With demand for animal friendly properties beckoning to be met, can opening your investment door to our nation’s furry companions be your next profitable move?
“Pet friendly rentals can certainly increase the market pool,” reveals Nicola Parisi, head of property management at Village Property, a property management and sales agency geared towards maximising value.
“Generally, this is a good move. Moving with the times and accommodating to modern lifestyles is a great way to increase enquiries and include those applications from tenants with pets that an owner would otherwise not have received.”
It’s a trend that has been closely tracked by Emma Power, senior research fellow in geography and urban studies at Western Sydney University. Having followed Australian attitudes toward pets in properties for the last 13 years and having led a number of case studies, Power affirms that landlords could be handed a number of investment benefits if they choose to welcome pets.
“There’s one study from the United States that shows that people are willing to spend more for a pet-friendly property, and there’s anecdotal evidence in Australia in my research that shows that pet-friendly properties are more expensive, and that people will pay more for a property if it is pet-friendly,” she says.
“At the moment while pet-friendly properties are less common in the market, it can potentially give landlords that competitive edge in securing tenants. Real estate agents I’ve spoken to have also said that it’s much faster to lease a pet-friendly property because there’s consistently strong demand.”
5 tips for landlords going pet-friendly
1. Ask for a ‘pet resume’ and references to determine if the pet is suited to your property.
2. Have easy access to a park, courtyard or common property area where dogs can be walked.
3. Pet temperament and socialisation are better indicators of whether a pet is appropriate to a property than pet size.
4. Review your current strata by-laws and ensure your tenant is aware of any special conditions, such as if the animal has to be carried in public areas of the building.
5. Put in place appropriate insurance protection.
Source: Emma Power, senior research fellow in geography and urban studies at Western Sydney University
For the full story outlining the benefits and potential profit boost of allowing pets in your investment property, read the complete feature article in the July 2019 edition of Your Investment Property. On sale at news agencies and Coles supermarkets from June 5 to July 3, 2019; or download the magazine now.
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