There are many great tenants who have pets and are wiling to pay a premium to have them in their apartment. It is, in most cases, going to increase wear and tear on the unit. However, allowing pets could generate higher revenues and increase your bottom line. Is it worth it ?

WHAT KIND OF PETS? Many tenants will have a cat or a small dog but constant barking could cause other tenants to move. You could potentially end up with a building in which every tenant has a pet. This could make it difficult when it comes time to sell. There is also potential liability to consider, in case the pet causes damage to the building or to other tenants.

SERVICE ANIMALS AND ESA’S A service animal is specifically trained, (such as a seeing-eye dog) and are protected by state laws. EMOTIONAL SUPPORT ANIMALS provide emotional, cognitive or other similar support to a person with a disability to assist them with managing the symptoms. Neither of these are technically considered “pets”.

WRITTEN POLICY. It is important, as a landlord, to have a written policy regarding pets. Consult your attorney and the Apartment Owners Association to help design your policy for your property. You may want to cover types of pets and size. Imagine a St. Bernard or a python in one of your units! It is also an absolute must to have a pet lease as an addendum to your rental agreement.

PET DEPOSIT In the case of pets, California allows for an additional security deposit and additional “pet rent” to be charged. Always check with your attorney and Apartment owners association, especially in areas affected by rent moratoriums, before drawing up an agreement, as laws tend to change.

What we at PRS PROPERTIES CAN do for you, is give you an idea as to what other owners are doing. We could suggest what deposit and additional rent, if applicable, might work. We can look at your building for other small changes could allow you to get a higher value than you may have thought. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We have many investors who are looking for “off market” properties and we have put together many, many transactions which involve properties that are not listed for sale

We can also put together an aggressive campaign if you decide to put your property on the market. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.