4 Positives of Renting to Pet-Owners
In New Zealand, 58% of households own at least one pet. However, despite this, most landlords and property managers can be quite hesitant about renting to pet-owners. This is often due to fears of increased likelihood for damages and while in some cases this is correct, there are still many positives for allowing pets into your home.
Below are the top four reasons that you should consider renting to pet-owners:
1) Allowing Pets Will Attract More Applications
As you can see above, there is an increasingly high demand for pet-friendly rentals. A rental listing allowing this option will be met with far more interest and more potential tenants to choose from than if you were to list as ‘No Pets Allowed’.
2) Allowing Pets May Increase Income
Due to the low supply of pet-friendly rentals, many potential tenants are willing to pay a higher amount to secure a home for their furry companions. You can make up for an increase of wear and tear by charging a higher rate on your rental (e.g. $50-100 extra per month).
3) Allowing Pets Can Help Retain Tenants
Since it is so difficult to find homes for their pets, many pet-owners are likely to rent properties for longer. Moving often can also distress their pets so it is likely they’ll want to avoid this unless absolutely necessary.
4) Pet Owners Can Often Be Quite Responsible
Looking after a pet is a big responsibility so if they can take good care of their pet, they are probably more likely to be responsible tenants too. You may choose to meet the pet before deciding whether to accept the tenant’s application so you can see how well trained and looked after the pet is.
As you can see, there are certainly great benefits to opening your home to pets. Allowing pets can attract higher volumes of applicants, more responsible tenants, as well as increase income and reduce turnover. Therefore, deciding whether or not to make your rental pet-friendly should definitely be considered the next time you list your property.