ROI while accepting pets. Let's take a look at the details.
Why You Should Allow Pets in Your Rental Property
If you're still up in the air about whether you should accept pets in your rental or not, here's a thought to consider: Americans are crazy about their animals! They will go to almost any lengths to pamper and spoil their beloved pets. They'll also go to any lengths to stay with their pet, which means avoiding homes that don't allow them to bring their beloved pets with them.
So, if you open your home to allowing pets, you will also open the door to many more potential tenants to rent your property. Pet owners tend to be excellent renters.
Additionally, once you get these excellent tenants with tenants in the door, they'll likely stay for the long haul. It can be challenging to find quality rental homes that allow pets, and they won't want to start all over looking for a new rental that accepts pets.
Not only are pet owners often excellent renters, but they also help property owners reduce turnover and vacancies.
Start with a Pet Policy
Just because you accept pets into your rental home doesn't mean you shouldn't put a few Maryland pet rent policies in place. In fact, property managers recommend creating a pet lease addendum that outlines your pet policy.
This documentation allows you to determine the rules and regulations that you want to enforce. For example, you could create pet-specific rules, like what type of pets you will or won't allow in the home. If you only want small pets, you can put a weight limit in the policy guidelines.
Additionally, if you want to restrict certain breeds due to insurance or other concerns, you can add that to the rules.
Another rule that could prove relevant is a requirement for tenants to keep their pets up to date on their shots. That way, you can ensure the safety of other people or neighbors who have contact with the pet.
Enforcing these rules may require assistance from the most reliable property management Baltimore offers. Our team is here to follow up with tenants, check immunizations on pets, and more.
Screen Pets Just Like You Do Tenants
Like you screen tenants, you should also check out any animals a renter wants to live with them in the home. Get a record of the pet's history to ensure they don't have any history of aggression. Past instances of aggression can be a big red flag, indicating the tenant and their pet would not be a good fit for your home.
Additionally, ask for referrals or contact previous landlords to get an unbiased opinion of the pet's past behavior. If they were at a rental in the past, talk to the previous landlord to find out if the pet damaged the property. This will give you a more complete picture of the pet.
Finally, meet with the potential tenant and their pet. Doing a meet and greet is a great way to learn how the animal behaves around new people.
Should You Collect a Pet Deposit, Maryland Rental Owners?
Charging pet rent or higher rent amounts for the home is reasonable when allowing pet owners as renters in your property. Most pet owners expect higher rent amounts to cover potential damage, even from well-behaved pets.
However, you don't want the amount to be too high to discourage good pet owners. However, it should be high enough to cover the added cleaning and wear and tear that can occur even with excellent pets residing in the home.
In addition to the pet rent, many property management companies recommend collecting a separate pet security deposit. This will be different from pet rent. It covers any major damage that might occur, such as carpet stains. Like the general security deposit, a pet security deposit can be returned to the tenant after they move out, provided there are no problems with the home.
The Most Reliable Property Management Baltimore Offers Makes Renting Your Property Easy
If you're concerned about the possibility of an animal living in your home after turning it into a rental property, don't be! With the right property managers, you can benefit from excellent long-term renters who have pets while protecting your property and enjoying passive income.
Reach out to Renters Warehouse BW Metro for more information about how easy it can be to turn your home into a rental!
You can also learn more about the benefits of a rental property with our free guide, "The Benefits of Renting vs. Selling."