19 Mar 2018

Should You Allow Pets in your Investment Property?

Many landlords prohibit pets in their investment properties because pets can cause damage to the property. However, this isn’t always the case. Some tenants who have pets can be be more responsible than those without.

If you’re in a dilemma about whether or not to ease up on your no pet policy in your rental property, let’s look at the arguments for and against:

Why you should ALLOW pets in your investment property

  • When you put up a pet-friendly home for rent, you can either charge higher rent or demand a pet deposit. You can use this deposit in case a pet causes damage to your investment property.
  • Some tenants sneak their pets in. If you allow pets on your property you will decrease the chances of tenants sneaking in their pets.
  • Suitable pet-friendly rentals are hard to find, so pet owners may stay longer in your investment property.
  • If you allow pets into your investment property, you can attract more prospective tenants, including both pet-owners and non-pet owners.
  • Pet owners who have taken care of their animals for a long time are generally more responsible tenants. This can means that they will take care your property, too.

Why you should NOT ALLOW pets in your investment property

  • The primary reason why landlords don’t allow pets into their property is that they may cause damage. You will need higher insurance premiums to cover the damage.
  • There is a risk that pets will disturb the neighbours because of the noise or because they are allergic to them. There’s a possibility that other tenants may move out to another property because of the disruption.
  • If you know that your investment property is not a pet-friendly environment, you should not allow pets. This will only cause more damage or more disturbance to the neighbours.
  • There is potentially some liability if the pet bites or attacks others.
  • Lastly, the pet owner may not be able to clean after their pets, or the pets may not be very well-trained.

At the end of the day, the decision of whether to allow pets in your investment property will be up to you.