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Should You Consider Allowing Pets at Your Investment Property?

Should You Consider Allowing Pets at Your Investment Property?

As a landlord, the thought of allowing pets in your investment property may be daunting. The possibility of property damage or noisy pets upsetting the neighbors can be a cause for concern. However, with an increasing number of people owning pets, especially dogs, it might be worth considering allowing pets at your rental property. In this article, we will discuss the pros and cons of allowing pets in your investment property.

Pros: Attracting More Tenants

Pet ownership continues to be popular in Australia, with around 90% of households having a pet at some point. The COVID-19 pandemic has only increased this trend, as more people spent time at home and decided to adopt furry friends. By allowing pets at your property, you can attract a larger pool of tenants when your property is available for rent. This can be a significant advantage in a competitive rental market.

Pros: Quality Tenants

While some pets may be poorly behaved, responsible pet owners are likely to be responsible tenants as well. By allowing pets, you can attract quality tenants who may be looking for pet-friendly rentals. By implementing guidelines and checking that the furry friend is well-behaved, you can help ensure that your property is not damaged by pets.

Cons: Property Damage

One of the most significant concerns of landlords when it comes to pets is property damage. Pets may chew, dig, or leave stains on carpets, which can be costly to repair. To protect your property, you should ensure that your property manager conducts proper due diligence to check that the pet is well-behaved. You may also consider updating your fencing to be extra secure and changing floor coverings from carpet to tiles or laminate to reduce the risk of stains.

Cons: Noise and Disruption

Pets can cause noise and disruption, which can be a concern for both you and your neighbors. To avoid potential issues, set clear guidelines from the start, so tenants know what is expected of them. If the pet is too noisy or disruptive, you may need to take steps to address the issue or consider terminating the lease.

In conclusion, allowing pets in your investment property has both pros and cons. By considering the potential benefits and drawbacks and taking steps to protect your property, you may attract more prospective tenants and potentially have long-term residents. If you decide to allow pets, make sure to communicate clearly with your tenants, and implement guidelines to ensure a smooth and successful tenancy.