Have you ever fallen in love with an adorable kitten or playful pup that you couldn't bring home? Too many pet owners are forced to choose between their furry companion and a place to live. If you don't allow pets in a rental property, you may want to reconsider.
Allowing pets could help you attract more renters. However, there's the risk of rental property damage.
Not sure which to choose? Read on to discover the pros and cons of allowing pets in your properties.
Pro: Larger Tenant Pool
One of the top benefits of allowing pets in your properties is the higher tenant pool. Over 60% of Americans own pets. If you don't allow pets, you may not receive as many applicants.
Your would-be tenants will look at other rental properties in Mt. Laurel, NJ that do allow pets. Meanwhile, your properties will remain vacant.
A high vacancy rate can become costly. Allowing pets could help you boost your occupancy rate. You could even fill your units and retain tenants long-term, improving your ROI.
Con: Rental Property Damage
Younger pets are more likely to cause rental property damage. For example, they can urinate on the floor, scratch carpets, or chew on doorways. You'll need to pay for costly maintenance and repairs to keep your rentals in the best shape.
Consider charging pet owners a pet deposit. You won't have to pay for these repairs out of your own pocket. If there's rental property damage, you can cover it.
If there isn't damage, you can pocket the pet deposit for additional income.
Pro: Reliable Tenants
Pet owners are usually reliable, responsible individuals. After all, they have to take care of themselves, their pets, and their homes. You can trust these renters with your investment property.
Develop a tenant screening process to choose the best possible renters. Screening tenants will ensure you choose individuals you can trust.
Con: Local Laws
Make sure to review the state's laws on emotional support animals (ESAs). New Jersey ESAs are covered by the Fair Housing Act. Tenants will need to show you a valid ESA letter for their pets before they move in.
Pro: Timely Rent Payments
If you allow pets in your rental properties, you can charge these tenants a pet deposit fee and monthly pet fee. These renters may be more inclined to send timely rent payments. They'll want to provide their pet with a stable place to live.
Con: Noise Complaints
Untrained pets can cause noise and disturb the neighbors. Consider hiring a property management company. They can enforce your rental property rules, including quiet hours.
Hiring a property manager will ensure a third party is able to step in during these situations. They'll improve tenant relations on your behalf.
Permit Pets in a Rental Property
Reviewing the pros and cons of allowing pets in a rental property will help you make an informed choice. If you're still on the fence, consult a property management company. They can help you determine which choice suits your goals.
PMI Garden State is a full-service property management company. We have a strong track record of success and the prestigious awards to prove it.
We can help manage your properties. Contact us today to schedule a consultation.