With its many pet parks and pet-friendly dining establishments and parks, it's no wonder Columbia, SC, became an official pet-friendly city in 2022, per Carolina News & Reporter. Many housing and transportation options here have also strived to become more welcoming to pets.
All that should give you an idea of how allowing pets in your rental property in Columbia, SC, can benefit your business. However, you should also learn about its potential drawbacks to help you prepare better.
The team at PMI Soda City explores pet-friendly rental benefits and drawbacks in this guide, so please read on.
Pro: More Potential Tenants
A Pew Research Center survey found that 97% of pet owners consider their pets part of the family. Over half of the surveyed pet owners even said they regard their pets as much a part of their family as a human member!
As you can imagine, those households are unlikely to leave their pets behind when they move. Indeed, according to Better Cities for Pets, over four in ten people are willing to move to accommodate their pets.
So, by implementing a welcoming pet policy for rentals, you can grow your prospective tenant pool exponentially.
Con: Potential Property Damage
No matter how well-trained a pet is, it can cause property damage. For instance, if its owner is gone most of the day and doesn't have a way to go outside, it may relieve itself on carpeted floors. Anxiousness may also cause even the most well-behaved pets to scratch or chew on floors, walls, doors, and furnishings.
Luckily, you can minimize the financial impact of such damages by indicating in the tenant pet agreement that you require pet insurance. Such policies can help renters pay for the damages or liabilities their pets may cause.
Pro: Higher Rental Rate
You can charge higher (but still reasonable!) rental rates when renting out your Columbia house to short- or long-term tenants. Since pets would technically be "tenants," too, you can require additional pet rent. You can also have tenants or guests put down a pet deposit on top of their standard security deposit.
Con: Possible Complaints
Sometimes, pets left alone for prolonged periods can make noise. Other pet owners may be able to tolerate these noises, but those who don't own pets may not be as lenient. They may file complaints against you and their pet-owning neighbors.
To help combat those risks, consider installing high-quality soundproofing materials on your long-term or vacation rental property. Such materials can help block noise and prevent reverberation between walls.
Maximize Income by Allowing Pets in Your Rental Property
Now you know that allowing pets in your rental property can expand your potential tenant or guest pool and rental income. While it can also lead to property damage and complaints, you can reduce the impact of these risks by requiring pet insurance and making soundproofing upgrades to your property.
If you need expert guidance on implementing pet-friendly policies, PMI Soda City can help. We provide full-service rental property management in Columbia, and as locals, we understand local laws on animals and housing. We're also a proud member of PMI, a national property management franchise managing over $5 billion of assets.
Speak with us today to learn how we can help and request your complimentary property analysis!
