Pet-friendly apartments: should you allow pets?
Australia is well and truly a pet-loving nation. With 62% of households owning a pet, we hold one of the highest household rates of pet ownership worldwide. And its not just homeowners who consider pets a part of their family. In fact, more than 50% of tenants also own a household animal of some sort. As a property investor, this means you could be considerably narrowing your tenant pool by opting for a no-pet policy. If youre considering saying yes to the pet, you may want to consider the following points when transforming your Perth apartment into a pet-friendly rental.
The benefits of pet-friendly apartments
Broader market appeal: Opting for a no-pet policy in your Perth rental could significantly limit your target demographic and reduce the appeal of your property to a significant proportion of renters (over half to be precise). A pet-friendly policy might just be the thing you need to stand out from the competition in Perths current rental market, especially given the growing popularity of the apartment lifestyle in Perth.
Lower vacancy periods: By opting for a pet-friendly apartment, youre not just broadening the appeal of your Perth rental property, youre also increasing your chances of getting more (and faster) responses from advertising. This means less advertising fees and lower vacancy periods. Many pet owners mayalso be willing to pay more rent for a pet-friendly rental that meets their companions needs. For advice on how to remain competitive with your rental rates, you should talk to your Perth property managers.
Long-term tenants: Pet-friendly apartments not only attract more tenants, they can also attract renters who are seeking a long-term solution. Dont forget many pet-owning tenants will be families or elderly people looking for a furry living companion, many of whom plan on making a long-term living commitment. Once tenants find a pet-friendly apartment in Perth, they are often less likely to move due to the limited number of pet-friendly rentals available, as well as to avoid the hassles and stresses (to both pet and owner) of a move after a comparatively shorter-term lease.
Considering making your rental pet-friendly?
If youre thinking about introducing a pet-friendly policy in your Perth apartment, its important you follow the appropriate steps to protect your investment property against damage, complaints and legal issues.
Strata rules: As an apartment owner you will need to ensure pets are actually allowed in your strata complex before advertising your Perth rental as pet-friendly. You will be able to check this by asking to see the Management Statement for the Strata company which outlines the rules of the complex.
Setting out expectations: When introducing pets into your investment property, its important to make sure your tenants are aware of House rules. These will outline the guidelines for the day to day running of the complex, as well as expectations of behaviour. For instance, are any areas of the complex out of bounds for pets? You should also ensure tenants are fully aware of their obligations in the tenancy agreement – this includes their responsibility for any damage or behavioural issues relating to their pet.
Pet-friendly features: Unlike a house, apartments dont necessarily come with a yard or outdoor area for pets. If youre considering making your Perth apartment pet-friendly, you may want to think about adding pet litter areas and other pet-friendly features such as scratch-proof flooring.
Advice from the property management experts
If you need help broadening the appeal of your Perth rental property, the property management team at Rentwest will be able to advise you on the best strategy to meet your investment property needs. Whether its deciding on the best policies for your Perth rental or maximising your rental income, the property experts at Rentwest can help you make the most out of your investment.
To find out more about our Perth property management solutions, get in touch with the team via the Rentwest website or give us a call on 9314 9888.