Should You Allow Pets at Your Rental Property?
With over 62% of households owning pets, Australia has one of the highest rates of pet ownership in the world, so a common and difficult decision landlords are often faced with is whether to allow pets in their rental properties. While it may seem risky, with a good property manager, allowing pets at your rental can have great benefits. At PRDNationwide we are the trusted property management experts in Canberra with hundreds of property listings in and around Canberra currently up for lease. If you own a rental property, allowing pets can actually be beneficial to your investment, read on to see why.
A Larger Pool of Tenants
By allowing pets at your rental, you have the opportunity to expand the number of potential tenants, which can significantly increase your odds in finding the best quality renters. By eliminating pet owners from your prospective tenants, your tenant pool may be halved, with many high quality and long term tenants not even considering your property. Property listings in Canberra which clearly state that pets are allowed or considered, will not only mean your listing will likely be one of the first that is responded to, the larger tenant pool allows your property manager to be more selective when choosing the best tenants. It’s important to note that even if you do advertise your property as “pets considered” you are not obliged to accept a tenant application with a pet. You are still free to reject the application, at your complete discretion.
Higher Rent and Longer Term Tenants
Research has shown that most pet owners will pay a little extra for the stability of a longer term rental (12 months+). This is mainly due to the scarcity of pet-friendly rentals as well as the inconvenience of moving with pets all the time. Allowing pets will mean your property will spend less time sitting vacant, and more time adding rental income to your pocket.
Eliminate Hidden Pets
If you choose to forbid pets in your rental property, you open yourself up to the possibility of tenants having unauthorised pets. With rental properties in high demand in Canberra, competition to secure a property is hot. Some tenants may hide the fact they have pets and these hidden pets aren’t named on the lease and you therefore have no control over them in your property. Ultimately they can create headaches for the landlord and property manager.
How to Protect Your Rental When Allowing Pets
If you’re considering allowing pets in your rental but have some concerns, there are extra precautions you or your property manager can take to ensure you choose the right tenants and pets. You can include a few stipulations regarding pets in your lease agreement. Such things may include:
· Charging a pet bond to cover fumigation and flea treatment costs, to be used if the tenant doesn’t organise one and supply a receipt when they vacate the property.
· A pet policy in the tenant lease - the type and size of pet you allow and the rules for keeping pets at your property, e.g. The tenant must pick up after the pet, pet waste must be disposed of in the outside bin only, the pet must remain outside the property at all times.
· If your tenant breaks any of these rules, your property manager can breach them and if the issue isn’t rectified within 14 days, you have grounds for eviction.
While allowing pets may put your property at greater risk of damage, it could be a risk with great rewards. A pet-friendly property is always likely to be in demand so the risk of some scratches or stains might be outweighed if you secure responsible, long-term tenants.
If you would like more advice on pets in rental properties or to view our pet friendly property listings in Canberra, get in touch with the friendly property management team at PRDNationwide today on (02) 6262 5232 or send us an online enquiry and one of our team members will get back to you promptly.