Here is a quick guide to the advantages and disadvantages to allowing pets.
Find a tenant faster
According to RSPCA (Royal Society for the Prevention of Cruelty to Animals), 62% of Australians own a pet. Should you decide to allow pets on your property rental, you can end up with a larger pool of ideal tenants to choose from. You can market your property as “pets considered upon application” so that you can still make a final decision whether the pet is suitable for the property.
A pet-friendly home can also be prone to excessive wear and tear, such as scratched floors, stained carpets and the possibility of fleas. As Landlord, you want to make sure you have the right insurance to protect your investment property. Also, be sure to consult with your Property Manager that pet-related risks are the responsibility of the tenant and should be stated clearly in the tenancy agreement.
Charge a higher rent
Pet owners are more likely to pay higher rents. It can be a hassle on the tenant’s part to move around a lot with a pet, so they consider stability for themselves and their pet to be valuable. This makes your property much more appealing compared to competition as well.
You may have to deal with complaints from neighbours about noise and other pet-related problems. One way to avoid this is to screen the pet by asking pet owners of their pet’s behavior, habits and ability to get along with people.
Depending on the location of your property, you might have one of the select places that allows pets. A pet owner would not want to let go so quickly of that assurance and you can feel secure knowing that your tenant is likely to renew the lease.
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