Beyond Property Management Principal and Founder Heather Jopson explains the benefits and disadvantages to making your investment property pet-friendly. Click the video below to watch or read the transcript.
Hi, I’m Heather Jopson from Beyond Property Management and I wanted to talk to you today, about the options as a landlord for being pet friendly, or not pet friendly in a rental property.
People worry that pets are going to cause damage in a property and I completely understand that and I am absolutely not here to change anybody’s mind. But the reality is that over two-thirds of tenancies have a pet. More of them would like to have a pet if they were allowed to, so the reality is if you have a blanket no pet policy on your property
you are limiting your property to less than a third of the tenant pool, depending on what the property is and what market that property is in.
So what you need to weigh up is as a landlord is if by limiting your tenant pool to a third of the market, what is the vacancy costs that you might incur? Will you need to come down in rent in order to find the right person that doesn’t have a pet, and by the time you’ve done that what is the damage that a pet might cause? What is the potential cost of vacancy and rent reduction? And what are your priorities still, after you’ve gone through that, that numerical process in your mind?
Again absolutely not here to change anybody’s mind about having pets in their rental property but just to give some reality on the rental market and I guess to give some different perspective on the pros and cons the risk of vacancy and rent reduction versus the risk of any potential damage by pets and at the end of the day pets to me are like children they’re as good as whoever raised them and I’ve seen some kids do some pretty bad, bad damage to properties too so hopefully that’s been food for thought for you in your journey as a property investor thank you