Allowing Pets In Your Investment Property
2018, The Year of the Dog!
And what better time to re-visit the topic of allowing a beloved pet into your investment property.
Owning a pet is very therapeutic, but there are benefits for you when allowing pets in your investment property:
- Increased prospective tenant pool (with more applicants, the landlord/PM can be very selective and choose the best tenants)
- Competitive advantage over those that have ‘no pets’ policies (especially in inner city locations where there are fewer pet-friendly properties on offer) – pet-friendly rentals can often receive up to twice as many enquiries
- Properties are highly sought-after and rent quickly (reducing time and costs of advertising)
- Short vacancy periods due to high demand (limiting pauses in cash flow)
- Higher rents can be realised due to supply (lack of) and (high) demand (tenants with pets are often willing to pay more for a home that fits their needs)
- Longer lease terms (tenants tend to stay longer due to the difficulty in finding another pet-friendly property)
- Lower turnover (tenants staying put equates to steady rental income for the landlord)
- Better upkeep (tenants who feel ‘at home’ are more likely to look after the property and may be willing to improve the home at their own expense)
- Responsible pet owners make excellent tenants who adhere to housing rules
- Safety and security (the presence of a dog at a property reduces the chances of it being burgled)
And some evidence from our General Manager Julia’s investment property…. She allowed her tenants to get 2 kittens. Her tenants are now into their third year in her property, while her next door neighbours’ property, which has the same floorplan are now onto their fourth set of tenants over the same period of time. Julia’s tenants have paid the same rent over the last 3 years and she hasn’t lost money with vacancy periods and reletting costs. That sounds like a win win to me!
Science proves it: People love dogs more than humans!