Pros and Cons for Pet-Friendly Investment Properties
Paul Hill Realty Hope Island has found Property Investors can be hesitant to market their rental properties as being pet-friendly on the rental market.
Worries about the potential damage to their rental property can prevent landlords from appreciating the genuine pros of offering a pet-friendly property.
The Pros for Pet-Friendly Investment Properties
- Can receive up to twice as many enquiries if advertised as being pet-friendly compared to those with a strict no pets policy.
- More applications mean your Property Manager can be more selective in choosing the absolute best of tenants for your property.
- Increased demand ordinarily brings about shorter vacancy periods, guaranteeing a consistent income from rent payments.
- Tenants with pets are often ready to pay more to make sure that a property meets their requirements.
- Once a pet owner secures a home for them and their pets, they will in general be more settled and will stay longer.
They tend to treat the property more like their own home; fewer turnovers additionally you make more predictable rental income for the owner.
The Cons for Pet-Friendly Investment Properties
- The potential damage from pets biting, clawing, or digging at the property
- Potential pet smells and stains to flooring.
- Possible neighbour grievances about barking, squawking, or wandering
- Increased insurance costs
What steps could you make to your investment property to become pet-friendly?
Making slight alterations to your investment property can limit the potential risk of damage or increased maintenance being brought about by tenants’ pets.
Guarantee that the garden or courtyard is securely fenced so that pets can’t get out. Good neighbour fencing, where pets can’t see others or pets coming and going, may limit barking complaints.
Tiles or vinyl flooring are much more practical than carpet, especially in the living areas. They are simpler to keep spotless and tend not to hold odours, fur or stains from any little mishaps. This is both practical and appealing flooring option for both the Landlord and Tenant.
Numerous new homes only have carpet in the bedrooms where entryways can be shut to limit pet access.
Security screens with doggy-doors have a more prominent appeal to tenants and thus may warrant an increase in the rent. This will likewise lessen potential damage to doors and windows, as the pets won’t have to scratch in order to come and go.
On account of an outside pet, security screens are more impervious to damage from a pet than insect screens.
Ensure the tenant comprehends that even slight damage to screens, holes or patches of dead grass in the garden will be remembered for the exit inspection. That the property will need to be left in the same condition as when entering the rental agreement.
Include terms in the rental agreement requiring a flea treatment inside and out when vacating the property.
Request pet accreditations such as proof of registration, desexing or references from current neighbours. Only approve pets of the size and number appropriate to the size of the yard.
Make sure the provisions of the rental agreement are clear about the type and number of pets approved. In addition, whether the pets are permitted inside or outside only. Having a photograph on the document of the approved pet is additionally suggested.
Pets in apartment buildings, units and townhouses
Keeping animals in apartments, units and townhouses is a more complex process than permitting pets in a freestanding house.
With regards to strata buildings, each Body Corporate can have different by-laws and options regarding the acceptance of pets in the building or complex.
Some complexes might not allow pets at all. While others allow tenants to submit a ‘pet application’ and make a call based on the type and breed of the animal, or allow only owner-occupiers to keep pets, not renters.
With a rise in demand for pet-friendly rental properties, developers and strata managers have become more aware of the advantages of running a pet-friendly building.
There have been some recent tribunal and arbitration decisions deeming that a body corporate can’t confine a tenant from having the company of a pet.
Nobody wants to have his or her tenant in dispute with the Body Corporate. Really the decision remains with you as the landlord. As long as you are acting within the bylaws and relevant council regulations that may apply.
The final consideration is to make sure that you and your property are secured by the proper landlord’s insurance. Some policy terms can change when all pets, or some pets especially, are allowed on your property. Do your research and then make an informed decision from there.
It’s your choice whether you offer pet-friendly investment properties or not. We are in favour of pet friendly investment properties, as the pros outweigh the cons.
For those who are looking to engage an experienced property management for their investment property whether it’s pet-friendly or not, contact us today!
Paul Hill Realty Hope Island has built up a reputation of giving exceptional service across the Gold Coast. As well as going above and beyond the normal expectations that a property investor can expect.
Paul Hill Realty Hope Island are Specialists in Residential Property Management on the Northern Gold Coast from Southport to Ormeau and west to Wongawallan. However, know the complete South Eastern Qld area well so can list any property in South East Qld.
Get in touch with one of the Paul Hill Realty Hope Island experienced property managers by calling 07 5577 1888.