As the owner of an investment property, you’ll no doubt want to protect the quality of your investment as effectively as possible so you can gain maximum returns. As such, the question of whether to allow pets can be a hairy question for many landlords. Based on our decades of experience providing property management in Bondi Junction, here’s what you need to know before making your decision.
First, let’s consider the laws. NSW doesn’t have a law prohibiting pets in rental properties, however your tenancy agreement can outline consent and any restrictions on the type and number of pets allowed in your rental property. It’s also important to consider any specific strata by-laws about pet responsibility or behaviour, if your investment property happens to be an apartment, townhouse or other strata property. And finally, in NSW it’s illegal to refuse the keeping of a service animal that’s registered to assist a person with a disability.
So assuming you have a choice still to make, let’s consider the pros and cons of permitting pets.
The advantages of allowing pets in a rental property
Australians have one of the higher pet-ownership rates in the world, with around 62% of us owning at least one pet. Allow pets, and you’ll be widening the market for potential tenants: many of whom are looking for a secure and long-term rental agreement. In fact, allowing pets could help to set your property apart in a competitive renter’s market, because it can prove so difficult to find pet-friendly rentals in Sydney.
In the vast majority of cases people are responsible pet owners, and with clear expectations about the type and number of pets most landlords don’t have trouble with pet-owning tenants.
The potential disadvantages of pets in a rental property
Of course, one of the biggest risks is that your property could end up with carpet stains and chew marks throughout. Three key factors can help to significantly reduce the risk of this happening.
- High quality advertising and marketing to attract high-calibre tenants, particularly if you’re listing a high-value property.
- Thorough tenant screening to ensure a new tenant has been proven to be responsible and respectful in the past. And,
- Expert property management. In NSW it’s illegal to request a pet bond. Instead, having clear condition reports and photos is key to maintaining the property condition and compelling any cleaning or disinfection services at the end of a lease. In addition, regular and proactive property inspections will help to identify any issues before they become bigger problems.
As well as being real estate agents in Bondi Junction we also provide responsive property management services. Whether you’re looking for property managers or real estate agents in Sydney, contact the Wills Property team today and we’d be happy to help you identify the right terms and rate for your investment right down to the details like pets.