Aussies love their pets. So much so that according to the Australian Bureau of Statistics, 2.16 million renting families are pet owners.
Despite the large portion of renters having pets, some landlords are reluctant to advertise a property as welcoming to pets.
However there are some good reasons as a landlord that you may want to consider allowing your tenants to have pets:
Higher tenant retention: Tenants who own pets are inclined to stay in properties longer.
More potential tenant: There is a large pool of people looking for pet friendly properties, yet failing to find them means that more people will be attracted to your property.
Lower vacancy rates: Being pet friendly may mean you find tenants quicker. If long vacancy periods are common in your area and a pet-friendly approach might give you a competitive edge and secure a tenant a week or more earlier. Otherwise not allowing pets could actually cost you more.
More rent: Properties that allow pets can often charge more in rent than those that don’t, simply because the large pool of prospective tenants with pets have few accommodation choices.
If you do choose to allow pets, you should also consider to negotiate further provisions to be built into the tenancy agreement like:
pet references from previous landlords
that the tenant is responsible for all damage caused
the tenant needs to have the property professionally cleaned every 4-6 months and at the end of the lease
an initial three month inspection. If having the pet isn’t working then it will have to go
an increase in the bond or additional pet bond
In summary, landlords that do allow pets can find themselves at a competitive advantage. And because pet owners often have a hard time finding a place to rent, they tend to stay put and be very loyal, making great tenants.