With over 70% of renters owning pets, restrictive pet policies can significantly limit your tenant pool. However, thoughtful pet policies can actually increase property value and tenant stability. Pet-owning tenants tend to stay longer and often accept higher rents - typically 20-30% more than non-pet properties.
Focus on specific, enforceable policies rather than blanket restrictions. Consider weight limits instead of breed restrictions, require proof of vaccinations and licensing, and establish clear cleanup requirements. Additional pet deposits (typically one month's rent) and monthly pet rent ($25-50) can offset potential damage while creating additional revenue streams.
Document pet agreements carefully, including photos of current property condition. Regular inspections help ensure compliance and catch any issues early. Many properties find that pet-related problems actually decrease with clear policies and proactive management.