Protecting Your Investment: Managing Pets in Your Rental Property
Atara Property Management understands that pets are family, and we also understand the importance of protecting your investment. With 76% of millennials and approximately 72% of renters owning pets according to the Humane Society of the United States, pet-friendly rentals are not just a growing trend in Salt Lake City—they're a significant market force. This makes welcoming pets a key factor for attracting and retaining tenants. We carefully weigh the pros and cons of allowing pets in your rental property to maximize your returns while minimizing potential risks.
The Advantages of Pet-Friendly Rentals:
Increased Tenant Pool: By welcoming pets, especially given the high percentage of millennial pet owners and the fact that a large majority of renters have pets, we significantly expand the number of prospective renters, leading to faster vacancy fills and reduced downtime.
Potential for Higher Income: Atara can help you leverage the demand for pet-friendly properties by implementing appropriate pet deposits and potentially higher rent to offset any potential costs to maximize investment.
Improved Tenant Retention: Tenants with pets often have a harder time finding suitable housing. Atara Property Management fosters positive tenant relationships, encouraging lease renewals and long-term occupancy, which translates to consistent income and reduced turnover expenses.
Mitigating the Risks of Pet-Friendly Rentals:
We recognize the potential challenges associated with pets and have proactive strategies in place to protect your property:
Property Damage: We conduct regular pet inspections to ensure responsible pet ownership and address any potential issues promptly. We also collect a pet deposit to cover any damages beyond normal wear and tear. Our thorough screening process helps identify responsible pet owners. We find that performing pet inspections and holding tenants accountable for damages throughout the lease is the best way to protect an owner's property and ensure property condition is upkept.
Allergies and Liability: We advise tenants of any existing pet dander and take steps to ensure the property is clean between tenants. Our lease agreements address pet-related liabilities and outline tenant responsibilities.
Noise and Neighbor Complaints: We address noise complaints promptly and works with tenants to ensure their pets are not disruptive to neighbors. We emphasize responsible pet ownership in our lease agreements.
Setting Clear Pet Policies and Restrictions: Accepting pets in your property doesn’t mean accepting all kinds of pets. We help you establish clear and legally compliant pet policies that protect your investment. You can set restrictions on weight, breed, age, and the number of pets allowed. This allows you to manage potential risks while still welcoming pet-owning tenants. For example, you might choose to limit the number of large dogs or decide you’d only like to allow cats. Atara can advise you on reasonable and legally sound restrictions.
Atara's Pet Management Process:
Thorough Screening: We carefully screen potential tenants and their pets, including breed restrictions if applicable, and gather information about pet behavior and history.
Regular Pet Inspections: We conduct routine inspections to ensure the property is well-maintained and that pet-related issues are addressed promptly.
Pet Deposits: Atara collects pet deposits to cover potential damages and ensure responsible pet ownership.
Compliance with Local Regulations: We stay up-to-date on all Salt Lake City rental laws regarding pets, including pet deposits, fees, and service animal regulations, ensuring compliance and protecting your interests.
Important Note Regarding Service and Emotional Support Animals: It's crucial to understand the legal distinction between pets and assistance animals. Service animals and emotional support animals are not considered pets under the law. Your pet criteria, including any restrictions on age, breed, weight, or number of pets, do not apply to service animals or emotional support animals. These animals have specific legal protections, and Atara Property Management ensures full compliance with all applicable fair housing laws regarding assistance animals. We can guide you through the proper procedures for handling requests for reasonable accommodations for assistance animals.
Partner with Atara Property Management:
Choosing whether to allow pets in your rental property requires careful consideration. Atara Property Management offers a comprehensive approach, balancing the benefits of pet-friendly rentals with proactive risk mitigation strategies. We are committed to maximizing your investment while creating positive experiences for both you and your tenants. Contact us today to discuss how we can help you achieve your property management goals.
