If you have a pet, you will know that trying to find a rental property can be a bit of a nightmare. And with new laws coming into states such as Victoria making it easier for people with pets to secure rental properties, it’s time for landlords to consider the pros and cons of renting out your asset and allowing pets.
Pros
More tenant may be interested in your property – If you allow tenants to have pets, you open your listing up to more prospective tenants who might be a great fit and might be a longer-term solution for your listing.
Charge a higher rate – Landlords who allow pets tend to make more money by charging pet deposits, non-refundable pet fees, or pet rent.
This is something to consider when looking to rent to tenants who have pets.
Pet owners are responsible tenants – Generally, people who own pets can be more accountable when it comes to looking after your property. To take care of a pet, especially a dog requires a lot of time and attention.
Pet owners will likely put the same energy toward taking care of your property. They’re also more likely to view it as a home.
Lease terms – Pet owners can be more likely to renew their lease. Moving with a pet can be hard for a number or reason, so often pet owners are likely to stay somewhere for longer.
Cons
Risk of allowing pets – Pets can cause damage to a property, so you need to decide if your property is fit for pets. If you don’t have any fences or have floating floorboards, the property may not be suitable for pets.
Noise – Pets, especially dogs, can be noisy. If you have an apartment, it may not be suitable for a large dog but might suit a cat or smaller breed of dog.
Nobody wants to be dealing with a problem with their neighbours so take this into consideration.
Allergies – If you have carpets, or your property is furnished, this might present problems when re-letting the property after pets have been kept at the premises.
Think about what you’d like to do with the property long term when making the decision to allow pets or not.
If you have decided to allow pets at your property, ensure your real estate agent uses a robust screening method. You might want to restrict the size of dogs, the number of pets and the breed as well.
You may also want to ask some more in-depth questions such as the age of the pet, has it been through training, is it house trained and does the pet get along with other people, children and dogs.
Being thorough in the process will help you place the right tenant, and pet in your valuable investment.