Should I allow pets in my investment property?
We complete well over 1000 rental tenancies per year and a question we are often asked by potential tenants is, are pets allowed in the property as part of the tenancy? In most cases it is a black or white answer. However, I recently read an article which made me re-evaluate and think property owners should reconsider accepting pets in their rental properties.
A decline in home ownership means more New Zealanders are renting, many of them have pets but struggle to find rental properties that will accept them. Approximately 67% of New Zealanders own pets but just 14% of property owners accept pets in their rental properties.
Allowing pets in rental property does not have to be a negative and in some cases, it can have the reverse effect. Often I get told by potential tenants who have pets that they will pay extra rent to secure a property. And I’ve noticed that when we advertise a property that does allow pets there is more enquiry for that rental property compared to properties that don’t allow pets.
Some property management agencies are starting to look into different approaches to accepting tenants who have pets. Such as a more thorough check of the pet by gaining references, certificates, registrations and vaccination information, as well as completing additional routine inspections. Majority of tenants with pets are responsible pet owners and often come with references from previous tenancies.
I understand that some property owners have had bad experiences with pets and this leads to a blanket “no pets” approach and I agree that some properties are not suitable for pets, such as apartments and some townhouses developments. But with the future increase in New Zealanders renting, maybe owners need to start to reconsider allowing pets in their properties. Thorough checks of pets would hopefully help minimise risk, as well as potentially allow for some higher returns, longer tenancies and a larger selection of tenants. Just a thought?
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