Every decision you make about your Denver rental property affects the potential tenants it will attract, the people currently living in the space and the value and safety of the property. While many landlords choose to outright forbid pets to live at their properties, others worry about losing money by prohibiting all pets. What should you consider when thinking about allowing pets at your Dental rental property?
Colorado is a Pet-Friendly State
Living around so much gorgeous nature means that many Denver residents live an outdoorsy lifestyle that includes dogs and other pets. Some estimates project that 80% of Denver residents have at least one pet. If you choose to restrict pets at your property, you are potentially losing out on the majority of tenants.
Statistics also show that 75% of people in their 30s own a dog, and over 50% own a cat. Other studies have shown that it takes approximately three times as long to find tenants for houses, condos and apartments that don’t allow pets. Can afford to miss out on three months of rent? Would a pet do more damage than that amount? Run your numbers first.
Consider Your Lease
Your Denver rental property should have a lease that allows you to recover damages in the event that a pet does serious harm. Most leases include a clause that the entire deposit, not just a pet deposit, can be forfeited due to repairs if needed. Make sure that your lease contains proper language to recover the money necessary to make property repairs before you allow tenants to own pets. Most Denver rental properties that allow pets also include a pet deposit and pet rent in the lease.
Do Some Research
If you have a potential tenant with pets, you can always contact past landlords to learn about whether or not they had pets then and if the pets did any damage. A little research can gain you a loyal tenant, too! Pet owners typically move less frequently, so the cost of turnover and marketing for tenants will lower for your property.
Property Management for Denver Metro Area Landlords
All County Denver Metro Property Management offers all property owners competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Our team of real estate professionals looks forward to hearing from you about how we can make your investment a stress-free asset and keep your tenants happy. Call us at (720) 575-6100 for a free quote.