If you want to reduce your rental vacancy rates and increase income, then consider allowing pets. Since most individuals treat their pets as a family, there is a chance that the tenants will pay higher than the actual rent. And if we look from the tenant’s side, it is complex to find pet-friendly rental property.
However, in Queensland, certain changes have been made to the laws that encourage more pet-friendly apartments making the pet-owners easier. Now, let’s explore the reasons why to invest in a pet-friendly rental property.
High Demand
As per the latest data provided by Animal Medicines Australia at least one pet is owned by 69% of Australian households. This clearly shows that the number of pet owners has skyrocketed within the past years.
And being a landlord who allows a pet, is surely a green flag for the tenant which ultimately lowers the vacancy rates.
Improved Loyalty
For most the pet-owners, it is difficult to find a pet-friendly rental property. And if a landlord lets them keep the pets on the property. They become grateful towards the landlord and take good care of the property. Overall, this also results in improved loyalty and lower maintenance costs.
Higher Rent
It was found that pet owners tend to pay higher rent. Also, these types of renters tend to stay a bit longer. This indicates that as a landlord you can enjoy rental returns for a long period.
Attracting Potential Renters
Having a pet-friendly rental property can help you to stand out in the competitive market. You can easily attract potential renters who are also more responsible.
In general, we can say that investing in pet-friendly properties is more profitable. And before coming up with an agreement, it is important to mention the pet policies.
Also to be on the safe side consider pet-friendly insurance and screen the tenants carefully.
Contact our team if you’re looking for pet-friendly properties in Queensland and surrounding suburbs!
