When you have a rental property you want your investment to be safe, and profitable. You want tenants that will keep the condition great. Often time tenants come with pets. Idaho has one of the highest pet per capita population in the country. Even the biggest animal lover can have fear over pet damage at their property. It is often advised that investment owners just state their property is "no pets" to help prevent damages. But wait, if you don’t accept pets are you losing potentially great tenants, and losing money on your rental? You can lose money from animals being snuck into your investment rental. Secret pets always cause more damage than claimed pets. As a landlord you will also lose money on the vacancy time. Listing a home as no pets can cause it to sit vacant 3 times longer than a home that does negotiate pets. Here are the facts:
- 75 percent of all tenants state they have pets.
- 24 percent lie about not having pets
- Leaving 1% of renters that actually do not have pets
Keep in mind that these numbers do not account for service animals or companion animals as they are not considered pets, but rather animals with a duty. This video will give you some clear cut facts about pets in your rentals and the most damaging dog breeds. [embedyt] http://www.youtube.com/watch?v=Dcg6icsnPDM[/embedyt] Top 10 Most Damaging Dog Breeds
- Chihuahua causes an average of $ 1059.85
- Dachshunds came second with owners facing a bill of $991.32 to repair or clean up after their pet's destruction
- Boxer's total damage of $959.50
- Dalmatian $948.48
- Bulldog $916.66
- Great Danes $846.90
- Huskies $821.20
- Beagles $745.32
- Pointers $735.53
- German Shepherd $687.80
On the other end of the spectrum is the Breeds that cause the least amount of damage:
- Staffordshire Bull Terriers cause the least amount of damage with a total bill of just $217.85
- Yorkshire Terriers $223.96
- Spaniels $281.49
- Whippet $307.19
- Shih Tzu $340.21
- Labrador $ 343.40
- Jack Russell $390.33
- Rottweiler $424.53
- Sheepdog $425.41
Researchers found that 57 per cent of dog owners will dog destruction in their home at some point in their pet's life, in rental homes these amounts can be hirer depending on the time line for fixing damages like carpet and yards. But it doesn't stop in the home as 13 per cent of pet owners admitted their pet has caused damage to someone else's property, with seven in ten then facing an average repair bill of & 348.80for that as well. These are just damages and the cost do not include accidents or injuries A spokesman for PayingTooMuch.com added: "When it comes to a pet, many owners turn a blind eye to the real costs involved because they are seen as being part of the family and are viewed with a loving eye. 63% of all Americans have pets. According to the American Veterinary Medical Association Idaho is the 9th highest state in the country for pet ownership with 62% of the population owning at least 1 pet. As a landlord in Idaho not allowing pets will automatically cut out over half of your potential renters. Since the 2016 Vacancy rates have been reported at less than 5% this means a tenant is more likely to lie about having a pet in a home if they are in need of housing. As an investment owner of Southwestern Idaho properties, it will financially benefit you to be open and candid about pets. Refusing pets in a property that is vacant can lead to rental times 2-3 times longer that pet accepting rental homes. It is better to have a pet in a unit with policies to ensure the properties condition, than to have a tenant hiding a pet and find damages at move out. To minimize damages have pet policies in place:
- Have reasonable increased deposits for pets. Even with the highest damage breed of dogs if a tenant rents from you for one year you are looking at damages being around $105.00. This is easily covered by a deposit. Remember puppies cause more damages and asking for a reasonable deposit for a puppy is a great idea.
- Inspections for pets: Consider doing additional inspections for tenants that have pets. You can take a black light to look for soiled carpets, and to make sure damage is not occurring. Fixing damage during a tenancy is much easier than after a move-out.
- Ask for pet references: proof of training, veterinary records of shots, proof of county or city licensing.
- Many damages can be limited by having spayed and neutered animals
- Declawing cats is not recommended as damages actually increase in cats that have had claws removed.
- Limit the number of animals, multiple animals increase damages at a higher ratio than just single pets.
- Require that pre-authorization be given for trading out or replacing approved animals.
- Have a plan for when animals are snuck into a property and discovered. You can charge a violation fee, require animal be removed and/or increase monthly rent rates for pets that stay. Honesty should be a cost saving measure for tenants, because honest tenants will save you money in damages and legal fees.
- Remember that ADA and Companion animals are not the same as pets and Fair Housing Laws restrict a landlord from increasing rent or deposits for this working animals.
- Remember to check with your insurance company to make sure there are not restricted breeds for your home, and require your tenants to have liability insurance for the rental home that includes damages or accidents from their pets.
Sources Read more at http://www.plymouthherald.co.uk/10-destructive-dogs-revealed-damage-cost/story-21231832-detail/story.html#ukMtxlkcygEVrA5b.99 Top 10 most destructive dogs revealed - and how much their damage will cost you By Plymouth Herald | Posted: June 13, 2014 Read more at http://www.plymouthherald.co.uk/10-destructive-dogs-revealed-damage-cost/story-21231832-detail/story.html#ukMtxlkcygEVrA5b.99 Dog time.com Read more at http://dogtime.com/trending/17160-us-states-with-most-and-fewest-pet-owners-named#hdz4jD2Lj3wrckSO.99