In Georgia, more than half (51.1%) of households own pets. Now you may be thinking, "Why is this information important to me?". Well, we're here to tell you.
As an investor, you have to make strategic and informed decisions about your property. This means deciding if you're going to let your tenants bring their pets or not.
There are pros and cons to allowing pets in a rental property and we're going to break it down for you in this guide.
Pro: Expanded Tenant Pool
When you allow your tenants to bring their pets, you open up your options a lot. Many residents in Georgia have pets, which means a lot of people are looking for housing options that allow pets.
There aren't always accommodations for pet owners. It will make attracting tenants much easier if you allow pets on the property.
Con: Risk of Property Damage
There is a risk of property damage when you allow renters to bring their animals. Pets can scratch the floor, chew on furniture, and have accidents on the rugs or carpet.
You may incur extra maintenance costs for repairs because of this. However, there are ways to reduce this risk.
You'll want to spend extra time vetting your tenants. Ask them questions about their pet and set up an interview. This will allow you to interact with the dog and vet them.
You can also ask for references and talk to their previous landlords about their experience with them and the pet. This could be eye-opening and help you make a decision.
Pro: Increased Rental Income
Another benefit of pets in a rental property is the potential to make more money. You can charge a pet deposit or a monthly pet fee. The additional income could help with potential pet-related damages.
Con: Insurance Challenges
Before drafting a lease agreement that allows pets, you'll need to consider the potential challenges with insurance that may arise. Some companies may charge higher premiums or even refuse coverage.
Pro: Tenant Longevity
Since finding rental properties that allow pets is hard, many tenants will renew their leases and stay in your property longer. Pet owners often seek stable and long-term housing arrangements. This is beneficial for you as turnover rates will be lower and you won't lose a lot of profit.
Pro: Responsible Tenants
Tenants with pets are more likely to be responsible and attentive to your property. The presence of a pet often encourages renters to maintain cleanliness and address issues right away.
Pet owners don't want to pay extra fees for damage to the property. They may even take better care of your property than a non-pet owner.
Tails of Tenancy: Debating Pets in a Rental Property
As you can see, there are lots of pros and cons of allowing pets in a rental property in Smyrna, Georgia. You'll need to consider all angles, don't rush this decision.
While it can be difficult to decide, a property management team can help you. You can also change your mind between tenants if it doesn't work out.
Our team at PMI Terminus has over 10 years of industry experience and we are here to help! Get in touch with us today!
