Benefits of Having a Pet-Friendly Rental
Whether it be a cat, dog, bird, horse or rabbit – pets are part of so many families across New Zealand. They are seen as family members, and many pet owners will make life decisions with their ‘fur-baby’ in mind.
Despite many people having pets, finding a pet-friendly rental property is a challenge for many renters. By allowing pets in your investment property, you will stand out and gain benefits from offering a ‘pet-friendly’ property.
Allowing pets in your rental property can increase the pool of potential renters. According to 2020 research by the New Zealand Companion Animal Council, around 64 percent of New Zealand households own at least one pet. Since 2020, and the start of the Covid-19 pandemic, the number of dogs owned has increased significantly. The Auckland Council reported a 5.5 percent increase in the registered dog population for the city in 2022 alone.
This means there is a large pool of renters who want a pet-friendly property. By allowing pets, you are tapping into a market that is often overlooked by landlords who do not allow pets. This can lead to a higher demand for your property and less time spent finding a tenant.
Pet-friendly properties can fetch a higher rent. This is because pet owners are often willing to pay more to be able to live with their pet. Additionally, pet owners may settle for longer if they can find a pet-friendly property. This means you can enjoy a steady stream of rental income for a longer period.
Lower vacancy rates
Having a pet-friendly rental property can also help reduce vacancy rates. When pet owners have trouble finding a rental property, they may end up moving more frequently, possibly causing long periods of vacancy. By allowing pets in your property, you widen your pool of possible tenants. This reduces the risk of having an empty home, which can be a significant financial burden for landlords.
Pet owners tend to be loyal to landlords who allow then to keep their animal companions in their properties. This is because pet owners often have a difficult time finding pet-friendly rentals. In return, they are grateful to landlords who allow them to live with their pets. As a benefit, if the property is set up right, this can result in pet owners staying in the property for longer. As they see it as their home, they will take better care of it, which can help you avoid costly repairs and maintenance.
Attracting responsible pet owners
Responsible pet owners will be a valuable asset who will look after your home, as well as their pet. Generally, pet owners take on more responsibility to look after and care for their pet. That will reflect in how they care for your property, as they are grateful to have a place to live with their pet.
Building a reputation
Being a pet-friendly landlord can help build your reputation. This can help you attract more pet owners in the future, which can help increase your rental return. Additionally, having a reputation as a pet-friendly landlord can help you stand out from the competition, which can make it easier for you to find tenants.
To make sure your property is ready for pets, you might want to consider a little maintenance. This could include that installation of a cat door, scratch-proof floors and making sure the property has a good-sized, fenced backyard. These little touches will make your property more attractive to pet owners who will be able to move in without a worry about the safety of their fur-friend.
While there are many benefits, pets are not people and it is possible they can contribute to the wear and tear of a property. That is why it is important to make sure all conditions of having a pet are agreed to in writing as part of the tenancy agreement. It is important the tenant is aware they are responsible for any damage beyond general wear and tear their pet may cause.
You can screen your prospective four-legged tenant by asking for their ‘pet resume’. This resume will contain information on the animal’s breed, age, temperament, medical history and training. It may also include a reference from a vet and a previous landlord.
Don’t write off those pet owners, because you could be denying yourself a good tenant.