The Drawbacks
LEASING
Pet Waste & Odor
In a survey conducted by PetScreening , 84 % of respondents listed pet waste as a significant concern when living in close proximity to pet owners .
Communities who allow pets must consider how difficult it can be to get rid of pet odor once a lease has expired and whether future tenants will be willing to tolerate minor smells that could not be eliminated during cleaning . However , communities can protect themselves from additional costs by including cleaning expenses as part of the security deposit .
Potential Noise Complaints
Dogs are the most popular pet among Americans . Unfortunately , some dogs ’ barking causes noise concerns — and communities may have to deal with noise complaints from other residents or neighbors . Once this issue is flagged , it ’ s also a difficult issue to resolve without significant training and commitment from the resident .
When asked to list their concerns about living in close proximity to pet owners , 62 % of respondents listed barking as a major point of concern . Honest and open communication while negotiating a lease can help to alleviate this concern and manage expectations between community management and residents .
Likelihood of Property Damage
Community managers and their staff work hard to ensure the premises are comfortable for their tenants . This could mean purchasing quality fixtures , installing hardwood floors , and investing in landscaping to beautify the property — all of which can be damaged by a tenant ’ s pet . Communities who rent to pet owners
Pet Concern Survey
(% concern rate )
Source : Petscreening
must accept that pets may cause damage to the premises . Ultimately , they must evaluate how much risk they are willing to take with their investment and determine rent prices in accordance with these evaluations .
Be Prepared
Once an apartment community decides to become a " pet-friendly " community , they must ensure they are well prepared to accommodate their residents ' furry friends . Some things to take care of before accepting a tenant with a pet include :
• Investigating whether the resident has pet insurance that covers damage to property or injury to others from the pet .
• Ensuring their own property insurance covers damage from pets .
• Drafting a lease agreement clause that puts the financial and repair responsibility for pet-related damages on the resident .
The most important thing for communities to remember is that each resident and each pet is different . In order to ensure that there is no mismanagement of expectations between the resident and management , constant communication and clear documentation is critical for all parties .
Mike Bang is Head of Growth at Azibo . com , the one-stopshop financial services platform for rental properties .
www . aamdhq . org SEPTEMBER 2022 TRENDS | 23