Did you know that more than one-third of New Jersey residents rent their homes? With a high number of renters come many individuals searching for a home for both them and their furry friends.
As a landlord, it is important to decide whether or not you will allow pets in a rental property. These are the pros and cons of this decision.
Pros of Allowing Pets in a Rental Property
Allowing pets in rentals comes with many benefits. These are the advantages you can enjoy when allowing pets in a rental property.
More Tenants to Choose From
Allowing pets broadens the potential tenant pool, as many individuals and families have pets and actively seek out pet-friendly rental properties.
Higher Rent
The median rent price in New Jersey is currently $2,890, which is already higher than the national average. As a landlord, you have the right to charge higher rent to tenants with pets. Additionally, you can implement pet deposits or fees to cover potential damages caused by pets.
Responsible Tenants
Tenants with pets are likely to be more responsible, so you will be less likely to deal with annoyances such as late rent payments. If these tenants are well-suited to care for a pet, then they will likely also take good care of your property.
Longer Tenant Occupancy
When you allow your tenants to have pets, then you let them know that you trust them, therefore building a stronger landlord-tenant relationship. This strong relationship will entice tenants to stay in your property longer, leading to lower turnover rates and decreased vacancy periods.
Cons of Allowing Pets in a Rental Property
If the allowance of pets is a part of your tenancy agreement, then there are a few drawbacks you may need to consider. These are the potential dangers of allowing pets in your rentals.
Property Damage
Pets can cause damage to the property in the form of scratched floors, stained carpets, and torn furniture. This can result in costly maintenance and repairs.
Noise Complaints
Many pets, especially dogs, may create noise disturbances, which can lead to complaints from neighbors as well as the disruption of the overall tranquility of the property.
Higher Cleaning Costs
Pet-friendly properties may require a more thorough cleaning between tenants to remove allergens and odors. This can quickly become costly for you as the landlord.
Insurance Challenges
Some insurance companies may increase premiums for properties that allow pets. Some companies also have restrictions for certain breeds of dogs as they are considered a higher risk.
Liability Issues
If the pet were to harm someone on the property, then you may face liability issues. To combat this, you may need to address and clarify liability matters in the lease agreement.
Let the Team at PMI Property Service Help You
The final decision as to whether or not to allow pets in a rental property is entirely up to you. If you need help making these decisions, then you may want to hire a property management company to assist you. PMI Property Service is the best property management company in South New Jersey and is ready to help you with anything you need.
Contact us today to learn more about our services.
