You can make a lot of money from investing in rental properties, but there are also a lot of decisions you need to make.
How you handle your real estate business will have a sizable impact on your experience as a landlord. Some decisions have pros and cons, so you need to weigh things up to make the right choice. For example, should you allow pets in a rental property?
Let's take a look at some of the benefits and drawbacks of doing so.
Pros
One of the key benefits is that you can potentially make more money. Many landlords include a rental deposit, which can cover potential damages that pets may cause. Something that you may be able to do, however, is charging more rent or "pet rent".
People who are renting with pets won't want to leave their furry friends behind. They understand the additional costs that come with owning pets, and will usually be happy to pay a bit more to live somewhere that their pet is allowed.
You'll also have access to a larger tenant pool. About 66% of households in the US currently own pets, so if you don't allow them, you'll be missing out on a lot of potential tenants. This can be vital in a tough market.
Pet owners are usually at a point in their life where they're looking to settle down. This means there's a good chance they'll want to stay in your property and renew their lease when it expires. Allowing pets often means you won't have to worry so much about periods of vacancy.
Cons
While these benefits are significant, there can be some drawbacks to think about.
The first thing to consider is potential damage. Pets can chew furniture, scratch floors, urinate on carpets, and more. This is the main purpose of charging pet rent as this extra income can cover any work that's needed to deal with damage caused by pets.
Pets can cause a lot of noise which may disturb neighbors, though this isn't an issue for all pets. Dogs are often the main culprits here, but less common pets like birds can also be a problem. You can enforce tenant pet regulations to ensure only certain pets are allowed which will help avoid issues like this.
There's also the potential risk of injury. Again, dogs are the main risk here, as large dogs may bite nearby residents if tenants aren't responsible with them. Again, you might want to set certain pet policies for your South Jersey rental property to reduce the risk of this happening.
Allowing Pets in a Rental Property
Whether or not to allow pets in a rental property isn't always an easy decision. You need to weigh up the pros and cons to find the right choice for you. A South Jersey property management company can offer advice and guidance to help you with this and other decisions.
PMI SoJay Property Management is a full-service real estate asset management company serving South Jersey and the surrounding communities. We have years of experience and use state-of-the-art technology to help landlords achieve their investment goals.
Take a look at our property management page to find out more.
