People seem to think there is a high risk of animals causing damage in rentals – a key reason landlords say ‘no’ to pets. However, truth is, more damage is caused by a human than a pet.
And, with laws changing across Australia to allow for more open and honest communication about renting with pets, now might be the time to consider letting to those with furry friends.
On the fence about it? Here are some reasons why you may like to consider renting your property to those with pets...
Expand your tenant pool
There is demand for pet friendly properties. A 2022 survey by Animal Medicines Australia found that 6.9 million households own a pet, and for those that don’t, over half would like to. When asked what barriers prevent pet ownership, the main response was a lack of suitable housing. With only about 10 per cent of rental properties currently allowing tenants to keep pets, there is a significant gap in the market. As a landlord, you can capitalise on this untapped market and expand your tenant pool to allow for those with furry friends.
Rent properties faster
Currently, properties are renting quickly on the back of low vacancy rates. However, historically this hasn’t been the case. And, who knows what could happen in the future. So, keep this one in the back of your mind. If you open your property’s doors to allow for those with pets, it may mean you secure tenants faster. When landlords have a large pool of potential candidates to choose from, they can increase the chances of finding someone suitable and renting the property in a shorter time frame. Ultimately – more tenants mean more competition which could mean faster letting and lower vacancies.
Secure longer leases
Because there is a shortage of pet-friendly rentals, tenants with pets often want to secure a home quickly… and for a longer period. We have heard that pet owners are often willing to pay a little more and lock in longer leases to secure a home for themselves and their fur-babies.
Being open to accommodating tenants with pets may allow you to achieve greater rental income compared to similar competing properties that have a pet-ban. This is particularly true if your home is suitably designed for pets and has features like a good-sized fenced backyard.
Happy tenants mean happy homes
The links between pet ownership and improved mental and physical health is now well documented. In fact, pets are said to reduce stress, provide companionship, require routine and organisation and provide a sense of purpose. Happy tenants often lead to happy homes (which leads to happy landlords).
Open and honest communication
We have heard of it happening too often! Tenants who are banned from having pets sneak them into the property. They can get away with this by keeping the pet hidden, moving them out of the property during inspections. By allowing pets in a property, you know exactly what you are getting (and can often require a pet ‘resume’ so you can get to know the little fluffball before it moves into the property).
Pet damage is covered
Pet damage can be covered with a landlord insurance policy, offering protection for domestic animals living at the rental property (and a good policy, like RentCover Ultra and Platinum, will have zero sub-limits and will even extend cover to include damage caused by those not named on the lease).
While we hope nothing goes wrong, sometimes the unexpected occurs. When it does, an EBM RentCover landlord insurance policy offers up to $70,000 cover for pet damage.
For details about EBM RentCover’s pet damage feature, click here. Or, if you have questions about cover and claims, contact the EBM RentCover team on 1800 661 662.
*While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you need us we are here, contact 1800 661 662 if you have any questions.
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