Should you allow pets in your investment property?
Does the idea of having pets at your rental property send a shiver up your spine?
You maybe asking yourself, what if the pet damages our property? or what if a noisy bark upsets the neighbours? There’s a few things to think about, and it may seem easier to just not want pets at your property. However, with more and more people owning pets today, especially dogs, you may miss out on quality renters.
In this article, we share the key upsides and downsides of pets at your investment property.
Attract more renters
Around 90 per cent of Australian households have had a pet at some time. And as we saw throughout the various stages of COVID-19 lockdowns and restrictions in 2020, getting a pet was a popular option for people. Everyone was staying home more, and it was the perfect time to train a new pet. With pet ownership continuing to be popular, considering pets at your investment property will naturally open you up to a larger pool of renters when your property is available for rent.
Think of the key benefits
Many pet owners have not been successful in obtaining a rental property just because they have a furry friend, whether the pet is well behaved or not. While some pets out there aren’t well behaved, a responsible renter will likely be a responsible pet owner and with properties still in short supply around Latrobe Valley, having a pet friendly property may help it rent even faster.
Weigh up the cons and protect your property
While making your property pet friendly has the potential to attract more renters, there are some downsides to consider too. Firstly, and it’s likely the factor at the front of many rental providers minds, pets may damage a property through chewing, digging gardens and leaving stains on carpets. To protect your property, make sure your property manager does their due diligence when conducting their routine inspections and check that the pet is behaving.
Setting clear guidelines from the start and having processes in place is so important, this ensures renters know what to expect if the pet is too noisy or damages the property.
If you’ve ever owned a pet, you probably know the joy they can bring to your life. Current and potential renters are likely to be much the same. If your property is pet friendly, you can attract more prospective renters to the property and potentially have these renters become long-term residents as pet-friendly properties are hard to come by. It’s certainly worth considering, especially once you have the right precautions in place.
Remember, this article does not constitute financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.