Pets... Most of us have had them, and for our newest generation, they are dominating the scene when it comes to reasons to move, stay and where exactly they relocate.
According to MSNBC 89% of Millennial's who purchased a home this year owned a pet.
For this demographic, 79 percent of pet-owning home buyers who closed on a property this year said they would pass up an otherwise perfect home if it didn’t meet the needs of their pets, according to a Realtor.com survey.
For some it comes down to what type of pet a landlord will allow, others its more in terms of quantity.
My advice for renters or future renters:
More owners are willing to take dogs than cats. If you are a cat lover, maybe opt to adopt a cat that is an indoor/outdoor cat that doesn't spray and doesn't have the tendency to claw at carpet and screens.
Carpet is considered a capital repair item, which means: it costs more to replace, is expected to last 5-10 years with proper care and should add value to a home; however, it is expected to be changed out eventually.
Most owners do not want more than 2 pet in a rental, even if all animals are inside and outside the home. Bored dogs dig holes, jump on doors, scratch door frames and glass. Cats can get territorial, spray in and outside the property, and we all know that smell isn't going anywhere fast.
My advice for Investment Owners
Due to the fact that so many in our current rental climate own pets, its wise to allow them. It opens up you prospect pool and it may allow for some additional income. Some property owners opt to charge "pet rent", while others charge a "pet fee". Both are non-refundable fees that are what I translate as a goodwill fee, a reminder to both parties that the pets are a privileged guest in the home, however, they have dues as well.
I do not advise breed restrictions unless it violates your homeowner's insurance in some way. I like to leave "at the owner's discretion" in our notes for renters when we indicate that pets are allowed. We find that most responsible pet owners will be very transparent and not cover the fact that they have a breed that may be on the "bully list" (which isn't always the case, but I'm putting it out there, because the stigma is there).
Require pet records. I recommend requiring a photo of the pet as well as up to date documentation of the vaccination records.
In the end, what you decide is up to you and your property management team will support that.
Here in the Pines of North Carolina, it doesn't seem to be the cats and dogs that are problems, its finding a place to have chickens....
yes... its a "thing" here. Living and buying local got so savvy that people are keen on producing their own eggs, milk and honey.
Most renters here don't have chickens, but I have had people ask about installing a coop a few times in the past... yea.... that was shot down.
But life goes on and for many it really isn't the same without out little furry friends.