Pets in investment properties

Pets in investment properties

• Posted By Nikki Montaser

The idea of allowing pets at your rental property may send a shiver up your spine. What if a pet damages the property? What if a noisy dog upsets the neighbours? There is a lot to consider, and it may seem easier to decide no pets are allowed.

However, with more and more people owning pets today, especially dogs, you may miss out on quality tenants if you don't allow pets.

Around 90 per cent of Australian households have had a pet at some time. And as we saw throughout the various stages of COVID-19 lockdowns and restrictions in 2020, getting a furry friend was a popular option. Allowing pets at your property will naturally open you up to a larger pool of tenants when your property is available for rent.

Pet-friendly properties are still in short supply around Australia, and many dog owners have been refused a rental property because they have a furry friend, whether the pet is well behaved or not. A responsible tenant will likely be a responsible pet owner, so you can be assured that you'll still attract some quality tenants.

Marketing your property as pet-friendly may help it rent faster and attract more inquiries. You can ask potential tenants for a "pet resume" to make sure you have all the details before deciding. Just because you advertise a property as being pet friendly doesn't lock you into a pet.

There are some downsides to consider too. Pets may damage a property through chewing, digging and leaving stains on carpets. To protect your property, make sure your property manager does their due diligence to check that the furry friend is well behaved and carry out regular inspections. Setting clear guidelines from the start is essential, so the tenant knows what will happen if the pet is too noisy or damages the property. The tenant must rectify any damage to the property as per the standard terms of their lease. While in NSW, you can't ask for a pet bond; you can put the regular bond towards any damages.

Some of our best tenants are pet owners, and we find that they tend to stay on at properties longer. Our advice is to be open to the idea of pets and to take each application on a case by case basis. Pets are certainly worth considering, especially once you have the proper precautions in place.