The benefits of pets in a rental
One of the biggest questions many rental owners have involves whether or not they should allow pets in their rental, and it’s a natural concern when it comes to an investment property which is a major asset.
However, the rules around pets in rentals have recently changed in a number of states, with owners in some states and territories now required to provide specific reasons why a pet might not be allowed.
Meanwhile, there are benefits to having a ‘pets welcome’ policy in your rental property, including having a greater pool of prospective renters who could be more likely to stay long-term.
Recent rental changes regarding pets
In October 2022, Queensland rental laws involving pets changed.
From that date, owners could no longer simply state pets were not allowed, but instead had to provide a specific reason under prescribed grounds to refuse a rental occupier’s request to keep a pet.
Similar laws are also under review in New South Wales, while in Victoria, renters must ask for permission to keep a pet but owners must have a ‘good reason’ to refuse the request.
For some rental owners this has prompted concern about the impact a potential pet may have on their investment, but it’s important to appreciate there could be benefits to allowing pets in your rental.
Some pet stats
According to a recent survey, pet ownership in Australia accelerated sharply over the past two years of the pandemic with an estimated 28.7 million pets residing in around 6.9 million households across Australia.
To put that in context that means 69 per cent of households across metropolitan, regional and remote Australia are now home to one or more pets.
With a rental crisis currently occurring that means there’s a good chance the renters considering your property are desperately seeking a home that will not just accommodate them, but will also welcome their four-legged friends.
The benefits of a pets-welcome policy
If your home is suited to having pets, there are benefits to making them welcome in a rental.
These include:
- A wider pool of potential renters – Rental owners who allow pets in their property and advertise this often find themselves with a greater number of rental applicants to choose from.
- Longer rental agreements – Pet owners know a rental property that welcomes pets can be hard to come by, so are often willing to sign a longer rental agreement.
- Higher rental price – If a property is sought after, it’s likely to command a slightly higher price, and many pet owners are willing to pay for the privilege of having a home that accommodates pets.
- Faster rental – As they’re sought after, properties which welcome pets often rent quickly, ensuring there is minimal downtime and income lost between rental agreements.
- Committed and responsible – One unexpected benefit of welcoming pets into your rental is that pet ownership comes with similar responsibilities to maintaining and looking after a rental property. After all, owning a pet takes commitment, consideration and the ability to look after a living being.
You can have conditions
While the laws around pets in rentals are changing in many areas, the reality is the rental owner can still, under certain circumstances, refuse a pet if the property is unsuitable.
They can also add conditions to the rental agreement in relation to that pet, such as only permitting pets outside, or having carpets cleaned and the property pest treated on exit.
So, as a rental owner it pays to consider whether pets might actually be a welcome addition to your property.
If it’s something you’re weighing up, speak with your property manager to find out what this involves, whether it’s the right option for your property, and how the laws affect you.
How we can assist
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
