Are you contemplating whether to open your East Brunswick rental property to pets? As more than 65% of American households have at least one pet, this is an important question all landlords face. Though there isn't a definite answer to this question, there are clear pros and cons to consider here.
If you are weighing your options about allowing pets in a rental property, you are at the right place. Keep reading for the pros and cons of allowing pets into rentals. Use this information to make a decision you will not regret.
Pros of Pets in a Rental Property
Many renters are pet owners, especially in family-oriented communities like East Brunswick. By accommodating pets, you open the door to a larger rental property tenant pool, potentially reducing vacancy periods.
In a competitive rental market, allowing pets can give your property a competitive edge. It may attract more attention from prospective tenants who specifically seek pet-friendly accommodations.
Pet-friendly properties often command higher rental rates. Pet owners are usually willing to pay a premium for a space that accommodates their furry friends. This could translate into increased rental income for you.
Pet owners are often responsible tenants. Caring for a pet requires a certain level of commitment and responsibility, qualities that can extend to how they treat your property.
Pet owners might be more likely to seek a stable and long-term living arrangement for their pets. This could result in longer tenancy periods, reducing turnover and associated costs.
Pets can bring joy and warmth to a home. Your property may become a more positive and inviting space, attracting tenants who appreciate the added value of a pet-friendly environment.
You can manage pet-related risks by including the following in your rental tenant terms:
Regular inspections
Clear pet policies
Renter liabilities
These measures can address and minimize the impact of potential damages and create a positive environment for renters and landlords alike.
Cons of Pets in a Rental Property
One of the primary concerns of landlords is that of rental property damage. Scratched floors, chewed furniture, or accidents on carpets are all risks associated with allowing pets.
Insurance premiums may be higher for pet-friendly properties. This is because of the perceived higher risk of liability claims related to animal incidents. Even well-behaved pets can cause extra maintenance or legal complications for landlords.
Pets, especially dogs, can be noisy and cause disturbances to other tenants. Ensure that your property's layout and surrounding community are suitable for pets. It is a good practice to establish clear rules regarding noise levels in your lease agreement.
Pets in a Rental Property
Deciding to permit pets in a rental property requires careful consideration of the benefits and disadvantages of this option. Ultimately, landlords in East Brunswick must weigh the pros of accommodating pets against the potential risks when making a decision.
If you need any help with pet-related decisions in your rental property, CMS Property Management is the solution. Our services range from rental payments to rental property pricing assistance. Contact us today to discuss your options.