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A significant number of American families choose to welcome pets into their homes. For example, 38.4% of households own dogs, and 25.4% own cats.
Since pets are so common, whether to allow pets in a rental property is a topic of great debate. In New Brunswick, NJ, a significant portion of the population consists of renters. Thus, property owners in the area must understand the pros and cons of allowing pets in rental properties.
This article will consider both sides of the debate so property owners can make a decision. Then, we'll provide some suggestions for developing a pet policy. Keep reading to learn all this and more!
Pros of Allowing Pets in Rental Properties
Allowing pets in a rental property broadens the potential tenant pool. One reason is that many pet owners face difficulties finding suitable housing. By accommodating their needs, property owners can attract responsible pet owners.
Moreover, properties that start welcoming pets experience a surge in demand. This can result in shorter vacancy periods, making it a good option for property owners who need consistent rental income.
Property owners may also charge higher rents for pet-friendly units. Pet owners are often willing to pay extra to secure a suitable home for their furry companions.
Since it is a challenge to find accommodations with pets, those who own them are often stable tenants. This is desirable for property owners because it reduces turnover costs. It also helps owners maintain a stable rental income.
Cons of Allowing Pets in Rental Properties
One of the primary concerns for property owners is the potential damage caused by pets, such as:
- Scratched floors
- Chewed furniture
- Stained carpets
These potential risks could result in costly repairs or increased property maintenance.
If other tenants have allergies or sensitivities to pets, allowing pets could cause health issues. Moreover, potential complaints from tenants or neighbors could arise due to:
- Noise
- Foul smells
- Pet hair or hygiene
Allowing pets may also increase insurance premiums. This is due to the potential for injuries caused by pets, especially dogs.
Property owners must review their insurance policies to ensure proper coverage. This will help them mitigate any liability risks associated with pets.
Policy for Pets in a Rental Property
Clear rental property rules about pets are crucial to ensure a smooth experience for both tenants and property owners. These rules should address pet-specific requirements, such as:
- Breed restrictions
- Size limits
- Vaccination records
- Spay/neuter requirements
Property owners can also add pet-related clauses to the lease agreement, outlining the following:
- Responsibilities of pet owners
- Pet deposit requirements
- Consequences for violations
Hiring an experienced property management company can make this process a lot easier.
Establish Your Pet Policy with Lawrence Property Management in NJ
There are clear pros and cons of allowing pets in a rental property. After considering them, you may want some more help coming up with a pet policy. Lawrence Property Management can help!
We offer services like marketing, tenant screening, rent collection, and maintenance. Contact us today for more information and see how we can take the work out of owning a rental property!
