According to Petcare Information and Advisory Service (PIAS) resources, more than 60% of Australian households have a pet and less than 5% of rental property listings are pet friendly. So if you are a landlord who wishes to distinguish your rental property in the market, here’s some pet friendly advice.
1. Tenants with Pets offer Better Rental Returns
As the availability of pet friendly rental properties is so low, there are almost always good quality tenants who have been looking for months to find a home to live in. The lack of properties allowing pets often mean they are willing to pay more rent, with research showing tenants will willingly pay $25 or more a week extra rent, to be sure their pet can stay too.
2. Pet Owners Are Often Better Tenants
Pet owners often prefer a multi year leases because of the difficulties they experienced in finding suitable pet friendly rental properties in the past. Pets can be unsettled if they move too often. Many pet owners may even supply a CV with their pet as part of their application. It sounds strange but they know what they are doing – after years of rejected property applications, they know that a few details around vaccinations and graduation certificates from obedience training schools, or recommendations from previous real estate agents they’re rented from, can make all the difference.
3. Becoming a ‘pet friendly’ landlord
There are of course issues to consider, such as what kind of pet it is, how much noise and waste it will make, and what kind of mess and damage it will create. You can request pet references from prospective tenants if you like. But for the most part, becoming a pet friendly landlord is simple. Speak to your property manager about additional clauses to add to your lease agreement relative to animals and their behaviour.
You can also mark your property as pet friendly in your listing so that it will show up in First National Real Estate’s ‘pet friendly listings’ search. When listing your property for rent you can capitalise on your points of difference by pointing out the ‘large dog friendly yard’ or the ‘sunny corner ideal for a chook shed’ in the property description. You should also finish the description by signing off with “will consider applications tenants with pets”.
Approximately 6% of First National Real Estate’s vacant rental properties are available through the network’s Pet Friendly Rental Search feature, with the most Pet Friendly states being Queensland and Tasmania – equally offering 12 % of rental vacancies as pet friendly. Be sure to discuss concerns with your property manager and weigh the merits of all applications as some tenants with pets are your perfect tenant.