Do you own a rental property in Riverdale, GA? Since 2021, the city has seen an increase in economic growth. While an updated report is still in the works, one can expect the city to attract more potential residents.
The city has a small population, which makes it perfect for residents who need affordable rent options. As a landlord, this brings many opportunities for you.
But what happens when tenants ask if their pets can move in?
Here are the pros and cons of having pets in a rental property:
Pro: Increase the Tenant Pool
If you want to reach out to as many potential tenants as possible, then you want to allow pets. The more variety of pets you allow, the higher the chances you have of reaching potential tenants.
If you're really open-minded, you can even allow exotic animals that are legal in Georgia. While there might not be too many tenants with such animals, you'll certainly be one of the few landlords available to them.
Con: Rental Property Damage
Of course, the biggest con for landlords is the damage to the rental property that might be caused by pets. You can't expect tenants, unfortunately, to always be responsible for their pets as they should be.
This is why you must conduct regular rental property inspections if you do allow pets. This lets you keep track of any damage caused by pets.
As a side note, Georgia landlords can collect a pet deposit in addition to the regular security deposit. If there's any property damage caused by the pet, you can use the pet deposit to cover costs. However, pet deposits aren't permitted for service or emotional support animals.
Pro: You Can Charge Higher Rent
When you allow pets, you can also charge a higher rental price to your tenants. Most tenants are willing to pay a premium rental fee to bring their pets along.
If you have a responsible tenant who'll look after their pet, you might want to allow pets just to earn more money!
Con: Pets Can Bring Liabilities
One of the biggest stresses of being a landlord is dealing with potential liabilities. Pets can bring several liabilities which can ruin your reputation as a landlord. At worst, they can also lead to legal troubles.
Pets can bring a lot of noise which can cause the neighbors to complain. Aggressive pets can also attack and injure other guests. This can cause you and your tenants to be held liable.
You can consider renter's insurance to cover the cost of any fines as a result from any liability caused by a pet.
Consider Pets in a Rental Property
Now you know the pros and cons of having pets in a rental property. It's up to you to determine whether the pros outweigh the cons. While there are certainly risks, you can potentially earn a higher income.
One of the best ways to deal with these landlord tasks is to hand them over to a great property manager.
PMI South Atlanta has over 20 years of experience in property management. We'll be more than happy to help you!
