With the Los Angeles rental market remaining a bit uncertain since the pandemic, we’ve been helping investors and landlords position themselves for success by offering tips and advice on how to attract, place, and retain great tenants. One way you can widen your potential pool of tenants and even earn more on your property is by accepting pets.
Pet-friendly properties statistically earn more and have lower vacancy periods. You’ll also have an easier time retaining tenants when you allow animals.
Lower Vacancy Rates for Pet-Friendly Los Angeles Rental Homes
A majority of renters in Los Angeles and the surrounding areas have at least one pet. If you decide you’re not going to allow pets, you’re eliminating a large section of the tenant pool. That’s going to lead to longer vacancy times.
A vacancy is expensive, and in a market like this, you can’t afford to leave your rental home vacant for longer than necessary. Advertise that you’re willing to consider pets so that everyone looking for a home considers your property.
Charging Pet Fees vs. Pet Deposits
We know that some owners charge a pet deposit, but you may find that a pet fee is a better way to collect extra funds and protect yourself.
This is an important distinction. A deposit is refundable. That means that by collecting a pet deposit, you have to return the money to the tenant at the end of the lease term if it’s determined the pet did not cause any damage. A pet fee, however, is non-refundable. You’re going to keep that money even after a tenant moves out.
Pet Rent Increases What you Earn
Pet-friendly properties also allow you to charge an additional sum every month in pet rent. Some pet rent is as much as $50 per pet. This extra rent should apply to all animals; the type of pet does not matter. Typically, people move in with a dog or a cat. But, if a child has a fish or a snail or a ferret, or anything that would qualify as a pet, you should feel comfortable charging that pet fee. That’s because all these pets are dangerous to your property. If a fish tank is damaged and your property gets flooded, there’s a lot of potential for extra repairs.
Protect Your Los Angeles Rental with a Strong Pet Policy
A good pet policy will protect your investment property and tell tenants what you expect in terms of behavior, maintenance, and cleanliness. Establish limits and guidelines in your pet policy as well.
Maybe you want to have a maximum of one pet per property. Or, you can allow two pets; one dog and one cat or two dogs. These are reasonable restrictions and they still allow you to earn more on your property.
Check your insurance policy as well because you may need to have some breed restrictions for dogs. Pit Bulls, for example, are on nearly every list of restricted breeds. If something happens at your property involving a Pit Bull, your insurance company may not cover you. Your pet policy should let your applicants know what kind of dogs are and are not allowed.
You can set your own breed restrictions, as well. If you’re not comfortable renting to a particular dog, you can either deny the animal or request that your resident gets an additional rider on their renter’s insurance that will cover them for that pet.
We recommend allowing pets in your Los Angeles rental home. You’ll attract more tenants, earn more income, and likely retain the residents who don’t want to go searching for another pet-friendly rental home at the end of the lease term.
If you have any questions about these recommendations, please contact us at EGL Properties. We’d be happy to tell you more about Los Angeles property management. Check your insurance policy as well because you may need to have some breed restrictions for dogs. Pit Bulls, for example, are on nearly every list of restricted breeds. If something happens at your property involving a Pit Bull, your insurance company may not cover you. Your pet policy should let your applicants know what kind of dogs are and are not allowed.
You can set your own breed restrictions, as well. If you’re not comfortable renting to a particular dog, you can either deny the animal or request that your resident gets an additional rider on their renter’s insurance that will cover them for that pet.
We recommend allowing pets in your Los Angeles rental home. You’ll attract more tenants, earn more income, and likely retain the residents who don’t want to go searching for another pet-friendly rental home at the end of the lease term.
If you have any questions about these recommendations, please contact us at EGL Properties. We’d be happy to tell you more about Los Angeles property management.