Should You Allow Pets in Your Rental Property? Pros, Cons, and Tips for Success
One of the most common questions landlords face is whether to allow pets in their rental properties. With over 64% of NZ households owning a pet, saying “yes” can significantly expand your pool of potential tenants. However, allowing pets also comes with risks. Let’s explore the pros and cons of renting to pet owners, along with tips to make it work for you.
The Benefits of Allowing Pets
- Larger Tenant Pool: Many renters have pets and actively seek pet-friendly housing. By allowing pets, you’ll attract a wider range of applicants, reducing vacancy times.
- Higher Rent Potential: Pet-friendly properties often command higher rent. Tenants are willing to pay extra for the convenience of keeping their furry friends.
- Longer Tenancies: Pet owners tend to stay longer because pet-friendly rentals are harder to find. This reduces tenant turnover and the costs associated with vacancies.
The Drawbacks to Consider
- Potential Property Damage: Pets can cause wear and tear, such as scratches on floors or damage to landscaping.
- Noise Complaints: Barking dogs or other pet-related noise can disturb neighbours or other tenants.
- Allergies and Liability: Future tenants with allergies may be deterred, and tenants could face liability issues if a pet causes harm.
Tips for Managing a Pet-Friendly Property
- Set Clear Rules: Outline your pet policy in the tenancy agreement. Specify the types, sizes, and number of pets allowed. Prohibit dangerous breeds if necessary, but make sure to comply with laws regarding service animals.
- Require Documentation: Ask tenants to provide proof of vaccinations, registration, and possibly pet insurance. This ensures pets are healthy and well-cared for.
- Conduct Regular Inspections: Schedule quarterly property inspections to address any issues early and maintain your property’s condition.
- Add Pet-Friendly Features: Small investments like durable flooring, a fenced yard, or pet doors can make your property more appealing to pet owners and reduce potential damage.
Allowing pets can be a win-win for landlords and tenants if managed thoughtfully. With the right policies in place, you can attract responsible pet owners while protecting your investment. If managing pet policies feels overwhelming, a property management company can help you handle screening, tenancy agreements, and tenant communication to make the process seamless.
