Should you allow pets in your rental property?
When owning or renting out an investment property, there are several considerations to be made. Accepting tenants with furry friends is one of these.
As a landlord, it can be hard to know if you should allow pets to live in your investment home. So, in this blog we will give you some things to think about, so you make the best decision for you.
Pros:
- Increase your chance of finding a tenant.
By stating that you will allow pets in your investment property, you will attract a larger portion of the rental market. Once applications are submitted though, it is up to you whether you accept the type of pet that a tenant may have.
- Longer tenancies
Tenants who own pets are usually looking for a long-term tenancy. This can be due to finding a home in the market with pets can be unpredictable and difficult. By considering pets, you could have a reliable, responsible long-term tenant for your investment property.
- Higher rent
Not considering pets can not only cut out a large demographic of prospective tenants but can also be a missed opportunity for higher rent.
Cons:
- Potential damage to the property
The biggest hazard for landlords when it comes to allowing pets to live at their investment property is the potential damage that may be caused. Pets can easily scratch floors, leave carpet stains, disturb the garden or back yard and leave behind a lingering odour. This is the risk of allowing pets, however this can be mitigated and controlled by the right property manager through routine inspections and good communication.
At Homes4U, upon signing the lease agreement, we have a Pet Annexure which forms part of the Tenancy Agreement. This document is a detailed agreement which outlines the tenant’s obligations and responsibilities of having a pet at the property.
- Disruption to the neighborhood
Barking dogs, meowing cats and loud birds can sometimes disturb neighbours. If there are any noise complaints, it is important for there to be communication with the managing agent and the neighbours about a solution. Neighborhood disputes are usually easily resolved but it is worth being aware of this potential issue when considering pets or not.
KNOW YOUR RIGHTS!
As a landlord it is incredibly important to know your rights when considering pets, to allow you to make an informed decision and potentially avoid any serious internal and external damage. It is important to remember that the residential tenancy agreement does protect you and your investment property if you were to accept pets.
If you have any further questions about accepting pets for your investment property, please contact your property manager.
