You are an animal-loving real estate investor with a recently purchased multifamily property. You would love to be able to offer pet-friendly rental units and welcome the furry family members of your tenant households. However, you also know that pets can increase wear-and-tear. So a good pet policy is essential to your investment strategy. Here are the top five things to know about practical pet-friendly apartment policies from Targa Real Estate.

Start with Pet-Resistant Apartment Design

First, make sure the apartments you are renting are pet-ready and pet-resistant. Paint with a sturdy gloss or semi-gloss - which is the most washable. Replace carpets and old flooring with laminate boards. A rental unit favorite, this is affordable and the top pet-resistant floor type on the market. Cover or replace anything too scratchable or scuffable with a practical pet-proof option.

Set a Limit on Size and Number of Pets

Not all pets are apartment-ready, and not all owners know the difference. This is why most multifamily property managers set a limit on the size and number of pets per household. A typical limit would be no more than three animals, and no animals over 50 lbs.

Ask for a Refundable Pet Deposit

A pet deposit can be put down by pet owners just in case their pet(s) cause any damage to the apartment. Those without pets don't need to worry about it, and those with tidy pets will receive the pet deposit with their rent deposit upon final inspection. This is a fair system for everyone that also protects your multi-family property investment.

Be Prepared for a Cool Response to Pet Damage

When pet damage does occur, a truly pet-friendly apartment manager is always cool. If your tenant reports the damage or asks for help, having a laid-back and practical approach to repairs will make sure pet owners really feel welcome with their pets.

Provide a Dog Park Green Space

Finally, any multi-family property that welcomes dogs should offer a dog park or nearby green belt where dog walking (and scooping) occurs. Well-placed trash cans and bag dispensers keep the space nice for everyone.

Managing a pet-friendly multi-family property can be a very rewarding experience. But you need to prepare your pet policy the right way and have the right maintenance processes in place. Contact Targa Real Estate for more tips on effective property management.