With floor stains, scratch marks and garden damage a potential outcome, why should landlords allow pets in their property?
The decision to allow pets in an investment property is important. And when you start thinking about dog hair, possible claw marks and minor damage to a half-a-million-dollar investment, it’s tempting to say no, which the majority of Australian landlords do.
However, the math is pretty straightforward. If every potential tenant who owns a pet is excluded, you’re eliminating a huge number of households from your rental pool – 60 per cent, according to the Australian Companion Animal Council.
A survey by the Real Estate Institute of Australia revealed that 40 per cent of investors do not allow pets and 28 per cent are sure whether they do or not. Talk about finding a niche market of renters.
If all those renters with pets – and there are millions of them – are hunting for the rare property that will allow their furry friends to stay, wouldn’t that make pet-friendly homes more sought-after? Yes it would, and in fact realestate.com.au says that renters are often willing to pay a little extra to cover their pets staying too.
How can landlords benefit from allowing pets?
If your concern is damage to the property, fear not. The Residential Tenancy Authority says that the onus falls on the tenants to clean up and repair any damage made by their pets, and that investors can include specific clauses relating to pets in the contract, such as:
If your landlord decides to allow pets, there are several ways they can protect yourself:
A landlord can be as flexible as they choose when it comes to pets. Just remember that with so many pet owners out there, a property that welcomes animals has an enormous competitive advantage in the rental market.
Source: Residential Property Manager: Author, Philippe Brach, published on 17/1/17