We often get asked by landlords about whether we think they should accept pets on their property and the answer to this questions is always, how is this likely to affect your return on investment?
The reality is that pets do pose a risk to damage on your property however, quite often we find that we don’t have issues with bad animals, we have issues with bad tenants who own the animal. There are a lot of really great tenants out there who own pets and even though they have pets, they still a huge asset to their landlord.
What To Consider?
Has the tenant rented before and were they a good tenant?
Has the tenant rented with their pet or a pet before and what is the feedback?
If something goes wrong, does the tenant have the means to pay for the damage?
If you answered no to all of the above questions, then you may want to consider how much of a risk it will be to rent to this person and their pet.
The Pet Compared to the Property
When looking at whether to accepts pets, you need to consider the type of pet the tenant has and whether your property is suitable enough to accommodate them.
For example, if you have a townhouse with a small yard, we would advise that you don’t accept a large dog in the property as even if your tenant has good intent, a large dog is very likely to do damage to the yard and potential upset close by neighbours with barking.
However, if you have an apartment and your tenant wants a cat, depending on your tenants capacity to look after the cat, chances are this will be fine as cats are small, they make little noise and when cared for properly, cause little to no damage.
The Overall Effect on Your Potential Rental Income
We often have owners who say ‘absolutely no pets under any circumstances’ however you really need to consider the demographic of potential market and how many of them will want to have a pet.
If you own a house with a suitable yard that would be suitable for pets and your market is professional couples or families, it is very like that majority of your market will have pets. By saying absolutely no pets, you’re effectively making your property un-rentable to over 50% of your market. This will only result in a longer vacancy and a lower rental income.
Remember, pets usually aren’t the threat, its bad tenants who own pets and there are a lot of really great tenants out there who own pets and even though they have pets, they still a huge asset to their landlord.
In summary, so long as you take the criteria mentioned into this article into consideration when assessing whether to accept pets then you will find a good tenant selection process coupled with being open to accept pets in reason could results in a better return on your investment!
If you liked our information and advice and want to know more or would like to talk to us about how we can help you get the best return on your investment possible, give us a call or send us a message! We’d love to hear from you.
Don’t forget! If you have a friend or family who may be interested, refer them through to us! If they become and an Excellent Owner, we will give you $200 cash!