If you’ve ever considered putting a new rental investment property on the market, you may have been asked whether or not you’ll accept tenants with pets. It’s not unusual when scrolling through available rental properties to find that many have a ‘no pets’ policy. As a landlord you are well within your rights to say that you do not want pets in your property, and we know there are various reasons people can’t have pets such as body corporate restrictions. But if there are no serious reasons to exclude pets, why would you choose to eliminate potentially fantastic tenants just on this basis?
In a strong rental market, when supply is barely meeting demand, you’re less likely to feel the pinch and can probably afford to be a little choosier when selecting from a bunch of applications. However, when rental home supply starts to outweigh tenant demand, you really need to think clearly about just what your priorities are. It may be that you have come across a tenant who is financially stable with outstanding references and wants to stay long term, even if this tenant has pets.
A common conversation about this topic will usually be similar to the following: Person one asked why the other would allow a tenant to move in with a pet. Person two simply stated, “Because it’s my investment, but it’s their home”. Looking after your tenants can help establish much more positive relationships, and will likely ensure you keep your tenants happier for longer – and we all know that enjoying a continual rental income with no vacancy periods can be very hard to beat.
Naturally your Property Manager will be able to help you with this decision. It is often recommended that home owners do not advertise utilizing the no pets policy, but instead consider each tenancy application on its own merits. If the best tenant for your home comes with a cat, dog, fish or bird, your Property Manager will discuss various clauses that can be added to your tenancy agreement so that their pets will merely impact their lifestyle, not your home’s condition or value.
To further discuss contact Alert Property Group.