As pet ownership increases, the demand for pet-friendly rental properties has also risen.
While property investors are eager to cater to this market, many are unsure about the best way to make their rental properties pet-friendly while protecting their assets.
Australian homeowners and pets
Pet ownership is on the rise in Australia in recent years, with over 60% of households owning at least one pet.
Dogs and cats are the most popular companions based on numerous surveys, followed by birds and fish.
What’s more, pet ownership is not limited to a certain demographic, and people from all walks of life, including young professionals, families, and seniors, own pets.
However, pet owners often struggle to find rental properties that allow them to keep their pets with them.
On the other hand, property investors face a dilemma in creating pet-friendly guidelines as they try to balance their love for animals with their responsibilities as landlords.
Allowing pets in rental properties can pose risks for damages, increased wear and tear, and additional cleaning costs, among others.
The lack of clear guidelines and understanding of pet ownership in rental properties leads to misunderstandings and conflicts between landlords and tenants.
Tenants with pets risk facing eviction, while property investors may be left with costly repairs. This can negatively impact the reputation of the property, making it difficult to find new tenants.
Pet-friendly guidelines are an essential aspect of creating a welcoming and safe rental property for pet owners.
It is critical to consider the points mentioned so property investors can ensure that their rental properties are attractive to pet owners and protected from potential damages.
By doing so, property investors can provide a comfortable home for pet owners and maintain a positive reputation for their rental properties.
Why invest in pet-friendly properties?
According to a survey conducted by the Real Estate Institute of Australia (REIA), around 59% of rental properties in Australia allow pets, and this number is increasing year after year.
A separate study conducted by PetSure, an Australian pet insurance company, found that pet owners are willing to pay an average of AUS$38 extra per week for a pet-friendly rental property.
Yet another report by CoreLogic, a leading property data and analytics company, revealed that pet-friendly rental properties in Australia have a lower vacancy rate compared to non-pet-friendly properties.
Benefits of Pet-Friendly Rental Properties
There are a lot of reasons why you can turn your eyes on investing in pet-friendly properties and here are just some of the attractive benefits;
Pet ownership is on the rise, and pet owners often struggle to find rental properties that allow them to keep their pets with them.
By allowing pets in your rental properties, you can tap into this growing market and increase demand for your properties.
Command higher rent
Pet-friendly rental properties may command higher rent prices compared to non-pet-friendly properties, as pet owners are willing to pay more for a place that accommodates their furry friends.
Longer tenant retention
Pet owners are often more likely to stay in a rental property for a longer period if they are allowed to keep their pets with them.
This can result in lower turnover costs and reduced vacancy periods.
Stand-out from competition
By offering pet-friendly rental properties, you can differentiate yourself from the competition and attract pet owners who may have difficulty finding a suitable rental property.
Positive impact on the community
These rental properties can have a positive impact on the community by providing a comfortable home for pet owners and reducing the number of pets in shelters.
How can property investors avoid problems with their property associated with pet-ownership?
Simple, create clear guidelines.
By creating well-thought-out pet-friendly guidelines, property investors can mitigate potential risks and provide a comfortable home for pet owners. Here are some key considerations to keep in mind while creating pet-friendly guidelines:
Clearly outline the types of pets allowed, their sizes, and the number of pets per unit. Here are detailed examples;
Types of pets allowed: Some rental properties allow only certain types of pets, such as dogs or cats, and exclude others, such as birds or reptiles.
Size restrictions: Some properties may have restrictions on the size of the pets allowed, for example, not allowing pets over a certain weight or height.
Number of pets allowed: Rental properties may have limits on the number of pets that can be kept in a unit, such as one or two pets per unit.
Pet security deposits: Many rental properties require pet owners to pay a pet security deposit to cover potential damages caused by their pets.
Pet rent: Some rental properties may charge a monthly pet rent fee in addition to the regular rent.
Breed restrictions: Some rental properties may have restrictions on specific breeds of dogs, such as pit bulls or Rottweilers, due to safety risks and liability concerns.
Proof of vaccinations and licensing: Rental properties may require pet owners to provide proof of their pet’s vaccinations and licensing before moving in.
Cleaning requirements: Rental properties may require pet owners to clean up after their pets and maintain a certain level of cleanliness in their units.
Outdoor spaces: Some rental properties may have designated outdoor spaces, such as dog parks or walking trails, for pets and their owners to use.
Quiet hours: Some rental properties may enforce quiet hours for pets, especially at night, to minimize noise disturbances for other residents.
Consider requiring pet security deposits to cover any potential damages caused by the pets.
Establish cleaning standards for pet owners to follow before vacating the property.
Regular maintenance and upkeep of the property, including deep cleaning and pest control, should be scheduled to keep the property in good condition.
Make sure to have insurance that covers pet-related damages and injuries in case of an unfortunate incident.
The rise in pet ownership in Australia is having a significant impact on property investments.
By creating well-thought-out pet-friendly guidelines, property investors can tap into this growing market, increase demand for their properties, and provide a comfortable home for pet owners while protecting their assets.