Owning an investment property in Teaneck, New Jersey, can be your ticket to consistent rental income. It also involves plenty of hard work and difficult decisions.
One of the most important of these considerations is whether to allow pets in your rental property or not. For those with pets of their own, it might seem like an easy call to make, but you must remember that not everyone's animals may be as well-behaved as your own.
Allowing pets in a rental property is fraught with risks, although it has its benefits, too. Read on to explore whether you should or shouldn't adopt a pet-friendly policy.
Pet-Friendly Rental Benefits
More than 60% of American families own some sort of pet. These range in size and complexity from goldfish to horses, although dogs and cats make up the bulk of the U.S. pet population.
From this, it follows that allowing pets in your rental home increases your prospective tenant pool considerably. In a competitive market, it doesn't make sense to exclude 40 percent of the population.
What's more, most of these pet parents consider their animals a part of the family. That means they're prepared to pay higher rents to accommodate their animals.
They're also more likely to take good care of your property and renew their leases, so they don't need to start the search for a pet-friendly home over again.
Risks of Allowing Pets in a Rental Property
Despite their owner's best intentions, dogs and cats can cause damage and disruptions while living in a rental property. Some of the rental property damage pets may cause includes things like:
- Chewing wooden fixtures
- Digging up landscaping
- Soiling and scratching flooring
- Causing lingering unpleasant odors
- Excessive shedding
Dogs may also bark incessantly or wander the streets, causing a disturbance to neighbors. Aggressive or anxious animals may even bite someone.
Remember, service and support animals aren't considered pets. Under New Jersey law, landlords can't discriminate against people who need assistance animals.
You must waive your no-pet policy and pet deposit for these animals.
Limiting the Risks Associated with Pets in Rentals
There are a few ways you can enjoy the benefits of allowing pets while reducing the risks. You can charge a pet deposit to cover damages caused by pets and carry out regular inspections to check for damages.
You can also interview the family with the pet in attendance as part of your screening process. This helps you gauge how well-cared-for and obedient the animal is before you allow it on your property.
It's advisable to take out additional insurance to cover any damages caused by animals in your rental property and encourage your tenants to do the same.
Decisions, Decisions
Allowing pets in your rental property offers benefits like increased rents and fewer vacancies. It also poses certain risks in terms of property damage.
Hiring a property manager is the best way to ensure you establish tenant pet policies that benefit you.
PMI North Jersey can help you make the best decision about allowing pets in a rental property and help you enforce your wishes. We help you mitigate the risks of managing pets in rentals with regular property inspections, strict tenant background checks, and lease enforcement.
Explore the options for maximizing your Teaneck rental properties today.
