Pets are a big part of our lives, and we are based in Portland, Oregon which is a very pet-friendly town. Lots of folks have pets and want to live in a rental property with their pets. We recommend having a pet policy in place. At Fox, we will consider accepting one dog or one cat. We do put restrictions on the animals. For example, we have breed restrictions. We will not take Pit Bulls, Dobermans or any other breeds that are considered vicious. We can set weight limits when necessary and we always require additional security deposits when tenants move in with pets. Depending on the property and the location, that pet deposit could be between $250 and $500. The other nice thing about accepting pets is that they can pay their own rent. So, you get the opportunity to make a little more investment money with your rental. Most pets include an additional pet rent of between $10 and $25 per month.
My philosophy is that by allowing pets, you will open your doors to more renters. We don’t like taking in new puppies or kittens, but if you have a tenant with good references who has lived responsibly in properties with a pet, you might want to consider accepting the tenant and the pet.
There are positive aspects to allowing pets, beyond the greater pool of renters. Most tenants with pets stay in the property longer because they will not want to find another rental. These tenants are also happier on average because pets relieve stress. Also, as we mentioned, you will get extra income from the pet rent.
Remember that assistance animals are different from pets. They have legal protections. If a physical or mental disability requires a tenant to have an animal, you have to allow it. If you have any questions about our pet policy at Fox, or you would like more information for your own investment property, please contact us at Fox Management, and we’d be happy to help you.