There are benefits in allowing pets in a rental
One of the biggest questions many rental owners have involves whether or not they should allow pets in their rental, and it’s a natural concern when it comes to an investment property which is a major asset.
However, the rules around pets in rentals have recently changed in a number of states, with owners in some states and territories now required to provide specific reasons why a pet might not be allowed.
Meanwhile, there are benefits to having a ‘pets welcome’ policy in your rental property, including having a greater pool of prospective renters who could be more likely to stay long-term.
For some rental owners this has prompted concern about the impact a potential pet may have on their investment, but it’s important to appreciate there could be benefits to allowing pets in your rental.
With a rental crisis currently occurring that means there’s a good chance the renters considering your property are desperately seeking a home that will not just accommodate them, but will also welcome their four-legged friends. The benefits of a pets-welcome policy: If your home is suited to having pets, there are benefits to making them welcome in a rental.
These include:
A wider pool of potential renters – Rental owners who allow pets in their property and advertise this often find themselves with a greater number of rental applicants to choose from.
Longer rental agreements – Pet owners know a rental property that welcomes pets can be hard to come by, so are often willing to sign a longer rental agreement.
Higher rental price – If a property is sought after, it’s likely to command a slightly higher price, and many pet owners are willing to pay for the privilege of having a home that accommodates pets.
Faster rental – As they’re sought after, properties which welcome pets often rent quickly, ensuring there is minimal downtime and income lost between rental agreements.
Committed and responsible – One unexpected benefit of welcoming pets into your rental is that pet ownership comes with similar responsibilities to maintaining and looking after a rental property. After all, owning a pet takes commitment consideration and the ability to look after a living being.
If you have any questions, or need clarification on any of the above, please contact Anna Marten, our Head of Property Management, on 9651 1666 or anna@guardianrealty.com.au.
Important note: Clients should not rely solely on the content of this newsletter. All endeavors are made to ensure the content is current and accurate however, we make no representations or warranties as to the accuracy, reliability, completeness, or currency of the content. Readers should seek their own independent professional advice before making decisions.