Approximately 36% of New Jersey residents rent places to live. This means that more than one-third of people in this state need rental properties. This statistic is great news for landlords, as it helps them keep their units occupied.
As a landlord, your primary objective is to keep your units occupied. However, you'll have major decisions to make along the way. One of these is whether you should allow pets in a rental property.
This decision is a big one you shouldn't take lightly. Continue reading to learn about the top things to consider when deciding.
Understand Most People Have Pets
First, have you considered how popular pets are with Americans? A recent study shows that 62% of Americans have pets. Some might have just one pet, while others might have many.
If 62% of Americans have pets, you can be sure that many of your applicants have them.
When people apply for a rental property, do you want to turn them down just because they have pets? If you do, prepare yourself for turning down a lot of people.
There Are Different Types of Pets
Another thing to consider is the various types of pets people have. When you think of pets, you might automatically think of cats and dogs. While these are popular house pets, they're not the only types.
Some pets, including fish and reptiles, are safer pets to have. They live in cages or tanks and don't destroy things. Therefore, consider allowing some pets and not others.
How to Handle Pets in a Rental Property
As you decide how to handle this, you might turn to landlord tips or landlord advice. You can get this information by contacting a property management firm.
Property managers handle the duties of rental properties for owners. These firms have experience with pets in rentals and can answer your questions.
Many property managers feel that allowing pets is a good thing for landlords to do. However, they also believe that you must create an effective tenant pet policy.
This policy should outline:
- Additional fees and security deposits for pet owners
- Rules for taking pets outside
- Higher rent prices
Outlining these details in writing is crucial for your protection. It's also helpful for your tenants when they have pets.
Benefits of Allowing Pets
You'll reap a few benefits by allowing pets. The first is higher rent. You can charge more for people with pets.
Secondly, you'll have a larger number of applicants to choose from when you have vacancies.
Finally, your tenants might stay in your units longer. Some landlords don't allow pets. Therefore, they'll stay in their unit because they already know you allow them.
Let a Property Manager Handle It
Should you allow pets in a rental property? That's a decision only you can make. However, you can make an informed decision by considering this information.
You can also learn more about pets in rentals by contacting us at PMI Essential in Ewing, NJ. We offer full-service property management duties and can help you run your properties.
