Renting to Pet Owners: Yes or No?
Should You Rent to Pet Owners?
Should you really allow your tenants to have pets in your property? What are the major reasons landlords usually don’t want pets in their properties? Are there any benefits of renting to pet owners? What are the pros and cons of renting to pet owners?
Pros of Renting to Pet Owners
The Competitive Edge
Most pet owners struggle when finding a place for rent in New Jersey. A lot of landlords do not accept pets due to the risk of damage. This could be a great competitive edge for you if your property is pet friendly since the number of potential tenants is simply higher. This means that you can find tenants faster if you need tenants to move into your property as soon as possible.
Owning a pet is a responsibility. A pet owner is responsible for everything that happens to their beloved pet. This concept of responsibility also transfers to other parts of life. This usually means that a responsible pet owner is a responsible tenant.
The money side of renting to pet owners is great because you can charge an extra fee for a pet and the owner is happy to oblige due to the light amount of pet-friendly rentals. This makes your rental property more valuable to pet owners and makes you more money on your NJ rental property investment.
This one is simple and straightforward. Tenants that own pets are more likely to stay longer in your property since they find it hard to find pet-friendly locations.
Cons of Renting to Pet Owners
From chewed up carpets to scratched floors, pets can damage your property and devalue it very easily. You can’t forget odor; we haven’t even started talking about the odor when fido marks his territory.
Cats meowing, dogs barking, birds squawking… all these sounds could disturb the neighbors, which can negatively affect your business if you own properties in New Jersey. The bottom line is that this one isn’t such a problem if you don’t rent to tenants that have a dog that barks all day every day. We recommend saying yes to pets in single-family rentals, and no to pets in multiple dwellings.
Screening the Pet
Our property management company in New Jersey tries to encourage our clients to accept pets (if their home insurance will cover it and based on the type of property). We actually have the pets screened! There are several ways you can screen pets, such as websites like PetScreening. Instead of a FICO score, they call it a FIDO score.