With nearly 60 percent of Australia’s 7.5 million households having a furry, feathered or fishy friend and around a third of Australians renting their homes, it makes sense for landlords to offer pet-friendly accommodation.
In fact, according to the Australian Veterinary Association (AVA), research has shown that well-managed pet-friendly rentals can be a competitive advantage and they encourage landlords to become more open-minded about renting their properties to pet owners.
Given that there are so many benefits associated with pet-friendly rentals, landlords shouldn’t really need much persuasion. However, despite the fact that Australia’s pet ownership is one of the highest in the world, this isn’t reflected in the rental market and there’s actually a shortage in the number of pet-friendly properties.
And that’s where the competitive advantage comes in. A landlord who is prepared to consider pets will find themselves in a stronger position than one who doesn’t – and in the current challenging rental market, that advantage is very valuable indeed.
Here are five benefits of renting to pet owners.
1. Longer leases
Pet owners know that pet-friendly rentals are hard to come by and they want to avoid house-hunting, so they’re likely to sign a longer lease. This is good news for landlords as it means reliable long-term rental income, stable tenants, reduced vacancy rates and reduced advertising costs for re-letting the property.
2. Higher rentals
Pet-friendly rentals can attract higher rents because tenants are willing to pay a slight premium for a property that’s sought-after.
3. Wider pool of potential tenants
Landlords who are willing to consider pets will find that they can choose from a much wider pool of prospective tenants and are therefore more likely to find a quality tenant in a shorter space of time. It also opens the market up to tenants who may not currently own a pet but who may become ‘pet parents’ in the future.
4. Rent faster
Pet-friendly properties generally rent faster which means landlords start earning returns on their investment sooner.
5. House-proud tenants
Owning a pet requires commitment, care, compassion and consideration from the owner and it’s highly likely that these qualities will apply when it comes to how they treat the rental accommodation. A well-maintained rental home is more likely to retain or grow its value and smart investors know the benefits of having a quality tenant looking after their property.
Pets are clearly an important part of the Australian lifestyle and the pet factor is a big attraction when it comes to rental accommodation. However, despite all the benefits to landlords and the shortage of pet-friendly accommodation, some property owners find it hard to make a decision. We have provided an article on Everything a Landlord Needs to Know Before Renting to Pet Owners.
If you’re considering the pros and cons of allowing pet owners in your rental property and want some professional advice, you should contact Time Conti Sheffield, leading property managers in Perth with over 60 years’ experience. You can tap into their vast pool of knowledge about the benefits of pet-friendly rentals by calling 08 9362 5333 or by visiting their website, www.timeconti.com.au.
