I allow pets and charge a pet rent of $35 a month, its nice bit of extra money and pet owners tend to stay longer as tenants.

Money talks and BS walks.

I would spend the money to meter the units separately.

But. you'll have to see what your net gain is before you can see if you'll save any money with your 1031 exchange.

I have only been doing this for 5 years but what I have learnt is that it takes money to make money.  

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you . 

Don't get me wrong, you can make good money with STR, but having a property already to your name with some experience of being a landlord will only help - and you will already have a property under your belt.Good luck!

Do you have money set aside?

Every day you keep the tax deferred you get to keep the money for your use.  

. :) A zoning change can take up to 6 months, approval isn't guaranteed (despite Aldermanic support), and potentially cost a lot of money (architectural site / floor plans & dimensioned elevations, zoning attorney, holding costs, etc.)